FTX

FTX Token (FTT) was the native utility token of the FTX cryptocurrency exchange, designed to enhance user engagement and provide various benefits within the platform's ecosystem. As a core part of FTX, FTT offered holders advantages such as reduced trading fees, access to exclusive trading products, and the ability to use the token as collateral for leveraged trading. Additionally, the token featured a burn mechanism, where a portion of fees collected by the exchange was used to buy back and burn FTT, reducing its circulating supply over time and increasing scarcity.

FTT was also integral to FTX’s staking system, enabling users to earn rewards and gain additional perks like higher referral rebates and priority access to services. However, the collapse of FTX in late 2022 due to financial mismanagement and insolvency led to a significant decline in the token’s value and utility. With the exchange’s operations halted and its future uncertain, the role of FTT in the broader cryptocurrency ecosystem remains in question.