About 29 days ago FTX filed for bankruptcy and Since then, the crypto ecosystem has dealt with a roller coaster ride of market volatility and community drama. It has traded above, gaining 23.4% against the US dollar over the past seven days.
FTT coin pump after members of the cryptocurrency community and Sam Bankman-Fried discuss new FTT token ideas
For some strange reason, the digital asset ftx Token (FTT) still holds value, trading between $1.58 and $1.82 in the last 24 hours as of Dec 10, 2022. FTT has been an exchange token related to FTX since its inception, launched over three years ago in 2019.
In fact, the FTT price rose 23.4% against the US dollar this week, and in the past two weeks, the price has risen 17.5%. It is unclear why the FTT rose by more than 20% this week, but it may have been due to talk of issuing new FTT tokens.
December 9, Cryptocurrency advocate Ran Neuner has tweeted about the launch of a new FTT token. “Fire up the FTX exchange,” he said on his Twitter account. “Issue new FTT tokens. Distribute tokens to creditors/depositors. Book 100% of profits to token holders. This will become the largest exchange in the world, users will be more than a whole will be,” he added Neuner.
Interestingly, his FTX co-founder Sam Bankman-Fried (SBF) in disgrace reacted to his Neuner tweet. SBF answer:
I continue to believe this is a productive avenue for interested parties to explore.
Many people made fun of the idea, and in a Twitter thread he mocked both Neuner and his SBF. Bitcoiner Layah Heilpern responded to saying: this is foolish.
Despite criticism, Neuner doubled down on the idea. “If [Binance CEO Changpeng Zhao] or [Bybit CEO Ben Zhou] are willing to support me and guide me, I will be happy to support this,” Neuner continued:
Nothing makes me happier than seeing everyone cheer up. And I think it’s really possible.
FTT’s tokennomics scheme was broken long before FTX collapsed, and to make matters worse, the redemption of LUNA 2.0 was a disaster today
It’s entirely possible that the debate has influenced FTT’s current price. On December 9, 2022, the same day as his Neuner and his SBF tweet about his new FTT token, indicating that the token saw a giant pump. On that day, FTT had him swapping at $1.58 per unit, but by the end of the day he was up 13.29% to $1.79 per unit.
Often the discussion is tied to the creation of new tokens based on existing coins, causing people to buy tokens in hopes of forked one-on-one airdrops. However, if there were any coins forked based on FTT’s current snapshot, one address would be eligible for 59.55% of the total supply.
Another address, the notorious FTX Accounts Drainer, is entitled to his 13.94% of the supply. SBF will airdrop new his FTT tokens to the holder without airdropping nearly 60% of its supply to Alameda Research and nearly 14% of its supply to unknown hackers that may be related to the business. Cannot be dropped.
Repaying FTX creditors and depositors would require some sort of magical method, and the new token would undoubtedly be a very cumbersome design to begin with. prize. FTT is currently highly illiquid and certain exchanges are blocking FTT deposits due to hackers and an unknown entity unlocking the locked supply of tokens.
This means that the entire supply of FTT is in circulation, and a handful of entities could single-handedly crush the market. Out of thousands of crypto tokens today, FTT’s market cap is not listed on sites like coingecko.com in terms of overall market cap rankings.
Once upon a time, FTT was worth $84.18, now 98.1% cheaper in USD.
Additionally, the troubled Terra blockchain community and project leader Do Kwon decided to use the LUNA 2.0 fork after the blockchain ecosystem collapsed. I tried to revert the user. The LUNA fork has only scratched the surface in terms of making LUNA and his UST users perfect again, and distributing new LUNA tokens has been a messy process that has been prone to mistakes. For example, some Terra users didn’t receive what they were supposed to receive when the Phoenix airdrop took place.
Terra developers had to refund these users for another airdrop. Additionally, the developer allocated many users’ airdrop funds for a vesting period, and the airdropped recipient found his new LUNA token locked for several years.
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