FTT
No. 122Price
Markets
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1. Project introduction
FTX is a cryptocurrency derivatives exchange that offers futures, leveraged tokens and OTC trading. Currently, futures exchanges have many flaws holding the space back. The of mission is FTX is to solve these problems and move the derivatives space toward becoming institutional grade.
The business model of FTX is as followings.
(1) Clawback Prevention: A significant amount of customer funds on other derivatives exchanges has been claimed by socialized losses.
(2) Centralized Collateral Pool + Universal Stablecoin Settlement: With existing futures exchanges, collateral is fragmented across many separate tokens and margin wallets.
(3) Leveraged Tokens: These tokens allow traders to put on short or leveraged positions without having to margin trade.
2. Team introduction
Founder: Sam Bankman-Fried
Linkedin: https://www.linkedin.com/in/sam-bankman-fried-8367a346/
CEO：John Jay Ray III
3. Investment institution
Alameda research, Coinbase ventures, Binance labs, Pantera capital, Paradigm etc.
4. Application and distribution
Total supply: 350,000,000
Token application:
(1) Token Burn: one third of all fees generated on FTX will be used for an FTT repurchase, until at least half of all FTT is burned. Any FTT bought this way will be burned.
(2) Collateral :FTT can be used as collateral for futures positions and margin trading.
(3) Discount on Trading Fees: customers who hold a certain amount of FTT for a period of time will receive lower FTX futures fees.
(4) OTC rebates: customers who hold enough FTT will receive rebates from all of their OTC trading on FTX.
(5) OTC burn: there will be a repurchase and burning of FTT based on OTC volumes and revenue from the FTX OTC portal.
Token distribution:
Backstop Liquidity Fund, funds set aside in case that a clawback would occur: 5%
Safety Fund, funds set aside in case there are platform losses: 5%
FTT Liquidity Fund, funds used to provide liquidity in FTT markets: 20%
Team Tokens: 20%
Adviser Tokens: 5%
Company Tokens, funds locked up over a 3-year period, like the rest of the company tokens: 25%
Ecosystem Fund: 10%
User Acquisition Fund: 10%
Company tokens unlock over a 3 year period. FTX does not plan to sell any company tokens below the listing price for at least the first 3 months after listing (and likely after that as well).
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