FTX token (FTT) News and Updates
What is FTX?
The FTX roadmap in 2022
The crash of the FTX platform has widely affected the crypto industry which the public keeps an eye on significantly.
Originally, FTX was one of the biggest cryptocurrency trading exchanges which was popular since its first launch in 2019. FTX’s main token is FTT which is a utility token utilized to reduce the trading fees and for several more utilities on the platform.
This article will bring back the good old days of FTX and FTT token, why it was interesting to many investors, more importantly, the recent updates of FTX.
FTX token (FTT) News and Updates
- US$ 600 million was stolen from the FTX system. The hacker transformed the amount from Ether to renETH before transferring it to the new wallet. [21 Nov 2022]
- The FTX caused domino effects across the crypto industry, including the digital asset lending service provider, Genesis which announced the withdrawal suspension, like Gemini. [21 Nov 2022]
What is FTX?
1. The team behind the FTX platform
One of the co-founders behind the project, and the current CEO, Sam Bankman-Fried, is well known within the crypto space. He also co-founded another popular quantitative trading firm known as Alameda Research.
He also played a key role in rescuing the decentralized exchange (DEX) known as SushiSwap when it wasn’t as successful as it initially started.
The lead developer behind SushiSwap, at the time, Chef Nomi, cashed out 14 million USD worth of tokens in less than a week after it launched, which spread fears of the project behind a scam; however after Bankman-Fried got into the picture, he temporarily took control before setting up a group to hold the SushiSwap keys.
2. The value of FTX in the past
FTT price as of 1 January 2021 was US$ 5.77. The price increased to US$ 39.529 on 5 May 2022 which was a US$ 33.759 or 585.08% rise.
The token overall all-time high was at US$ 84.18. It is US$ 78.42 or 1,358.39% higher than its starting price.
According to the information, since FTX entered the market, its value had grown by 1,300%.
However, after facing the bear market for over the past months of 2022, FTX platform has collapsed and the CEO has filed for bankruptcy. The firm is in the inspecting process, resulting the FTT token to be traded at US$ 1.27 as of 21 November 2022, based on CoinMarketcap.
3. The FTT use cases
The FTT token was designed with a mechanism that aims to improve the utility of the FTX exchange. What this means is that through using the token, users can earn free rebates, get discounts on their trading fees, and are able to stake FTT tokens to receive high referral bonuses. Furthermore, they can vote in the community governance procedure.
FTT has even burned a portion of the supply, through the FTT coin burn, from the fee collected by the exchange as a means of decreasing the inflation of the FTT token supply, which contributes to a healthy value of the token.
4. The FTX’s products
FTX as an exchange brought numerous evolutions within the cryptocurrency exchange space in the past. Specifically, they were the first to launch USDT features as well as leveraged tokens.
There was a huge demand for all of these products, and they were expected to be extremely popular in the future.
Furthermore, FTX could leverage the technology team at Alameda Research, which was an experienced group that can build complex crypto trading systems while under pressure as well.
5. The FTX partnerships
FTX collaborated with numerous giants within the crypto space, as well as the finance space in general, for example, Circle, True USD, Paxos, Fenwick and West, Proof of Capital, Galois Capital, Sequoia, Paradigm Capital, as well as many others.
The FTX roadmap in 2022
Looking back to the FTX roadmap, There were numerous developments as well as listings planned for FTX throughout 2022. Specifically, on May 5, 2022, FTX announced that GAL would get listed on the spot and perpetual futures on the FTX exchange.
FTX also announced the “Off THe Grid” event with the Mercedes-AMG PETRONAS F1 Team in Miami.
This showcased a huge interest in the sporting industry and racing industry, as well as the overall mainstream popularity, advertising, and adoption of the cryptocurrency exchange and, ultimately, the FTT cryptocurrency.
They also planed to launch an F1 NFT collection as a means of engaging with their fans. They would launch 2,500 NFT Ticket Stubs NFTs dedicated to each race of the season.
Moreover, FTX also announced a 1 billion USD Charity Fund and First Print Ad Campaign, which starred Gisele Bundchen.
Specifically, the FTX co-founder and CEO Sam Bankman-Fried joined Bundchen, who is FTX’s head of environmental and social activities, and announced the launch of the exchange’s first print ad campaign, “In On ”, as well as the US$ 1 billion in charitable spending.
However, the crisis has terminated the majority of the roadmaps.
Bottomline
To sum up, FTT was one of the cryptocurrencies with interesting use cases and development due to the platform’s team and the decentralized ecosystem.
Nevertheless, the FTX incident clearly shows that every investment has a risk. Investors must keep in mind that the crypto market is highly volatile. Therefore, portfolio diversification is recommended.
