What Is FTX Token (FTT)?
FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.
The team behind FTX comprises some of the largest crypto traders over the past few years who, having found issues with most mainstream crypto futures exchanges, decided to launch their own platform. FTX claims that it stands out due to such features as clawback prevention, a centralized collateral pool and universal stablecoin settlement.
In regards to clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. FTX reduces this by using a three-tiered liquidation model.
On existing crypto futures exchanges, the collateral is fragmented across separate token wallets; this can be difficult for traders as it prevents positions from getting liquidated. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet.
Another feature of the FTT are leveraged tokens, which allow traders to put leveraged positions without the need to trade on margin. If a trader wants to short Bitcoin with 3x leverage, they can simply buy a 3x short Bitcoin leveraged token on FTX. These tokens are ERC20-compatible and can be listed on any spot exchange. FTX currently offers XRP, BNB, TRX, BTC, ETH, EOS, USDT and LEO leveraged tokens.
Who Are the Founders of FTX Token?
The FTX Token or FTT was founded by Sam Bankman-Fried and Gary Wang.
Sam Bankman-Fried is the co-founder and chief executive officer at FTX: Cryptocurrency Derivatives Exchange. He is also the CEO of Almeda Research and worked as a director of development at the Centre for Effective Altruism. He was also a trader at Jane Street Capital from 2014 to 2017.
Bankman-Fried studied physics and has a bachelor’s degree from the Massachusetts Institute of Technology.
Gary Wang is the co-founder and chief technology officer at FTX: Cryptocurrency Derivatives Exchange. He is also the chief technology officer at Almeda Research. Before this, he worked as a software engineer, after moving up from a software engineering intern at Google. He was also a software engineer intern at Facebook.
He has a Bachelor's degree in mathematics and computer science from the Massachusetts Institute of Technology.
What Makes FTX Token Unique?
FTX is backed by Almeda Research, which is known as one of the leading companies in crypto trading and one of the largest liquidity providers.
As such, FTX is a product designed by professionals with confirmed expertise in the industry. They cover multiple services: from collateral to maintenance margin to liquidation processes and product listing. FTX also claims to be focused on fast development cycles, allowing them to deploy crypto trading systems at a competitive pace.
How Many FTX Token (FTT) Coins Are There in Circulation?
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading with a focus on institutional-grade solutions.
The FTX Token is the backbone of the FTX ecosystem, which was designed to increase network effects and demand for FTT as well as decrease its circulating supply.
FTT has a circulating supply of around 94 million tokens as of February 2021 and a total supply of about 345 million.
How Is the FTX Token Network Secured?
FTT is an ERC-20-compatible exchange token. The Ledger Nano X/S hardware wallet allows users to securely store and manage the FTT tokens via its Ethereum app.
Both the FTT and the leveraged tokens security audits are done by the Blockchain Consilium auditing firm.
Analysis Tecnichal
If we realize this is a zone of support at minimum points where a new rally tends to always start and break down. To look for a new support mostly 8 to 9 bearish candles are all these falls.
One FTT craze is that bears always tend to break the 20-day moving average lower, not so much a test, but after that it makes support and starts a new bullish rally. What a curious fact.
The RSI currently remains above the 63.4 area for a long time, it could indicate a slightly longer bullish or the beginning of a bearish to look for a test in the 50s. It is clear that with the fall of BTC it is most likely a test . Although FTT has a fomo due to being the best known Futures broker. Gaining a lot of popularity among high capital traders. (I include myself in this although personally I consider that the design of the website is strange).
The MACD is losing its bullish strength, a fall is more likely if we visualize this indicator, being on the scale 2, if the bears manage to pull the MACD lower. We could see for the first time a bearish rally or a side on FTT.
Currently due to the loss of bullish strength, I believe that we will be finding possible resistance in those areas.
Possibly at 1.618 Fib Channel is where we find that resistance to look for new support.
If we review the previous falls we could deduce a correction of 20%, Meh it doesn't hurt. Unless BTC is going to lose current bullish force to go lower I really highly doubt that we will have extremist losses. The MACD is not positive but if it breaks higher, we can be more sure, also that FTT has more cryptocurrencies from the #SOL network that is currently being a boom.
Based on this, we could consider possible supports these points 57-48.
Although as I mentioned, in a bearish scenario this will die. And it can start a somewhat long bearish rally. Although there are cryptocurrencies that despite the fall of BTC continued to rise, an example is #SOL, which was 1000% from our notice in the fall from 63k to 47k.
If we use Fib Retracement in the manner of speculation, not as a retracement, I already explained 1 to 0.
We could visualize a fall to 61.8% Fib or 23%. In case I take another little bullish rally.
We would have a long-term goal of 100 dollars, this is already fundamentally, FTX is gaining popularity in Market Share, although currently its reliability is little to believe, but they can hold it in Binance if they do not trust their platform. I invested in it for 5 usd, and really in the long term I see a lot of potential for it and I think it could easily pass any legal test. Currently their code is audited and everything, but I mean on the website issue, the design is quite complex for new traders.
In the hypothetical case that BTC suffers a retracement it is possible to start a bearish channel although FTT has supported the falls of BTC quite well, well that's it! Try to enter a fall!
FTT is the native cryptocurrency token of the crypto derivatives trading platform FTX that launched on May 8, 2019.
The team behind FTX comprises some of the largest crypto traders over the past few years who, having found issues with most mainstream crypto futures exchanges, decided to launch their own platform. FTX claims that it stands out due to such features as clawback prevention, a centralized collateral pool and universal stablecoin settlement.
In regards to clawback prevention, a significant amount of customer funds on other derivative exchanges have been claimed by socialized losses. FTX reduces this by using a three-tiered liquidation model.
On existing crypto futures exchanges, the collateral is fragmented across separate token wallets; this can be difficult for traders as it prevents positions from getting liquidated. On the other hand, FTX derivatives are stablecoin-settled and only require one universal margin wallet.
Another feature of the FTT are leveraged tokens, which allow traders to put leveraged positions without the need to trade on margin. If a trader wants to short Bitcoin with 3x leverage, they can simply buy a 3x short Bitcoin leveraged token on FTX. These tokens are ERC20-compatible and can be listed on any spot exchange. FTX currently offers XRP, BNB, TRX, BTC, ETH, EOS, USDT and LEO leveraged tokens.
Who Are the Founders of FTX Token?
The FTX Token or FTT was founded by Sam Bankman-Fried and Gary Wang.
Sam Bankman-Fried is the co-founder and chief executive officer at FTX: Cryptocurrency Derivatives Exchange. He is also the CEO of Almeda Research and worked as a director of development at the Centre for Effective Altruism. He was also a trader at Jane Street Capital from 2014 to 2017.
Bankman-Fried studied physics and has a bachelor’s degree from the Massachusetts Institute of Technology.
Gary Wang is the co-founder and chief technology officer at FTX: Cryptocurrency Derivatives Exchange. He is also the chief technology officer at Almeda Research. Before this, he worked as a software engineer, after moving up from a software engineering intern at Google. He was also a software engineer intern at Facebook.
He has a Bachelor's degree in mathematics and computer science from the Massachusetts Institute of Technology.
What Makes FTX Token Unique?
FTX is backed by Almeda Research, which is known as one of the leading companies in crypto trading and one of the largest liquidity providers.
As such, FTX is a product designed by professionals with confirmed expertise in the industry. They cover multiple services: from collateral to maintenance margin to liquidation processes and product listing. FTX also claims to be focused on fast development cycles, allowing them to deploy crypto trading systems at a competitive pace.
How Many FTX Token (FTT) Coins Are There in Circulation?
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading with a focus on institutional-grade solutions.
The FTX Token is the backbone of the FTX ecosystem, which was designed to increase network effects and demand for FTT as well as decrease its circulating supply.
FTT has a circulating supply of around 94 million tokens as of February 2021 and a total supply of about 345 million.
How Is the FTX Token Network Secured?
FTT is an ERC-20-compatible exchange token. The Ledger Nano X/S hardware wallet allows users to securely store and manage the FTT tokens via its Ethereum app.
Both the FTT and the leveraged tokens security audits are done by the Blockchain Consilium auditing firm.
Analysis Tecnichal
If we realize this is a zone of support at minimum points where a new rally tends to always start and break down. To look for a new support mostly 8 to 9 bearish candles are all these falls.
One FTT craze is that bears always tend to break the 20-day moving average lower, not so much a test, but after that it makes support and starts a new bullish rally. What a curious fact.
The RSI currently remains above the 63.4 area for a long time, it could indicate a slightly longer bullish or the beginning of a bearish to look for a test in the 50s. It is clear that with the fall of BTC it is most likely a test . Although FTT has a fomo due to being the best known Futures broker. Gaining a lot of popularity among high capital traders. (I include myself in this although personally I consider that the design of the website is strange).
The MACD is losing its bullish strength, a fall is more likely if we visualize this indicator, being on the scale 2, if the bears manage to pull the MACD lower. We could see for the first time a bearish rally or a side on FTT.
Currently due to the loss of bullish strength, I believe that we will be finding possible resistance in those areas.
Possibly at 1.618 Fib Channel is where we find that resistance to look for new support.
If we review the previous falls we could deduce a correction of 20%, Meh it doesn't hurt. Unless BTC is going to lose current bullish force to go lower I really highly doubt that we will have extremist losses. The MACD is not positive but if it breaks higher, we can be more sure, also that FTT has more cryptocurrencies from the #SOL network that is currently being a boom.
Based on this, we could consider possible supports these points 57-48.
Although as I mentioned, in a bearish scenario this will die. And it can start a somewhat long bearish rally. Although there are cryptocurrencies that despite the fall of BTC continued to rise, an example is #SOL, which was 1000% from our notice in the fall from 63k to 47k.
If we use Fib Retracement in the manner of speculation, not as a retracement, I already explained 1 to 0.
We could visualize a fall to 61.8% Fib or 23%. In case I take another little bullish rally.
We would have a long-term goal of 100 dollars, this is already fundamentally, FTX is gaining popularity in Market Share, although currently its reliability is little to believe, but they can hold it in Binance if they do not trust their platform. I invested in it for 5 usd, and really in the long term I see a lot of potential for it and I think it could easily pass any legal test. Currently their code is audited and everything, but I mean on the website issue, the design is quite complex for new traders.
In the hypothetical case that BTC suffers a retracement it is possible to start a bearish channel although FTT has supported the falls of BTC quite well, well that's it! Try to enter a fall!