FTX Token(FTT) Token burn 107,288 FTT ($4,440,000)
FTX TokenApplicable Date
2022-02-21
Announcement Type
Reporting results
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 February 22nd, 2022, FTX burned 107,288 FTT tokens ($4,440,000 USD).
Details
Token: FTT
Burn Amount (Tokens): 107,288
Value in USD: $4,440,000.00
Other relevant information
On-chain Transaction Details
- Tx Hash: 0x236343ba6d06e66da0cac3d4d6d98c016623a58f777dff9261393b5b6e69e640
- Status: Success
- Block Height: 14257870
- Timestamp: Feb-22-2022 07:59:29 PM +UTC
- Transaction fee: 0.000000123095532136 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.
FTT is a deflationary token. No additional FTT will be minted. According to Xangle's FTT Key Info Page, the current circulating supply (FTT available for public trading) of FTT is approximately 137,818,734 FTT (as of writing this disclosure on February 25, 2022 at 10:29 am KST (UTC+9)).
