{"id":566545,"date":"2021-04-21T17:12:27","date_gmt":"2021-04-21T14:12:27","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=566545"},"modified":"2021-04-21T17:12:27","modified_gmt":"2021-04-21T14:12:27","slug":"ftx-destroys-6-462m-worth-of-ftx-token-ftt-in-latest-token-burn","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/ftx-destroys-6-462m-worth-of-ftx-token-ftt-in-latest-token-burn\/","title":{"rendered":"FTX Destroys $6.462M worth of FTX Token (FTT) in Latest Token Burn"},"content":{"rendered":"<ul>\n<li><strong>FTX Crypto exchange has destroyed $6.462 million worth of FTT in its latest token burn<\/strong><\/li>\n<li><strong>The FTT token burns are a weekly event with the latest being the largest to date<\/strong><\/li>\n<li><strong>The exchange has destroyed a total of 10,976,882 FTT since the token burns began in July 2019<\/strong><\/li>\n<li><strong>FTX Token (FTX) has had a remarkable 2021, increasing in value by almost 10x<\/strong><\/li>\n<\/ul>\n<p>The team <a href=\"https:\/\/en.ethereumworldnews.com\/chef-nomi-transfers-control-of-sushiswap-to-ftx-crypto-exchange-ceo\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">at FTX<\/a> 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.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">We just had our largest FTT buy and burn ever!<br \/>\ud83d\udd25\ud83d\udd25\ud83d\udd25\ud83d\udd25\ud83d\udd25<\/p>\n<p>~2 million USD more than our previous record<a href=\"https:\/\/t.co\/1fCYVc7uao\" rel=\"nofollow\">https:\/\/t.co\/1fCYVc7uao<\/a> <a href=\"https:\/\/t.co\/CObl7iSQMz\" rel=\"nofollow\">pic.twitter.com\/CObl7iSQMz<\/a><\/p>\n<p>&mdash; FTX &#8211; Built By Traders, For Traders (@FTX_Official) <a href=\"https:\/\/twitter.com\/FTX_Official\/status\/1384528541857943560?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">April 20, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>10,976,882 FTT Have Been Destroyed Since July 2019<\/h2>\n<p>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 <a href=\"https:\/\/help.ftx.com\/hc\/en-us\/articles\/360029638552-FTT-Transparency-Page\" target=\"_blank\" rel=\"noopener nofollow\" data-schema-attribute=\"\">the following formula<\/a>.<\/p>\n<ul>\n<li>33% of all fees generated on FTX markets<\/li>\n<li>10% of net additions to the insurance fund (&#8216;Socialized Gains&#8217;)<\/li>\n<li>5% of fees earned from other uses of the FTX platform<\/li>\n<\/ul>\n<p>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 <a href=\"https:\/\/ftx.com\/ftt\" target=\"_blank\" rel=\"nofollow noopener\" data-schema-attribute=\"\">the crypto exchange<\/a>.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats.jpg\"><img class=\"aligncenter size-full wp-image-566547\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats.jpg\" alt=\"\" width=\"803\" height=\"234\" srcset=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats.jpg 803w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats-300x87.jpg 300w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats-770x224.jpg 770w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats-500x146.jpg 500w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats-240x70.jpg 240w, https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2021\/04\/FTX-token-stats-717x209.jpg 717w\" sizes=\"(max-width: 803px) 100vw, 803px\" title=\"\"><\/a><\/p>\n<h2>FTX Token (FTT) has Gained By Almost 10x in 2021<\/h2>\n<p>In terms of value, FTX Token (FTT) has had an impressive 2021 setting an all-time high of\u00a0 $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 <a href=\"https:\/\/en.ethereumworldnews.com\/coinmarketcap-introduces-headlines-section-for-crypto-news-updates\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">Coinmarketcap.com.<\/a><\/p>\n<p>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.<\/p>\n<p>Such gains in such a short time period, are a reflection of <a href=\"https:\/\/en.ethereumworldnews.com\/crypto-giant-binance-futures-upstart\/\" target=\"_blank\" rel=\"noopener\" data-schema-attribute=\"\">the growth at FTX<\/a> as well as the continual development by the team in a bid to deliver a quality trading platform for its users.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":566546,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[825,26],"tags":[7704,108277,108278],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566545"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=566545"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/566545\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/566546"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=566545"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=566545"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=566545"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}