FTT: The Zombie Token That Won’t Die

Some cryptocurrencies are surprisingly resilient. It’s been over two years since the FTX exchange ceased to exist, yet its native token, FTT, still finds buyers.

Today, news broke that a European legal entity linked to FTX has been acquired by a new owner. Immediately following this announcement, demand for FTT surged, pushing its price from $3.25 to $3.55 before settling at $3.30-3.35.

FTT originally had three main utilities:

1. It offered trading fee discounts on the FTX exchange.
2. Token holders enjoyed higher fee-free withdrawal limits on Ethereum.
3. Major token holders received priority customer support.

There was also one more perk for FTT holders: the “privilege” of participating in votes on important matters. However, as far as I know, not a single vote of this kind ever took place during the exchange’s history.

It’s clear that with the exchange no longer operational, holding these tokens serves no practical purpose. Additionally, the new owners of one of FTX's legal entities (a relatively minor one) won’t have the right to revive the exchange. Even the legal entities directly owned by FTX, which operated independent trading platforms (like Liquid.com), were prohibited by U.S. courts from resuming trading.

Despite this, many in the crypto community rushed to buy these now useless FTT tokens today. I was surprised and decided to check if any Rabbit Swap liquidity providers were buying FTT. It turns out they are. So, if you happen to have some FTT lying around and want to get rid of them, you can do so on our platform at rabbit.io.