Launched in 2019 by Sam Bankman-Fried and Gary Wang, FTX (FTT) was one of the leading crypto exchanges before its fall. FTT (FTX Token) served as the native utility token of the FTX cryptocurrency exchange, created to provide users with various benefits and functionalities within the FTX ecosystem.
As a utility token, FTT served several key purposes. One notable function was its role in providing users with fee discounts on trading activities conducted on the FTX exchange. FTT holders were able to enjoy reduced trading fees, incentivizing users to hold and utilize the token for their transactions.
FTT functioned as a mechanism for users to access various incentives and bonuses offered by FTX. These incentives may include trading competitions, rewards programs, and other promotional activities designed to enhance user engagement and participation. Token holders also had the opportunity to participate in decision-making processes by voting on proposals related to the platform's development and features.
