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When was FTT coin issued? Learn about the origin of FTT coin in one article

FTT, the native token of the bankrupt FTX exchange, originated in 2019 as a utility token for ecosystem growth and user rewards, providing benefits such as staking and governance rights.

Oct 14, 2024 at 09:30 pm

FTT Coin: Genesis and History

1. Foundation and Origin

FTT (FTX Token) is the native utility token of FTX, a cryptocurrency derivatives exchange.
It was launched in May 2019 as a means of driving ecosystem growth and rewarding platform participants.

2. Purpose and Use Cases

Staking: FTT holders can stake their tokens to receive additional perks such as fee discounts, increased trading volumes, and access to exclusive features.
Collateral: FTT can be used as collateral to reduce margin requirements when trading on FTX.
Governance: FTT holders have voting rights on platform decisions through FTX's decentralized autonomous organization (DAO).

3. Allocation and Distribution

The total supply of FTT is 352 million tokens.
20 million went to initial investors, 3.5 million to a pre-launch sale, and 5 million to team and advisors.
The remaining tokens were allocated to the ecosystem (256 million) and the exchange's treasury (21 million).

4. Market Performance

FTT has experienced significant growth since its inception.
It reached an all-time high of $84.99 in September 2021, making it one of the top 10 cryptocurrencies by market capitalization.
However, the collapse of FTX in November 2022 erased most of its value.

5. Current Status

As of February 2023, FTT trades around $1.50 and has a circulating supply of approximately 248 million tokens.
Despite the recent market turbulence, FTT remains an important part of the FTX ecosystem and continues to be used for staking, collateralization, and governance.

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