If you’re familiar with the crypto world, chances are you’ve heard of FTX. FTX is one of the most popular crypto exchanges in the world and is backed by one of the largest liquidity providers in the industry. FTX not only has a crypto exchange that trades the most popular tokens, but the platform also gives artists and investors access to the NFT marketplace and other crypto projects the group is working on. The FTX team recently launched a new token, FTT, that will be the backbone of the FTX ecosystem and provide many benefits to its holders and investors. Here are a few of those benefits and more insight into the new FTX token.
Discounts
There are many FTX token benefits, but one of the most important benefits is the discounts given to token holders on the FTX platform. Whether you’re trading crypto, buying NFTs, or minting NFTs, you will receive a discount on your fees for being an FTT holder. This makes the entire platform more accessible and offers a serious benefit for daily traders looking to cut expenses.
Airdrops
Token airdrops are another super popular benefit used to promote the release of new cryptocurrencies. The FTX token team will distribute free airdrops of the SRM token to FTT holders to encourage them to hold FTT and utilize the new Serum DEX. The Serum DEX is a decentralized exchange project by the FTX team to create a more user-friendly and accessible DEX for new and advanced traders alike. Airdrops are a great way to offer investors opportunities to diversify their digital portfolios with new crypto and get in on the ground floor of new projects and tokens.
Burn
Burning crypto is an essential deflationary practice that protects the coin’s value. By burning tokens, you are permanently taking those coins out of circulation to maintain the value of the remaining tokens. The FTX token will have weekly token burns to preserve the value of the coins. FTX will take up to a third of its money collected through fees to buy back and burn up to half of all FTT currently in circulation. This practice helps maintain the token’s market capitalization and promotes the currency’s long-term usage.
Clawbacks
Clawbacks occur when accounts within a blockchain network go bankrupt, and other user’s investments must be returned as socialized losses. Because Alameda Research backs FTX, the FTT team has developed a three-tiered liquidation model that will significantly reduce the likelihood of clawbacks and socialized losses. This means more money stays in your account, and the FTX ecosystem better protects your investments.
Crypto BFFs
Finally, one of the most important benefits of investing in FTT is the opportunity to become an FTT BFF. FTT BFFs are members of the FTT community and act as the face of the currency, participating in and even hosting events. As a crypto BFF, you will be invited to exclusive FTT events, webinars, etc., and you can put together your own informative sessions or meet-ups to educate and promote the FTX environment. You are encouraged to share your insights, ideas, and opinions about FTT at these events. Your input is valuable and could help govern the future of the token. Access to this diverse community of crypto traders and experts will offer you fantastic exposure to this industry and great opportunities for further investment or participation in blockchain projects.
These are just a few unique benefits of joining the FTT community. You can learn more about the unique features of the FTT currency through its whitepapers on the FTT DAO. Start investing today and become a crypto BFF.
