Synthetic FTT (XFTT)

Synthetic FTT, the crypto

Synthetic FTT (XFTT) is a synthetic asset of FTX Token (FTT), which is a cryptocurrency used for transactions on the FTX crypto derivatives exchange platform. XFTT is a tokenized version of FTT that tracks its price and can be used for trading, betting, and other purposes.

The point

The main point of Synthetic FTT (XFTT) is to enable users to gain exposure to FTX Token (FTT) without actually owning it. The synthetic asset is created through smart contracts, which allow users to trade XFTT without having to deal with the complexities of owning and managing the underlying FTT.

The problem

Synthetic FTT (XFTT) tries to solve the problem of accessibility to FTX Token (FTT) for users who may not have the means or desire to directly purchase it. XFTT allows users to speculate on the price of FTT, hedge their bets, or use it for other purposes without having to hold FTT directly. Additionally, XFTT makes it easier to trade FTT in decentralized exchanges (DEXs) and other platforms that don't support the trading of the native token.