Friday, September 29, 2023
No Result
View All Result
Blockchain Daily Report
Advertisement
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS
Crypto Marketcap
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS
Crypto Marketcap
Logo
No Result
View All Result
Home Bitcoin

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

by Blockchain Daily Report
December 10, 2022
in Bitcoin
Reading Time: 6 mins read
A A
0
Talks of Issuing a New FTT Token Fuel Coin’s Price Despite FTT’s Broken Tokenomics Scheme – Bitcoin News
Share on FacebookShare on Twitter


Roughly 29 days in the past FTX filed for chapter, and the crypto ecosystem has been coping with a rollercoaster trip of market fluctuations and group drama ever since then. Furthermore, the now-bankrupt crypto buying and selling platform’s alternate token FTT continues to be buying and selling above $1 per unit, and it managed to climb 23.4% greater in opposition to the U.S. greenback in the course of the previous seven days.

FTT Coin Pumps After Crypto Neighborhood Members and Sam Bankman-Fried Talk about a New FTT Token Thought

For some odd motive, the digital asset ftx token (FTT) continues to be holding worth and on Dec. 10, 2022, it’s been buying and selling for costs between $1.58 to $1.82 over the past 24 hours. FTT is an alternate token related to FTX from the very starting, and it was launched greater than three years in the past in 2019.

In truth, this week FTT’s value has elevated 23.4% in opposition to the U.S. greenback and over the last two weeks, the value climbed 17.5% greater. It’s unsure why FTT has risen greater than 20% this week, however it may be as a result of there’s been discuss of issuing a brand new FTT token.

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

On Dec. 9, the crypto proponent Ran Neuner tweeted concerning the issuance of a brand new FTT token. “Hearth up the FTX alternate,” Neuner stated on Twitter. “Challenge a brand new FTT token. Distribute the token to collectors/depositors. Accrue 100% of earnings to token holders. Will probably be the largest alternate on the earth and customers might be made greater than complete,” Neuner added.

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

I proceed to assume that this may be a productive path for events to discover — I *hope* that the groups in place will accomplish that.

A large number of individuals made enjoyable of the thought and mocked each Neuner and SBF within the Twitter thread. Bitcoiner Layah Heilpern responded and stated: “However then the cycle repeats and we’re again at sq. one…” One other consumer replied to Heilpern within the thread and remarked: “Precisely, how absurd is that this.”

Regardless of the criticism, Neuner doubled down on the thought. “If [Binance CEO Changpeng Zhao] and or [Bybit CEO Ben Zhou] are keen to again me and information me, I’m blissful to champion this.” Neuner continued:

Nothing would make me happier than making everybody complete once more. And I actually assume it’s potential.

FTT’s Tokenomics Scheme Was Damaged Effectively Earlier than FTX Collapsed and It’s Even Worse At this time, LUNA 2.0 Reimbursement Was a Catastrophe

It’s fairly potential this dialogue affected the present value of FTT, as charts present the token noticed an infinite pump on Dec. 9, 2022, the identical day as Neuner’s and SBF’s tweets a couple of new FTT token. On that day, FTT was swapping for $1.58 per unit and it climbed 13.29% greater to $1.79 per unit by the top of the day.

Oftentimes with discussions tied to creating a brand new token that’s based mostly on an current coin, it causes individuals to buy the token in hopes they are going to get a forked 1:1 airdrop. Nonetheless, if there was a forked coin based mostly on the present snapshot of FTT, one single tackle can be eligible for 59.55% of your entire provide.

One other tackle, the notorious FTX Accounts Drainer, can be eligible for 13.94% of the availability. SBF wouldn’t be capable to airdrop new FTT tokens to holders with out airdropping near 60% of the availability to Alameda Analysis and near 14% of the availability to an unknown hacker, that’s presumably related to the enterprise.

There must be some type of magical methodology to repay FTX collectors and depositors, and a brand new token would arguably be a very messy design from the get-go. Presently, FTT is extraordinarily illiquid, and particular exchanges have blocked FTT deposits due to the hacker and since the token’s locked provide was unlocked by an unknown entity.

This implies your entire provide of FTT is circulating within the wild and a small handful of entities may singlehandedly crush the market. Out of the hundreds of crypto tokens as we speak, FTT’s market cap is just not listed on websites like coingecko.com, by way of general market cap rating, because of the locked cash in circulation issue.

At one time, FTT was price $84.18 and as we speak, the value is 98.1% decrease in USD worth.

Additional, the troubled Terra blockchain group and the challenge’s chief, Do Kwon, tried to make customers complete once more after that blockchain ecosystem collapsed, with the LUNA 2.0 fork. The LUNA fork barely scratched the floor by way of making LUNA and UST customers complete once more, and the distribution of recent LUNA tokens was a messy course of that led to errors. For instance, some Terra customers didn’t get what they have been alleged to obtain when the Phoenix airdrop happened.

Terra builders needed to reimburse these customers with one other airdrop. Moreover, builders allotted lots of customers’ airdropped funds into vesting durations and airdropped recipients have discovered their new LUNA tokens are locked for just a few years.

Tags on this story

Airdrop, alameda, Alameda Analysis, Altcoins, Binance CEO Changpeng Zhao, Bybit CEO Ben Zhou, Focus, Alternate Token, Fork, FTT, FTT Provide, FTT whales, FTX Token, IEO, Layah Heilpern, LUNA, LUNC, New FTT, New FTT token, ran neuner, Sam Bankman-Fried, Sam Bankman-Fried (SBF), sbf, Terra collapse, tokenomics, whale focus

What do you concentrate on FTT’s latest market efficiency and the discussions regarding a brand new FTT token? Tell us what you concentrate on this topic within the feedback part beneath.

Jamie Redman

Jamie Redman is the Information Lead at Bitcoin.com Information and a monetary tech journalist dwelling in Florida. Redman has been an lively member of the cryptocurrency group since 2011. He has a ardour for Bitcoin, open-source code, and decentralized purposes. Since September 2015, Redman has written greater than 6,000 articles for Bitcoin.com Information concerning the disruptive protocols rising as we speak.

Picture Credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This text is for informational functions solely. It isn’t a direct provide or solicitation of a suggestion to purchase or promote, or a advice or endorsement of any merchandise, providers, or firms. Bitcoin.com doesn’t present funding, tax, authorized, or accounting recommendation. Neither the corporate nor the creator is accountable, straight or not directly, for any injury or loss brought on or alleged to be brought on by or in reference to using or reliance on any content material, items or providers talked about on this article.

Extra Widespread Information

In Case You Missed It



Source link

Tags: BitcoinBrokenCoinsFTTFTTsFuelIssuingNewspriceschemeTalkstokenTokenomics
Share76Tweet47

Related Posts

EU Commits Over $800,000 To Forge Sustainable Asset Standards

EU Commits Over $800,000 To Forge Sustainable Asset Standards

by Blockchain Daily Report
September 29, 2023
0

Crypto is on the forefront of the European Fee’s monetary providers directorate’s proactive efforts to handle the growing environmental considerations...

TRX Bulls Keeps Pushing, Why Rally Isn’t Over Yet

TRX Bulls Keeps Pushing, Why Rally Isn’t Over Yet

by Blockchain Daily Report
September 29, 2023
0

Tron value is gaining tempo above $0.0850 in opposition to the US Greenback. TRX is outperforming Bitcoin and will rise...

VanEck Announces Plans To Launch Ethereum Futures ETF (EFUT)

VanEck Announces Plans To Launch Ethereum Futures ETF (EFUT)

by Blockchain Daily Report
September 29, 2023
0

Distinguished funding supervisor VanEck has revealed plans to launch an Ethereum Futures exchange-traded fund (ETF). Apparently, this improvement comes just...

U.S. House Bill Seeks Centralized Record of Off-Chain Crypto Transactions

U.S. House Bill Seeks Centralized Record of Off-Chain Crypto Transactions

by Blockchain Daily Report
September 29, 2023
0

Quite a lot of the day-to-day transactions from crypto buyers occur solely internally on the handful of main exchanges, recorded...

Here’s FTX Founder Sam Bankman-Fried’s Trial Schedule

Here’s FTX Founder Sam Bankman-Fried’s Trial Schedule

by Blockchain Daily Report
September 28, 2023
0

Throughout a listening to earlier Thursday, Choose Lewis Kaplan, who's overseeing the trial, requested the prosecution and protection to estimate...

Load More
  • Trending
  • Comments
  • Latest
BitPay + Ramp – Compre Bitcoin com PIX

BitPay + Ramp – Compre Bitcoin com PIX

September 14, 2023
Arbitrum Goerli Faucet – Get Arbitrum Testnet ETH in 3 Steps

Arbitrum Goerli Faucet – Get Arbitrum Testnet ETH in 3 Steps

February 14, 2023
Sudden Shibburn’s Twitter Account Suspension: What We Know

Sudden Shibburn’s Twitter Account Suspension: What We Know

June 24, 2023
Web3 Wallet Tracker – How to Create a Firebase Web3 Wallet Tracker

Web3 Wallet Tracker – How to Create a Firebase Web3 Wallet Tracker

January 1, 2023
How to Properly Dual Mine KAS + ZIL With the Rigel 1.3.4 Nvidia GPU Miner

How to Properly Dual Mine KAS + ZIL With the Rigel 1.3.4 Nvidia GPU Miner

January 30, 2023
Digital Artists Making Waves in 2023

Digital Artists Making Waves in 2023

September 24, 2023
Aptos Testnet Faucet – How to Get Testnet APT from an Aptos Faucet

Aptos Testnet Faucet – How to Get Testnet APT from an Aptos Faucet

February 2, 2023
Announcement – Certified IoT Professional (CIOTP)™ Certification Launched

Announcement – Certified IoT Professional (CIOTP)™ Certification Launched

June 6, 2023
EU Commits Over $800,000 To Forge Sustainable Asset Standards

EU Commits Over $800,000 To Forge Sustainable Asset Standards

September 29, 2023
What Historically Happens to Bitcoin During a US Government Shutdown?

What Historically Happens to Bitcoin During a US Government Shutdown?

September 29, 2023
Top Trader Who Nailed 2022 Bitcoin Bottom Says One Blue Chip Altcoin Signaling a ‘Breakout in the Making’

Top Trader Who Nailed 2022 Bitcoin Bottom Says One Blue Chip Altcoin Signaling a ‘Breakout in the Making’

September 29, 2023
OnlyEver’s NFT-Linked Boot Takes Strides at Milan Fashion Week

OnlyEver’s NFT-Linked Boot Takes Strides at Milan Fashion Week

September 29, 2023
TRX Bulls Keeps Pushing, Why Rally Isn’t Over Yet

TRX Bulls Keeps Pushing, Why Rally Isn’t Over Yet

September 29, 2023
Ethereum Price Registers Breakout But Lacks Momentum, $1,620 Is The Key

Ethereum Price Registers Breakout But Lacks Momentum, $1,620 Is The Key

September 29, 2023
Why Web3 should fear quantum computing

Why Web3 should fear quantum computing

September 29, 2023
Sam Bankman-Fried Scoops Help CoinDesk Win a Loeb Award

Sam Bankman-Fried Scoops Help CoinDesk Win a Loeb Award

September 29, 2023
Facebook Twitter Instagram Youtube RSS

Find the latest Bitcoin, Ethereum, blockchain, crypto, Business, Fintech News, interviews, and price analysis at Blockchain Daily Report.

CATEGORIES

  • Altcoin
  • Analysis
  • Bitcoin
  • Blockchain
  • Crypto Exchanges
  • Crypto Mining
  • Crypto Updates
  • DeFi
  • Ethereum
  • Metaverse
  • NFT
  • Regulations
  • Scam Alert
  • Uncategorized
  • Web3

SITE MAP

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 Blockchain Daily Report.
Blockchain Daily Report is not responsible for the content of external sites.

No Result
View All Result
  • HOME
  • BITCOIN
  • CRYPTO UPDATES
    • GENERAL
    • ALTCOINS
    • ETHEREUM
    • CRYPTO EXCHANGES
    • CRYPTO MINING
  • BLOCKCHAIN
  • NFT
  • DEFI
  • METAVERSE
  • WEB3
  • SCAM ALERT
  • REGULATIONS
  • ANALYSIS

Copyright © 2022 Blockchain Daily Report.
Blockchain Daily Report is not responsible for the content of external sites.

  • bitcoinBitcoin(BTC)$26,994.002.04%
  • ethereumEthereum(ETH)$1,673.373.23%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.000.06%
  • binancecoinBNB(BNB)$216.361.45%
  • rippleXRP(XRP)$0.547.55%
  • usd-coinUSDC(USDC)$1.000.06%
  • staked-etherLido Staked Ether(STETH)$1,673.843.25%
  • cardanoCardano(ADA)$0.2522302.56%
  • dogecoinDogecoin(DOGE)$0.0620361.95%