BTSE Adds FTT to Its Token Range

Listing FTT gives BTSE users expanded access to the growing appeal (and value) of exchange tokens. FTT is the native token of FTX’s exchange, and its growing use cases include airdrop incentives, maker fee rebates, and higher referral rates.

BTSE has listed FTX Token (FTT), the native token of FTX’s exchange. FTX is a crypto derivatives platform that offers OTC trading, leveraged tokens and futures. It aims to help advance the cryptocurrency derivatives market closer towards institutional standards. Its $400 billion trading volume in April made it one of the largest cryptocurrency exchanges by volume.

Exchange Token Appeal

FTT, an ERC-20 token, was launched through a private initial coin offering (ICO) in 2019. Holders of FTT, which operates the FTX ecosystem, can obtain a fraction of exchange fees, reduced futures fees, and also use the token as collateral for their futures positions. Other FTT use cases include airdrop incentives, maker fee rebates, and higher referral rates.

Furthermore, FTT tokens are repurchased and burned weekly using one-third of the exchange fees and 10% of the net gain in the insurance fund. The FTT burn will take place until 50% of the 337 million tokens are removed from circulation. The main objective of the incentives is to increase the demand for FTT and decrease its circulating supply.

FTT’s price rose quickly since it passed $6 in January, largely thanks to the bull run since October last year, growing demand for exchange tokens, and the various partnership deals signed by the FTX team. (BTSE Token’s steady rise towards $6 in the past six months further reflects the growing appeal of exchange tokens.) Notable FTX partnerships include the $135 million naming rights deal for the Miami Heat arena with Miami-Dade County and the $210 million naming rights partnership with US e-sports organization, Team SoloMid (TSM).

FTT has a market cap of nearly $3.8 billion and 0.24% market cap dominance, according to CoinGecko. Its circulating supply is just over 110 million out of a max supply of 337 million. FTT’s market price was just above $36 on August 3, with an all-time high of $63.12 on May 12 this year.

FTX Growing Offerings

FTX exchange, a subsidiary of Alameda Research, has one of the most liquid order books. Alameda is among the most active cryptocurrency market makers, providing an OTC desk with 24/7 quotations and fiat support in over one hundred products. 

FTX offers derivatives trading services such as perpetual and quarterly contracts on a variety of leverage tokens, crypto assets, and OTC services. It plans to add exchange-traded tokens, options, spot margin trading, and lending to its offerings.

 

BTSE Exchange | BTSE Telegram | BTSE Twitter | BTSE Medium


Our aim is to create a platform that offers users the most enjoyable trading experience. If you have any feedback, please reach out to us at feedback@btse.com or on Twitter @BTSEcom.

Back to Top