Numerous cryptocurrencies and tokens appear every day. Some of them are of a practical nature, which means they perform some sort of function. Others, on the contrary, have a purely entertainment purpose and may be in demand only due to the strong buzz around the project. RevenueBot has highlighted a few coins to watch out for.
FTX Token (FTT)
FTT is a native token of the FTX centralized trading platform. Token plays a crucial role in the ecosystem: it enables holders to economize on trading fees, earn on staking, get additional income through the referral program; besides, it provides multiple free cryptocurrency withdrawals per day (without network fees) and much more.
There are two parameters that affect the amount of FTX trading fees: the total trading volume over 30 days and the amount of FTT on your account (as calculated using the current value in USD ).
The standard exchange fee for a maker is 0.02% and 0.07% for a taker. However, there are six levels in terms of trading volume, each lowering this parameter slightly. To give an example, on the second level (trading volume over $2,000,000 over 30 days) the maker pays 0.015%, whereas the taker pays 0.06%.
To keep the FTT in high demand, a few different ways of encouraging users and technical aspects have been developed:
- Burning crypto. Approximately 1/3 of all exchange fees are used to redeem FTTs. All purchased tokens are burnt.
- Collateral: FTT is accepted as collateral when opening futures positions. As a result, the demand for FTTs and for the asset is increasing.
- Trading fee discounts. Token holders can save on fees when trading futures. In addition, they have more stable spreads on over-the-counter (OTC) transactions.
Trust Wallet Token (TWT)
TWT is a Trust Wallet’s token supported by Binance. It was first launched on the Ethereum blockchain, then it was switched to Binance Chain (BEP-2 standard). Since early October 2020, Binance Smart Chain (BEP-20 standard) has also been running concurrently. It was the best solution for the further development of the project. On top of that, out of the 90 billion TWT, 89 billion ones were burned – fewer than 1% of them were circulating, but that figure is now 25%.
Trust Wallet pushes forward groundbreaking innovations such as:
- A unified interface so that you can stake all sorts of currencies in the app.
- A cross-platform, open-source library that implements the low-level cryptographic functionality of a mobile wallet and its compatibility with a variety of blockchains.
- DApp browser to interact with decentralized applications running on different chains.
- Connection to nodes or APIs of supported coin providers and mapping of transaction information and overall account balance history using a common JSON format.
- Assets repository, representing a considerable amount of information about crypto, tokens, and protocols, updated daily throughout the years.
Synthetix Network Token (SNX)
Synthetix is a decentralized Ethereum-based protocol designed to issue new assets backed by a SNX token. In order to release new assets, the network’s token is blocked in a smart contract, thus enabling customers to perform conversions, avoiding the need for counterparties.
This mechanism solves the liquidity and slippage situations faced by DEXs. Synthetix currently supports fiat currencies, cryptocurrencies (which can be long and short) and commodities as well. SNX holders receive an incentive to stake because they are awarded a pro-rata portion of the fees generated through activity on the platform.
Synthetic assets called Synths are those assets that follow the price of the underlying asset. What they allow holders to do is to profit when exposed to Ethereum in various asset classes without possessing the most underlying assets or to trust a custodian. Synths are backed by the SNX token, which is put up as collateral at a ratio of 800%.
When investing in new coins, you keep an open mind on all the risks, because the chances of a coin remaining at the same price brackets or depreciating are sky-high.
This material is not a piece of financial advice and is for informational purposes only.
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