FTX exchange ‘burns’ a lot of crypto just like LUNA classic

It burn of crypto is a way to holders of a specific currency. The major crypto exchange FTX is also doing this with the native token of its ecosystem; FTX token (FTT). Millions of euros worth of FTT tokens are destroyed every week, including this week as read in the official Dutch FTX Telegram group.

129,745 FTT to the eternal hunting grounds after FTX burn

FTX is a popular exchange where traders and investors will find everything they need to get started with crypto. No account yet? Read more about the FTX exchange here or make via this link directly to an account and get 5% off all your trading fees.

Today, most crypto exchanges have their own cryptocurrency. The purpose of these cryptocurrencies is often to pay trading costs and to help decide on the price of the platform. FTT is one such cryptocurrency. Holders of the crypto in principle share in the proceeds of FTX.

The exchange buys FTT back from the market with 33% of the trading costs that flow into the FTX Markets platform. In addition, FTX does the same with 10% that to its Socialized Gains fund flows and 5% of all transaction fees it earns across the entire FTX platform.

Subsequently, these FTT tokens are destroyed and thus they disappear from circulation. That is in principle a positive development for the remaining tokens because the supply decreases. This week, 129,745 FTT disappeared from the offering, which amounts to about $3.2 million.

An overview of FTX’s burns

As mentioned, FTX does this weekly. Tens of millions of FTT have been destroyed in recent weeks. At the time of writing, this concerns 20.6 million FTT, with which there are currently 188 million FTT in circulation.

Read Also:  Watch: Six-hitting competition between Pakistan T20 team and support team, do you know who is batting...
FTT burns that FTX has been running for the past few weeks. – Source: FTX.

In addition to the burns that the exchange regularly performs, FTT holders enjoy more benefits. All these benefits can be found here.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here