FTX Token (FTT) is the utility token of the FTX exchange, formerly one of the leading cryptocurrency exchanges in the world until its collapse and bankruptcy announcement in November 2022. The FTT token offered unique benefits to traders who held the token and traded on the FTX trading platform.
The exchange token of FTX is hosted on Ethereum and Solana blockchain ecosystems. In addition to offering trading fee discounts, FTX users who held FTT tokens could enjoy other discounts and earn staking rewards.
FTX is a cryptocurrency derivatives exchange founded by Sam Bankman-Fried and based in the Bahamas. It offered a wide range of digital assets for spot trading, leveraged trading, binary options, and OTC trading.
Previously, the FTT token had made significant gains and climbed the rankings to become one of the top cryptos by market cap, powered by the bull run in the crypto market during 2021. FTX’s utility token ranked 21 in market capitalization in June 2022, but has declined in rankings following events leading up to FTX filing for bankruptcy and halting withdrawals on its platform in November 2022.
Since then, the FTT token price has declined sharply and experienced high levels of volatility. We recommend that you exercise caution while trading the FTX Token due to the crisis the exchange has experienced.