What is the issuance and circulation of FTT coins?

FTT coins, issued by FTX in 2019, serve various purposes within the FTX ecosystem, including trading discounts, collateral, and voting rights.

Oct 13, 2024 at 01:00 pm

The Issuance and Circulation of FTT Coins1. Issuance:

FTT coins were issued by the FTX cryptocurrency exchange in May 2019. The initial supply was 352 million FTT, with a maximum supply of 352.27 million.

2. Use Cases:

FTT serves multiple purposes within the FTX ecosystem:

Trading fee discounts: FTT holders receive discounts on trading fees on the FTX exchange.
Collateral for futures: FTT can be used as collateral for futures trading on FTX.
Margin financing: FTT can be used to obtain margin financing for trading on FTX.
Governance: FTT holders have voting rights on platform governance proposals.

3. Initial Distribution:

The initial distribution of FTT coins was as follows:

25% sold in a private sale
35% retained by the FTX team and backers
20% distributed through various token promotions
15% allocated for ecosystem development and burning
5% reserved for equity swaps

4. Circulation:

As of February 2023, the circulating supply of FTT is approximately 236 million coins. The remaining coins are held in reserve by FTX and are not currently in circulation.

5. Burning Mechanism:

FTX periodically uses a portion of its platform revenue to buy back and burn FTT coins, reducing the circulating supply. This mechanism reduces inflation and potentially increases the value of FTT.

6. Listing on Exchanges:

FTT is currently listed on numerous cryptocurrency exchanges, including Binance, Coinbase, and FTX itself. This allows FTT holders to easily trade and convert their coins.

Note: Information about the issuance and circulation of FTT may have changed since the publication of this article. For the most up-to-date information, please refer to the official sources.

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