FTX Destroys $6.462M worth of FTX Token (FTT) in Latest Token Burn 16

FTX Destroys $6.462M worth of FTX Token (FTT) in Latest Token Burn

  • FTX Crypto exchange has destroyed $6.462 million worth of FTT in its latest token burn
  • The FTT token burns are a weekly event with the latest being the largest to date
  • The exchange has destroyed a total of 10,976,882 FTT since the token burns began in July 2019
  • FTX Token (FTX) has had a remarkable 2021, increasing in value by almost 10x

The team at FTX has announced that the crypto exchange destroyed 130,980 FTX Tokens (FTT) during its most recent token burn. This amount of FTT tokens translates to roughly $6.462 million and is the largest to date as highlighted by the team at FTX through the following tweet.

10,976,882 FTT Have Been Destroyed Since July 2019

The FTX Token (FTT) burns are a weekly event happening every Monday since July 29th, 2019. The exchange repurchases and burns the tokens according to the following 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

Since the token burns began, a total of 10,976,882 FTT tokens valued at $576.648 million have been destroyed. The most recent stats on the FTX Token (FTT) can be found in the following screenshot courtesy of the crypto exchange.

FTX Destroys $6.462M worth of FTX Token (FTT) in Latest Token Burn 17

FTX Token (FTT) has Gained By Almost 10x in 2021

In terms of value, FTX Token (FTT) has had an impressive 2021 setting an all-time high of  $59.56 on the 14th of this month. At the time of writing, FTX Token (FTT) is trading at $52.66 and is ranked 31st on Coinmarketcap.com.

To note is that FTX Token (FTT) opened the year at a value of roughly $5.82. This means that in this year alone, FTX Token (FTT) has increased in value by a factor of 10.233x to its recent all-time high, and by a factor of 9.05x to its current price.

Such gains in such a short time period, are a reflection of the growth at FTX as well as the continual development by the team in a bid to deliver a quality trading platform for its users.