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