The growth of the cryptocurrency space, especially in the last five years, cannot be overstated. The rapid growth of the price value of tokens in the space has also coincided with increasing global adoption. However, the effect of this growth has seen many investors flock to the space to get huge returns. This new trend has also propelled the uprising of many Blockchain projects, giving investors various investment tools at their disposal. Most of the new tokens are also excelling, which is a testament to the success of the space. However, FTT, the native token of popular crypto exchange FTX, is making waves.
What is FTX Exchange?
FTX is a centralized cryptocurrency exchange, providing more than one million users globally with crypto trading services. Headquartered in the Bahamas, the platform is popular globally, boosting trading volumes exceeding $1 billion daily. Launched in 2019, it is credited as the first crypto exchange that affords investors the opportunity of derivatives trading. With features such as predictions market, futures trading, and options trading, it remains one of the best crypto exchanges globally. Despite being in operation for barely 3years, it is currently ranked as the third-largest crypto exchange market by market capitalization. The native token of the crypto exchange is the FTT.
What Is FTT?
FTT is one of the innovative products that have emanated from FTX and is the token powering the FTT ecosystem. The ERC 20 token, currently running on Ethereum Blockchain, is one of the world’s most valuable tokens. Like every ERC20 token, it does not require its developers to own its Blockchain. This means that any compatible wallet can store the token. Currently backed by Almeda research, FTT is a token designed by professionals with immense expertise in the industry. The project developers said they wanted to solve mainstream crypto futures issues. That was why they created the platform and token. Fortunately, they have solved issues such as Clawback and universal stablecoin settlement. Alternatively, according to the token developers, it also covers maintenance margins, liquidity processes, and collateral usage. FTX regularly repurchases and burns its tokens to boost the token’s value.
What Are The Benefits Of FTT?
Since FTT is the native token of the FTX exchange, FTX users enjoy the privileges of holding the tokens. Firstly, holders of the tokens pay discounted trading fees on the platform. FTT holders also get tighter spreads after being eligible for up to a 60% trading discount on the platform. Furthermore, FTT token holders can use it as collateral for future positions. Due to the clawback protection of FTX, FTT can also be used as insurance protection against Clawback. Like every blockchain token, FTT can also be used for staking, with holders getting a reward on it. FTX users who hold FTT are also eligible for airdrops and bonus votes rewards.
How To Buy FTT?
Apart from FTX exchange, FTT is also listed on popular crypto exchanges like Binance, Mandala Exchange, Bybit, and Huobi Global. To purchase FTT on FTX, click on this link. However, to buy FTT on the Bybit crypto exchange, one should follow the steps below:
Step 1
If you are a new user, you will be expected to open an account on the Bybit platform. After completing the verification process, you will need to deposit at least the minimum required amount. You will then fill the purchase amount in the given field to buy USDT or any other alternative cryptocurrency.
Step 2
You will then proceed to choose an appropriate payment method. You can complete the transaction using a credit card, bank transfer, or other available methods. With the desired amount of USDT in your account, you will review the spot rates by clicking the Spot tab. It is on the main web page, and you will proceed by selecting the pair of your choice. After that is done, you will buy the required FTT tokens by placing a trade order. After closing your position, your account will reflect the asset purchased.
Why Should I Buy FTT?
FTT is one of the fastest-growing tokens of the cryptocurrency space and is expected to remain so for long. Despite the general price volatility associated with crypto-token, FTT witnessed a price gain of more than 1,000% in 2021. The 24hour trading volumes of the token have surged as high as $110,167,895.10, with its market cap at $16.25 billion. FTT token gives an added advantage to all its investors to buy and sell FTX, considering it a profitable investment. The token also offers scalability and speed but is reliable and trustworthy.
According to the crypto marketplace- CoinMarketCap, FTT is ranked as the 27th best cryptocurrency. Despite being plagued by volatility, the token is up by 8% this week and currently trades at $46.04. Crypto analysts predict that the token will give investors at least 60% ROI in 2022. Crypto investors looking for huge returns on investment should consider FTT, as its fortunes will skyrocket in 2022.
Conclusion
Founded by Sam Bankman-Fried in 2019, FTX is a cryptocurrency exchange, providing about one million users with bespoke crypto services. The native token of the platform is FTT, which the Ethereum Blockchain currently powers. FTT is one of the best and most performing tokens in cryptocurrency. The FTX-owned ERC20 token gained more than 1,000% in 2021 and is expected to hit more giant strides in 2022.
