FTX, the second largest cryptocurrency exchange globally, has destroyed over $6.4 million worth of $FTT in its latest token burn, the largest token burn to date since the token launched in July 2019.
The latest token burn comes amid an impressive year for the exchange and the token which has seen its value increase by 10x in 2021 so far.
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SEE ALSO: Binance and FTX Exchange Tokens Hit All Time Highs Amid 2021 DeFi Fever
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As of July 2019 during launch, the $FTT price was $ 0.8.
As of April 2021, the $FTT price was above $52.5. However a high of $56.8 had taken before a slight retracement to current levels.
There are a total of 350 million $FTT tokens, out of which, 175 million are company tokens that unlock over a 3-year period.
At the same time, about 3/5th of the company tokens are unsold.
The FTX ($FTT) burns are a weekly event happening every Monday since July 2019. FTX repurchases and burns the tokens according to this formula:
- 33% of all fees generated on FTX markets
- 10% of net additions to the insurance fund (‘Socialized Gains’)
- 5% of fees earned from other uses of the FTX platform
FTX has the lowest transaction fees among crypto exchanges and allows you to trade both cryptocurrency and stocks like Tesla, Coinbase, Facebook, Alibaba derivatives etc.
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RECOMMENDED READING: UniSwap Trade Volumes Hit a Weekly Milestone of Over $10B and Set to Process Over $500 Billion in 2021
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