FTX Token(FTT) Token burn 164,511 FTT ($7,290,000)

Purpose of token burn

FTX burns FTT tokens according to the following metrics:

• 33% of fees generated on FTX markets
• 10% of net additions to the backstop liquidity fund
• 5% of fees earned from other uses of the FTX platform

On a weekly basis (every Monday), FTX buys FTT from its FTX/USD market. Purchased tokens are burned every Tuesday at 11:59 PM HKT (KST - 1).

This week, on December 7th, 2021, FTX burned 164,511 FTT tokens ($7,000,000 USD).

Details

Token: FTT

Amount (Tokens): 164511.1

Value in USD: 7290000.0

Announcement Type

Reporting Results

Other relevant information

On-chain Transaction Details

• Tx Hash: 0x7d6c4b8aac541887b47c6c4921498fc1e3845294fe56a3bf45fbc067ec14fec7
• Status: Success
• Block Height: 13757583
• Timestamp: Dec-07-2021 08:44:09 AM +UTC
• Transaction fee: 0.0047373768 Ether

FTT Tokenomics

FTX has a total supply of approximately 350 million FTT tokens. Of those, 175 million tokens are company tokens that unlock over a three-year period. Assuming a linear lock-up release of FTT tokens, approximately 159,817 FTT is released every day.