Zoom on the FTT, the native token of the FTX platform which offers a plethora of advantages to its holders. Between discounts on transaction fees, profits from increased sponsorships, participation in IEOs or even voting power for certain actions on the platform, discover all the roles of the FTX cryptocurrency.
What is the FTX Token (FTT)?
The FTX token, which bears the FTT ticker, is the utility token of the FTX cryptocurrency trading platform. As such, FTT allows its holders to enjoy many benefits when using the FTX platform, including several levels of transaction fee discounts.
FTX Token (FTT) Logo
The FTX platform was founded in 2019 by Sam Bankman-Fried, also CEO of investment fund Alameda Research, and Gary Wang, a former software engineer at Google.
Younger than its main competitor Binance, FTX has quickly made a name for itself in the cryptocurrency trading ecosystem. Today, in June 2022, it has more than one million monthly active users.
FTX now offers a wide range of tools for cryptocurrency traders, such as a spot market, a futures market, tokenized shares, leveraged tokens, and classic leverage effects ranging from up to x20.
As a utility token, the FTT occupies a central place within the FTX platform.
What are the Roles of the FTT?
If you are a frequent user of the FTX platform, then FTT staking may be an option of choice. Overview of the benefits it can provide you with, including VIP status, access to Initial Exchange Offerings (IEOs) and reductions in transaction costs.
The Benefits of FTT Staking
The benefits of FTT token staking unfold in several ways:
- First, FTT staking allows you to benefit from a greater return on the referral program;
- Then, it will enable you to benefit from a discount on fees as a maker of up to 0.003%;
- During voting sessions on the FTX platform, each user can choose which project will be supported by FTX. With FTT staking, the weight of a vote can increase significantly;
- FTT staking also increases the chances of being eligible for airdrops from the FTX platform, up to 14%;
- FTX can cover ERC-20 token withdrawal fees (for Ethereum) if you stake enough FTT. The number of daily withdrawals can then range from 1 to 1000 depending on the number of staked FTTs;
- From 2.5 million dollars staked in the form of FTT, you automatically become VIP level 1, then VIP level 2 from 5 million dollars;
- Finally, FTT staking allows you to obtain tickets for the various IEOs listed on FTX.
Note that to buy FTT and take advantage of staking on FTX, it is essential to complete the identity verification process (KYC) level 1.
Participate in FTX IEOs
First, in order to participate in FTX IEOs, it will be necessary to complete the platform’s Level 2 Identity Verification (KYC) process. As verification can sometimes take a little time, it is strongly recommended that you send your identity documents as soon as possible.
Then, access to FTX IEOs will almost always be done the same way. Depending on the project, it will be necessary to stake a certain number of FTTs to hope to be selected and to have the possibility of buying tickets to participate.
If you are not selected, the ticket costs will, of course, be refunded to you.
For example, for the IEO of PsyOptions (PSY), it was required to stake at least 150 FTT to be eligible for a ticket, 290 for a second, 420 for a third, etc.
Then, if you are selected, a minimum amount and a maximum amount will be allocated to you. For example, for PSY, 500 USD was required to participate with a maximum of 600 USD.
Benefits of Referrals on FTX
When you sign up for FTX, you are automatically assigned a unique affiliate link. To find it, go to the settings and then to the “ Referrals ” tab.
When you refer someone, they will benefit from a 5% discount on their transaction fees, and you will receive 25% to 40% of their transaction fees, depending on the number of FTTs you have staked.
From a certain number of referrals made, FTX can reward the referrers in the form of compensation or additional reduction on their own transaction fees. These additional benefits, however, are variable and only depend on FTX.
How to Buy FTT Tokens?
The FTT token is listed on all the major cryptocurrency purchase platforms, but the most suitable solution is, of course, to buy it directly on the FTX platform.
Note that before you can place a buy order, you will first have to deposit euros by credit card in order to obtain USDT.
Once you have the USDT in your possession, go to the upper left corner of the FTX platform and choose the FTT/USDT pair.
Choose the type of order that suits you, for example, ” Market order ” (to buy at the current market price instantly), indicate how many FTTs you wish to buy and then validate the transaction. As the execution of the order is instantaneous, your tokens will arrive directly in your FTX wallet.
How to Stake FTT Tokens?
Once you have the FTTs, click on “ FTT ” at the top bar of the FTX home screen.
On this page, then click on the “ Stake ” button:
You have to indicate how many FTTs you want to stake and validate. Note that they will be ” locked “, and you will not be able to use them for anything other than staking until you decide to remove them. They cannot be used as collateral during your trading phases.
Our Opinion on the FTT Token
As a native token of the platform, FTT has gradually established itself as the backbone of the entire FTX ecosystem.
Its advantages are numerous, including sponsorship benefits, a rebate of fees as a maker or the possibility of participating in the various IEOs listed on the platform.
In addition, FTT enjoys the support and aura of FTX, the second largest derivatives trading platform behind giant Binance. As a reminder, FTX observes more than a million monthly active users, and the platform accumulates more than 10 billion dollars in volume.
Finally, with FTX enjoying resounding success, as evidenced by its colossal valuation or the countless partnerships it enjoys, it’s a safe bet that FTT will have more and more roles to play within this ecosystem over time.
So many reasons to be interested in the FTT token, especially if you are used to the FTX platform.