FTT serves as the native cryptocurrency token of the FTX crypto derivatives trading platform, which commenced operations on May 8, 2019. However, it's important to note that on Nov. 11, 2022, FTX filed for Chapter 11 bankruptcy protection in the U.S., and is presently undergoing proceedings. Consequently, caution is advised when interacting with the FTT token as some information provided here may not accurately reflect the current status of the FTX exchange. The FTX team comprises prominent crypto traders from recent years who, dissatisfied with prevalent issues on mainstream crypto futures exchanges, embarked on creating their own platform. FTX distinguishes itself through features like clawback prevention, a centralized collateral pool, and universal stablecoin settlement. Founded by Sam Bankman-Fried in 2019, FTX enjoys substantial backing from leading trading entities in the industry, including Almeda Research, OTPP, Temasek, BlackRock, Coinbase Ventures, and Sequoia Capital. As of 2022, the platform boasts over a million registered members, with daily trading volumes reaching billions of dollars. FTX employs a three-tiered liquidation model to mitigate the risk of socialized losses experienced by customers on other derivative exchanges. Unlike existing crypto futures platforms where collateral is fragmented across separate token wallets, FTX derivatives are settled in stablecoins and require only a single universal margin wallet. FTT also introduces leveraged tokens, enabling traders to establish leveraged positions without resorting to margin trading. These ERC20-compatible tokens, available for XRP, BNB, TRX, BTC, ETH, EOS, USDT, and LEO, can be listed on any spot exchange. Originally conceived as a reward for exchange transactions, FTT has evolved to encompass various functionalities over time. These include the creation of leveraged tokens on the FTX Exchange, VIP discounts based on FTT ownership, rewards for liquidity provision through futures positions, and more. To maintain its value, FTX regularly repurchases and burns FTT tokens, allocating funds from trading fees, reserve funds, and other commissions. FTT finds utility in reducing trading fees, securing futures positions, and distributing profits from market movements to holders. Additionally, FTT can be staked to access discounts, bonus votes, fee waivers, and other benefits. In conclusion, FTT offers commission discounts, insurance protection, leveraged trading opportunities, and staking benefits, contributing to a comprehensive ecosystem within the FTX platform.