- This was last updated in July 2019 and does not reflect information after the listing of FTT.
- FTT is not offered to US customers.
What is FTT?
FTT is an ERC20 token. You can find it on etherscan here.
FTT will list on FTX at 10pm HK/Singapore/China = 2pm UTC = 10am Eastern = 7am Pacific on July 29th, 2019. We plan to list FTT/USD, FTT/BTC, and FTT/USDT spot markets.
Live orderbooks will open up at 10:00:00 Antigua time on July 29th; there will be no prior post-only or auction mode but there will be orders out upon the opening. The markets will be live two-way spot FTT markets. The first tokens will unlock with the daily unlock at noon Antigua time. You can get a 5% bonus on your FTT purchases on the first three days if you prefund your wallet here.
FTX is planning to list FTT at $1, including two other exchanges on July 29th. We are also listing FTT on other exchanges. If you are interested in listing FTT, please contact us.
Before it lists on July 29th, you can buy FTT using or your FTX wallet's 'convert' function. Each account can buy a maximum of 1,000 FTT there. There is no minimum purchase size.
FTT purchasing will stop 48 hours before listing, at 10pm HK on July 27th.
Once FTT lists on FTX there will be no limits. If you want, you can prefund your account with assets to buy FTT on the FTX spot markets when it lists on July 29th (you must prefund at least 24 hours before listing). If you do, you will get 5% bonus FTT for all purchases in the first 3 days after listing! See the FTT Listing page for more details.
FTT purchased between now and the listing date will unlock over the first month after listing, at a rate of roughly 3% per day.
Earlier FTT purchased will also begin unlocking at listing, but will unlock over 1.5 months (for investors who purchased FTT at 20-60c round),1 month (for the 60c - listing price round) or 3 months (for seed investors). We've sold roughly:
$0.10-$0.20: 50m FTT tokens
$0.20-$0.60: 6.5m FTT tokens
$0.60-$0.80: 2.8m FTT tokens
If a token unlocks "on day X", that means it unlocks at noon Antigua time on that day.
This means there will be no FTT unlocked when it lists, and less than 10% of all tokens will unlock in the first month.
FTX’s interest is for FTT, as well as the exchange, to succeed long term--much more than short-term profit. We will not be taking actions that we think will damage the long term growth of FTT.
About three fifths of non-company tokens are unsold. Of these:
5% -- Backstop Fund
Funds set aside in case traders run into bankruptcy.
5% -- Safety Fund
Funds set aside in case there are platform losses.
20% -- FTT Liquidity Fund
Funds used to provide liquidity in FTT markets.
20% -- Team Tokens
Tokens given to project employees.
5% -- Adviser Tokens
Tokens given to advisers of FTX.
25% -- Company Tokens
Funds locked up over a 3-year period, like the rest of the company tokens.
10% -- Ecosystem Fund
Funds used to grow the FTX ecosystem.
10% -- User Acquisition Fund
Funds used to help grow the userbase and volume on FTX.
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).
In addition, we will be repurchasing and burning tokens equal to:
a) 33% of all fees generated on FTX markets
b) 10% of net additions to the backstop liquidity fund ('Socialized Gains')
c) 5% of fees earned from other uses of the FTX platform
FTX will buy and burn every Monday starting on July 29th, 2019. The purchasing will happen on the FTX FTT/USD market at a pre-announced time of day; all tokens purchased will be burnt.
Number of Tokens
There are 350,000,000 total FTT tokens. Of those, 175,000,000 are company tokens that unlock over a three year period.
As of July 21st 2019, 73,461,920 FTT tokens have been sold which will unlock over the first months and years.
You can find the FTT price on the FTX Wallet. The FTT price will move around with demand and crypto market prices.
As of July 23rd 2019, the FTT price is $0.80.
FTT Buy and Burn
We will be repurchasing and burning tokens equal to:
- 33% of fees generated on FTX markets
- 10% of net additions to the backstop liquidity fund ('Socialized Gains')
- 5% of fees earned from other uses of the FTX platform
FTX will buy FTT on its FTX/USD market. Bought FTT will be burned on a weekly basis in accordance with a schedule adopted by FTX. The current schedule typically starts at 10pm HKT each Monday, with purchased tokens burned by 11:59pm HKT Tuesday. Above fees are less promotional discounts, payment processor fees, referral fees, and third party costs associated with such revenue.
FTT gives fee rebates to holders. You can find the current fee structure here. The current FTT-based fee rebates are:
You can find 24 hour FTX volume numbers at the Global Volume Monitor. FTX has been averaging about $200m/day of volume in July.
Who Can Buy FTT?
Anyone with a KYC'd FTX account can buy FTT. For more information see here.