Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT’s Broken Tokenomics Scheme

Roughly 29 days agone FTX filed for bankruptcy, and the crypto ecosystem has been dealing with a rollercoaster thrust of marketplace fluctuations and assemblage play ever since then. Moreover, the now-bankrupt crypto trading platform’s speech token FTT is inactive trading supra $1 per unit, and it managed to ascent 23.4% higher against the U.S. dollar during the past 7 days.

FTT Coin Pumps After Crypto Community Members and Sam Bankman-Fried Discuss a New FTT Token Idea

For immoderate unusual reason, the integer plus ftx token (FTT) is inactive holding worth and connected Dec. 10, 2022, it’s been trading for prices betwixt $1.58 to $1.82 implicit the past 24 hours. FTT is an speech token associated with FTX from the precise beginning, and it was launched much than 3 years agone successful 2019.

In fact, this week FTT’s terms has accrued 23.4% against the U.S. dollar and during the past 2 weeks, the terms climbed 17.5% higher. It’s uncertain wherefore FTT has risen much than 20% this week, but it mightiness beryllium due to the fact that there’s been speech of issuing a caller FTT token.

On Dec. 9, the crypto proponent Ran Neuner tweeted astir the issuance of a caller FTT token. “Fire up the FTX exchange,” Neuner said connected Twitter. “Issue a caller FTT token. Distribute the token to creditors/depositors. Accrue 100% of profits to token holders. It volition beryllium the biggest speech successful the satellite and users volition beryllium made much than whole,” Neuner added.

Interestingly, the disgraced FTX co-founder Sam Bankman-Fried (SBF) responded to Neuner’s tweet. SBF replied:

I proceed to deliberation that this would beryllium a productive way for parties to research — I *hope* that the teams successful spot volition bash so.

A large fig of radical made amusive of the thought and mocked some Neuner and SBF successful the Twitter thread. Bitcoiner Layah Heilpern responded and said: “But past the rhythm repeats and we’re backmost astatine quadrate one…” Another idiosyncratic replied to Heilpern successful the thread and remarked: “Exactly, however absurd is this.”

Despite the criticism, Neuner doubled down connected the idea. “If [Binance CEO Changpeng Zhao] and oregon [Bybit CEO Ben Zhou] are consenting to backmost maine and usher me, I’m blessed to champion this.” Neuner continued:

Nothing would marque maine happier than making everyone full again. And I truly deliberation it’s possible.

FTT’s Tokenomics Scheme Was Broken Well Before FTX Collapsed and It’s Even Worse Today, LUNA 2.0 Reimbursement Was a Disaster

It’s rather imaginable this treatment affected the existent terms of FTT, arsenic charts amusement the token saw an tremendous pump connected Dec. 9, 2022, the aforesaid time arsenic Neuner’s and SBF’s tweets astir a caller FTT token. On that day, FTT was swapping for $1.58 per portion and it climbed 13.29% higher to $1.79 per portion by the extremity of the day.

Oftentimes with discussions tied to creating a caller token that’s based connected an existing coin, it causes radical to acquisition the token successful hopes they volition get a forked 1:1 airdrop. However, if determination was a forked coin based connected the existent snapshot of FTT, 1 azygous code would beryllium eligible for 59.55% of the full supply.

Another address, the infamous FTX Accounts Drainer, would beryllium eligible for 13.94% of the supply. SBF wouldn’t beryllium capable to airdrop caller FTT tokens to holders without airdropping adjacent to 60% of the proviso to Alameda Research and adjacent to 14% of the proviso to an chartless hacker, that is perchance associated with the business.

There would person to beryllium immoderate benignant of magical method to repay FTX creditors and depositors, and a caller token would arguably beryllium a truly messy plan from the get-go. Presently, FTT is highly illiquid, and circumstantial exchanges person blocked FTT deposits due to the fact that of the hacker and due to the fact that the token’s locked proviso was unlocked by an chartless entity.

This means the full proviso of FTT is circulating successful the chaotic and a tiny fistful of entities could singlehandedly crush the market. Out of the thousands of crypto tokens today, FTT’s marketplace headdress is not listed connected sites similar coingecko.com, successful presumption of wide marketplace headdress ranking, owed to the locked coins successful circulation factor.

At 1 time, FTT was worthy $84.18 and today, the terms is 98.1% little successful USD value.

Further, the troubled Terra blockchain assemblage and the project’s leader, Do Kwon, attempted to marque users full again aft that blockchain ecosystem collapsed, with the LUNA 2.0 fork. The LUNA fork hardly scratched the aboveground successful presumption of making LUNA and UST users full again, and the organisation of caller LUNA tokens was a messy process that led to mistakes. For example, immoderate Terra users did not get what they were expected to person erstwhile the Phoenix airdrop took place.

Terra developers had to reimburse these users with different airdrop. Furthermore, developers allocated a batch of users’ airdropped funds into vesting periods and airdropped recipients person recovered their caller LUNA tokens are locked for a fewer years.

What bash you deliberation astir FTT’s caller marketplace show and the discussions concerning a caller FTT token? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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