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FTX Token Surges 105%, Derivative Trading Interest Also Up

FTX Token Surges 105%, Derivative Trading Interest Also Up
  • FTX token (FTT) has surged almost about 105%.
  • Due to the rally, its exchange open interest has significantly surpassed BitMEX and Deribit.

FTX Token (FTT) has rallied over 105% which has possibly enabled open interest in derivative trading to increase significantly. Due to the rally, its FTX exchange has exceeded that of BitMEX and Deribit open interest.

FTT uptrend
FTT uptrend (source: TradingView)

FTX is a derivative exchange cryptocurrency. It was launched in April 2019 and is mainly backed by Alameda Research. It also provides services such as spot trading, inverse swaps, and futures contracts.

Last year, FTX set forth and launched a daily and weekly binary Bitcoin options market for possible peer-to-peer (P2P) trading. Also, FTT functions as the native token within the FTX exchange ecosystem, which is issued via the Ethereum network.

Individual participants receive low chargebacks and many other benefits like bonus votes in their polls whenever they stake on FTT. Furthermore, FTX also lists 3x Long Bitcoin and 3x Short Litecoin which drastically minimizes leveraged ETF stocks.

As a matter of fact, its airdrop launch occurred in August. Alongside the launch, FTT holders received over 500 million Serum (SRM) tokens.

November last year, the FTX exchange started a tokenized equity trading and extended its peer-to-peer (P2P) services in the US. Going forward, FTX launched pre-IPO futures contracts for AirBNB and Coinbase.

As a result, the above-mentioned events have helped make FTX exchange even more popular to crypto investors.

Read Also: FTX Token Surges as Exchange Adds New Feature

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.