FTX Token

FTT launched on May 8, 2019. The token traded for about $1.20 shortly after launch and had quadrupled in value by the end of 2020. In 2021, FTT soared to about $61 in May of that year before crashing to $25 in June. FTT rose again in the autumn, hitting an all-time high of $85 on Sept. 9, 2021. It plunged shortly thereafter and entered 2022 trading for about $40.

FTT launched with a total supply of 350 million tokens, with 175 million of those tokens reserved for FTX’s treasury and unlocked in the three years after launch. Similar to BNB, the exchange token issued by Binance, FTT is deflationary. That means that the supply decreases over time, theoretically increasing the demand for the tokens that remain.

FTX buys FTT from the FTT/USD market, then burns some each week. The exchange buys and burns tokens equivalent to a third of all fees generated on FTX’s markets (less promotional discounts, payment processor fees, referral fees and third-party costs), 10% of gains earned by its backstop liquidity fund and 5% of fees elsewhere on the FTX platform. As of May 2022, FTX has burned 17 million of the 263 million tokens in circulation.