What is FTX?
FTX is a new cryptocurrency trading platform developed by Sam Bankman Fried, a cryptocurrency expert. The company offers its users specialized trading and investing options with more leverage than other platforms, which can lead traders down one of many paths, including volatility products such as leveraged trades or margin trading. FTT is FTX's own cryptocurrency. The white paper states that it was designed to be the basis for their platform and move it forward.
Originally, the FTT token was offered as a reward for exchange transactions, but now serves other functions in their ecosystem, such as VIP discounts based on the number of coins users own, or rewards for providing liquidity through futures positions traded with their own FTT currencies.