|Mkt.Cap||$ 582.67 M||Volume 24H||0.00000000 FTXT|
|Market share||0.15%||Total Supply||349.56 M FTXT|
|Proof type||N/A||Open||$ 1.68|
|Low||$ 1.68||High||$ 1.68|
FTX Token Price Index
Moving onto volume, FTX Token is reported to have traded $15.488mn of Exchange Volume over the past 24 hours, equating to 9.3% of its Network Value; this is very impressive and highly suggestive of speculative interest in the token. Less impressive, although still of note, is its Average Exchange Volume for the past 30 days of $4.196mn, equating to 2.3% of its Average Network Valuefor the same period. This places it somewhere in the middle among prior reports, which, given that FTX Token is also the largest featured, is still quite promising. Firstly, I found that there was~272.12 BTC of buy-side liquiditywithin 10% of current prices to be found across all exchanges, equating to a mighty 1.36% of its Network Value.
There are only 7 non-exchange addresses outside of the top 3 yet within the top 20. Using the rich-list, I found that there are currently236 holders of FTX Token.
FTX Token price Index provides the latest FTT price in US Dollars , BTC and ETH using an average from the world's leading crypto exchanges. FTX is growing into one of the most popular cryptocurrency exchanges in the world and their token; FTT, has many areas of utility within the ecosystem which provide it with demand and thus, the potential value within the market.
Fusion Mediawould like to remind you that the data contained in this website is not necessarily real-time nor accurate. Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events.
Given the earlier calculations that found that, based on today’s estimates, we can expect ~$33mn+ of buyback-and-burn over the next 12 months, it seems almost inevitable that the price of FTT, relative to BTC, will grow. Further, as utility is expanded upon the growth of the exchange, coupled with engineered scarcity, I would expect speculative demand itself to drive prices up. More significantly, FTX introduce us to the concept of Leveraged Tokens, which are a new product that allows for traders to go short on spot markets, rather than having to use futures and risk margin calls. An example is given where a trader may want to be short 3x for BTC/USD, and so they would simply outright buy the leveraged token that facilitates that on FTX, rather than open a leveraged position in the futures market on margin.
Relative to global benchmarks, this is 128x greater than the Media industry and 24x greater than the average across all industries. Clearly, as an exchange seeking to usurp BitMex as the leading derivatives platform, there is work to do insofar as social media marketing goes, although I expect the FTX users would be engaged enough to spread the word and help grow this audience if sufficiently incentivised.
Crypto Derivatives Platform Vows to Tackle Socialized Losses Seen on Other Exchanges
As such, there is limited available price-history and thus limited scope for analysis. Nonetheless, I will endeavour to take from it what I can and later put this in context of the value proposition of the token, particularly relating to the deflationary mechanism discussed in earlier sections. The whitepaper is 9 pages in length and is relevant for the exchange, not just the FTX Token.
HitBTC is a platform for digital asset and currency exchange where you can quickly and securely trade Bitcoin, Ethereum, EOS, Tether and many other cryptocurrencies. Several trading options are present, including spot and OTC markets. Subsequently, the whitepaper discusses the uniqueness of FTX, in the context of the proposal of a capital raise for its FTT token, stating that, unlike most ICOs, they already have a live, working product that is highly liquid.
As for sell-side liquidity, I found that ~3.081mn FTT was available for purchasein the orderbooks, equating to3.96% of the circulating supply. This is the seventh-highest figure among prior reports,, indicating that, despite the huge demand, there is also a willingness to sell, with a large amount of circulating FTT being held in orderbooks across exchanges, rather than just in accounts on FTX. Now, much of this is also likely provided by FTX themselves by way of sell-side liquidity, so take this with a pinch of salt.
Since that point, price has continued to rise, breaking to new highs almost every day for almost 2 months. At the turn of the New Year, price made its all-time high at 31,129 satoshis and then, for the past week, has taken a tumble, closing below trendline support from November 2019 and currently trading below resistance turned support at 26,000 satoshis. If today’s candle closes below this important level, I’d expect 23,500 satoshis to be retested as support.
FTX’s leveraged tokens aim to provide a clean, automated way for users to get leverage. Holders get a fraction of exchange fees, a fraction of the liquidation insurance fund, and can use the token as collateral and to get togther OTC spreads on FTX. CryptoSlate does not endorse or recommend any single cryptocurrency.
FTX Token (FTT)
The crypto exchange adds that it is backed by Alameda Research, which it claims has become “one of the largest liquidity providers and market makers in the space,” trading anywhere between $200 million and $1 billion a day, depending on market volatility. When it comes to over-the-counter trading, FTX says that it offers “some of the tightest spreads in the industry” despite the recent bear market and a competitive landscape thanks to an automated request-for-quote system. Real-time and manually curated cryptocurrency data brought to you by CoinMarketCap, CryptoCompare, IntoTheBlock and CryptoSlate.
- When it comes to over-the-counter trading, FTX says that it offers “some of the tightest spreads in the industry” despite the recent bear market and a competitive landscape thanks to an automated request-for-quote system.
- FTT is down by -2.77% in the last 24 hours with a volume of $14.9M.
- ICOholder has no legal responsibility for any representations made by third parties in respect of any Token sale and any claim for breach of contract must also be made directly against the Token issuing entity listed herein.
- FTX.com have taken this one step further by stating that, in the case of a large increase in the insurance fund, FTT holders will receive a pro-rata bonus on their FTT holdings from the insurance fund.
FTX is a cryptocurrency derivatives exchange built by traders, for traders. They strive to build a platform powerful enough for professional trading firms and intuitive enough for first-time users. The FTT exchange token is available for purchase on the public market and can be traded with decent liquidity on a number of exchanges.
Customizable trading terminal
Token sales listed from persons that ICOholder has no relationship with are shown only to help customers keep track of the activity taking place within the overall token sector. This information is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice or carry out your own due diligence before taking, or refraining from, any action on the basis of the content on our site. Any terms and conditions entered into by contributors in respect of the acquisition of Tokens are between them and the issuer of the Token and ICOholder is not the seller of such Tokens. ICOholder has no legal responsibility for any representations made by third parties in respect of any Token sale and any claim for breach of contract must also be made directly against the Token issuing entity listed herein.
We strive to build a platform powerful enough for professional trading firms and intuitive enough for first-time users. Specially, its USDT/USD and BNB/USD futures provide easy and effective hedging opportunities for USDT and BNB positions. The exchange has also launched leveraged tokens on USDT, BTC, ETH, EOS, XRP with -1, +3 and -3 leverage, allowing users to put on positions that would typically require posting collateral without doing so. FTX Token's share of the entire cryptocurrency market is 0.08% with the market capitalization of $ 216.11 Millions. FTX Token (FTT) is a cryptocurrency token generated on the Ethereum blockchain.
At first glance, this appears inconceivable, as it suggests that there are less holders of the exchange token of a prominent derivatives platform than there are of many microcap projects. This is, of course, misleading, as FTX incentivises the holding of FTX Token on its exchange, limiting the number of private addresses and accounting for the low address count. If FTX generated $100mn in annual fees (which its current fee structure and daily volume roughly indicates), $33mn would go towards repurchasing FTT, which would amount to 15.4mn FTT at current prices. Ignore this for a second and consider that FTX are able to buy 15.4mn FTT at market throughout the year for the burn; this means that almost 20% of the circulating supply would become obsolete.
Further, the exchange was created by traders that play a huge role in liquidity provision in secondary markets. Moreover, the exchange has created novel products and has a strong reputation, with a “fast development cycle”. As is often the case with ERC-20 tokens that are offered in an ICO, their supply is capped at the amount created during the ICO, hence there are no further emissions. What this means for a speculator is that there are no headwinds to price growth via inflation.
This will be done until a total of 50% of the FTT tokens are destroyed. In essence, this decreases the supply of the asset and therefore could increase the price if demand increases in a simultaneous period. Many crypto exchanges which offer leverage like FTX, Bybit & BitMEX usually have an insurance fund which, in case of large market volatility, protects traders funds.
Both these risks aren’t extremely worrying to me since the team behind the FTX exchange appear to be transparent and well-natured – I think that they genuinely want to create the largest, most efficient exchange within the cryptocurrency industry. This utility feature of the FTT token somewhat overlaps the idea of token supply which I mentioned above. Simply put, one-third of all the fees generated on the FTX exchange are used to buy FTT tokens and are then burned – meaning that they no longer exist on the blockchain.
One of the primary features discussed here is that FTX are able to “significantly reduce” the possibility of clawbacks by using three-tiered liquidation, where other exchanges have often suffered million-dollar clawbacks due to poor design. Clearly, the Telegram group is FTX’s primary communications platform, as there is a lot of activity here and it is great to see the regularity with which Sam, the founder of the exchange, interacts with users. The richest address owns 198mn FTT, 175mn of which is out of circulation, and the subsequent two addresses own 98mn FTT between them and are also company-owned. Beyond this, the top 20 is primarily exchange-addresses, be it FTX or a third-party exchange like Binance or Huobi.
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This incentives users to purchase FTT tokens to reduce the amount of trading fees they pay on the exchange and thus, increases the demand of the FTT token. To see the tiered fee discount structure for holding FTT, go to ftx.com/ftt. FTT is an ERC20 token created for the FTX cryptocurrency exchange. The token is the backbone of the FTX.com ecosystem and boasts impressive utility within the exchange’s operations. FTT is the exchange token of FTX.com, a cryptocurrency derivatives exchange launched in 2019 with the help of Alameda Research.
This places FTX Token second-highest for liquidity of prior reports, behind only DMME, despite having a network value 1,400x larger. In effect, it is by far the most liquid token, pound-for-pound, that I have ever featured in these reports. This is very promising, as it is indicative of a strong demand for the token, even on third-party exchanges. Due to the lack of staking or masternodes and the lack of supply emission, there are fewer metrics to work through here.
FTX Token (FTT) to Bitcoin (BTC) exchange
BitMax.io, FTX.com, and Alameda Research are thrilled to establish this strategic collaboration in order to further expand their respective ecosystems and enhance the liquidity and trading efficiency of BTMX and Leveraged ERC20 tokens. BitMax.io (BTMX.com), FTX.com, and Alameda Research have announced a strategic collaboration that includes the listing of BTMX on FTX.com and listing of the Leveraged ERC20 Tokens on BitMax.io. As a long-term speculative position, however, perhaps what is more important is whether – despite price clearly having moved away from atraditionalarea of accumulation (sub- 19,000 satoshis here) – the current price is still indicative of undervaluation. As we have already covered, the utility of the token is directly related to the exchange; in effect, being exposed to spot FTX Token is a means by which to profit from the growth of the exchange itself without being a shareholder. The growth of the price of FTT is ultimately tied to the growth in userbase and revenue of FTX.