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FTX Token (FTT) Thing You Need Know Before Investment

What Is FTX Token (FTT)?

FTX Token (FTT) is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.

The team behind FTX comprises some of the largest crypto traders over the past few years who, having found issues with most mainstream crypto futures exchanges, decided to launch their platform. FTX claims that it stands out due to such features as clawback prevention, a centralized collateral pool, and universal stablecoin settlement.

Regarding clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. FTX reduces this by using a three-tiered liquidation model.

The collateral is fragmented across separate token wallets; this can be difficult for traders as it prevents positions from getting liquidated. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet.

Another feature of the FTT is leveraged tokens, which allow traders to put leveraged positions without the need to trade on margin. If traders want to short Bitcoin with 3x leverage, they can buy a 3x short Bitcoin leveraged token on FTX. These tokens are ERC20-compatible and can be listed on any spot exchange. FTX currently offers XRP, BNB, TRX, BTC, ETH, EOS, USDT, and LEO leveraged tokens.

Who Are the Founders of FTX Token?

Sam Bankman-Fried and Gary Wang founded the FTX Token or FTT.

Sam Bankman-Fried is the co-founder and chief executive officer at FTX: Cryptocurrency Derivatives Exchange. He is also the CEO of Almeda Research and worked as a development director at the Centre for Effective Altruism. He was also a trader at Jane Street Capital from 2014 to 2017.

Bankman-Fried studied physics and has a bachelor’s degree from the Massachusetts Institute of Technology.

Gary Wang is the co-founder and chief technology officer at FTX: Cryptocurrency Derivatives Exchange. He is also the chief technology officer at Almeda Research. Before this, he worked as a software engineer after moving up from a software engineering intern at Google. He was also a software engineer intern at Facebook.

He has a Bachelor’s degree in mathematics and computer science from the Massachusetts Institute of Technology.

What Makes FTX Token Unique?

FTX is backed by Almeda Research, known as one of the leading companies in crypto trading and one of the largest liquidity providers.

FTX is a product designed by professionals with confirmed expertise in the industry. They cover multiple services: from collateral to maintenance margin to liquidation processes and product listing. FTX also claims to be focused on fast development cycles, allowing them to deploy crypto trading systems at a competitive pace.

How Many FTX Token (FTT) Coins Are There in Circulation?

FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens, and OTC trading focusing on institutional-grade solutions.

The FTX Token is the backbone of the FTX ecosystem, which was designed to increase network effects and demand for FTT and decrease its circulating supply.

FTT has a circulating supply of around 94 million tokens as of February 2021 and a total supply of about 345 million.

How Is the FTX Token Network Secured?

FTT is an ERC-20-compatible exchange token. The Ledger Nano X/S hardware wallet allows users to securely store and manage the FTT tokens via its Ethereum app.

The Blockchain Consilium auditing firm does both the FTT and the leveraged tokens security audits.

Also Read: Tether (USDT) Things You Need To Know Before Investing

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