Decided FTT is a good investment? You can get FTT on FTX today!
FTX has distinguished itself as one of the top exchanges for cryptocurrency. Founder and CEO of FTX Sam Bankman-Fried is a notable voice in the Web3 sector who famously found success through arbitrage trading Bitcoin at Alameda Research. He later went on to create the popular exchange FTX and its FTT token. FTX is known for some of the most advanced cryptocurrency derivatives in the space.
Derivatives are transferable arrangements that enable users to wager on whether the value of a fundamental item can rise or fall despite having purchased anything. Although potentially highly profitable, these sophisticated trading instruments should only be used by experienced traders because of the associated risk.
Let’s look into FTX’s Token FTT to see if it has merit and if its utility can benefit you and generate innate value.
What is FTX Token?
In April 2019, the FTX Token was introduced accompanying the FTX exchange and made available via a private initial coin offering (ICO). This FTT inception block was created on April 30, and the ICO token allocation began on July 27, 2019. The FTX token has a 350,000,000 FTT initial supply.
Additionally, FTT’s consensus mechanism is proof of stake (PoS). FTX encourages holders to stake crypto in exchange for stability in coin value and increases in returns. FTT also undergoes coin burns. To decrease the quantity of FTT, coin burns have regularly been deployed. Some FTT is typically extracted from the supply as a result of these coin burnings. Coin burns are used by cryptocurrency projects like FTT to generate favorable market movements by lowering inflation or making a token deflationary.
FTT is an ERC-20 token. ERC-20 tokens represent virtual currency that has been distributed on the Ethereum network instead of on its own network. An Ethereum-based specification defines performance details for tokens, and you'll need a wallet that supports Ethereum to store FTT. Fortunately, ERC-20 is so widely used that you won't have any trouble storing FTT.
FTX Token (FTT) Price History
As of February 2022, FTT is trading just above $40 with a market capitalization north of $6 billion. Currently, FTT has a circulating supply of around 138 million FTT coins and a max supply of about 352 million FTT coins.
In 2021, it saw highs of nearly $80 and lows of under $12. It currently ranks in the top 50 of all cryptocurrencies in terms of market capitalization. As of October 2022, the token recover to just under $23, far below its previous highs.
FTX Token (FTT) Competition
FTT has many competitors, all of which are exchange tokens such as Binance’s BNB token, Kucoin’s KCS token and Crypto.com’s CRO token. All of these have their own unique benefits. For example, staking CRO for its 180-day lock-up period allows for up to 8% cashback and 100% rebate benefits for Netflix Inc. (NASDAQ: NFLX), Spotify Technology (NYSE: SPOT) and Amazon.com Inc. (NASDAQ: AMZN) Prime.
FTX’s token FTT is made for users of its exchange. Obtaining a reduction in transaction costs is one of the key advantages of using FTT. Cryptocurrency derivatives not only have a reduction in transactional costs, but they also have narrower margins. The percent discrepancy of fees among experienced traders on the FTX market would be as much as 60%. Investors can also use FTT as a kind of leverage for prospective holdings. Investors can avoid clawback by using FTT since it includes insurance coverage. Insurance yields a positive return in unpredictable marketplaces, giving investors a buffer to keep investing without having to worry about margin calls. When employing leveraged cryptocurrencies, the protection helps greatly.
As a good rule of thumb – it’s a good idea to use an exchange’s native token for whichever exchange you use most often.
How to Buy FTX Token (FTT)
FTT has grown in popularity, in both market share and general awareness. As a result, it is increasingly popular and simpler to get.
FTT is available on exchanges like Binance and FTX. Creating an account takes a few minutes, and customers may generally start trading the same day.
Best Hardware Wallet For FTX Token (FTT)
If you're thinking about buying FTT or currently own some, you should think where you'll keep the coins. Although a cryptocurrency exchange is the most convenient way to hold cryptocurrencies, a physical wallet is frequently viewed as the most secure.
The secret keys required to transmit cryptocurrency are stored in hardware wallets.
Best Hardware Wallet: Ledger
FTT may be sent, received and staked via a Ledger hardware wallet, which is a market-leading brand. Nano S and Nano X variants are now available. The Nano S is a basic hardware wallet with only the most basic functionality. With a bigger screen and Bluetooth connection, the Nano X offers simplicity of use.
Bonus Section
Watch for market competition within the centralized exchanges to see how FTT stacks up against competing tokens.
Cryptocurrency Market Outlook
Almost all cryptocurrencies took a plunge near the end of January 2022. The start of February saw a strong recovery, but the market took a dive with the depgging of Terra and the losses that followed. Given the recent correction, it may take a while to reach new all-time highs.
Is FTX Token (FTT) a Good Investment?
FTX Token seems like a great deal because of the excellent management team behind its platform FTX led by Sam Bankman-Fried. Although competing coins are great for staking, FTX Token seems most beneficial for avid crypto traders from the trading fee reduction.
If you tend to use FTX’s exchange or derivatives, FTX Token is a sound investment and ripe for staking. It is also a good investment if you believe in FTX and its management; otherwise, look into other cryptos.
Frequently Asked Questions
Is FTX safe?
Yes, FTX is a safe place to invest, but crypto investors should be aware that there are risks involved with all types of investments.
Can you make money on FTX?
FTX is a place where you can make money through investments, but you must do your research and monitor your portfolio carefully.
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About Jack Fineman
Jack Fineman is an undergraduate student studying economics at UCSB, President of the Blockchain at UCSB club and starting player for UCSB in the Collegiate Chess League. Jack primarily works on project creation and managerial work for his club and produces Web3 content for Benzinga. Jack is highly passionate about DeFi and blockchain technology, one of his favorite projects is The Helium Network.