[Asset Offboarding Application] - $FTT

  • Author: Marco
  • Date: 01/09/23
  • Status: Draft
  • Proposed Asset for Off-boarding: $FTT
  • Token Symbol: $FTT
  • Onboarding Proposal: Here

Summary for Removal:

  • Due to the past FTX Exchange bankruptcy announcement and its $FTT token loss of monetary, confidence and utility value, JetDAO community members should consider remove the asset from Jet Protocol.

Detailed Explanation of Removal:

  • $FTT was the exchange token of FTX Exchange. FTX is not longer available and accessible for users, hence, its utility token have lost it purpose.

  • At the time of writing this proposal, the asset decreased its monetary value 99.9% from ATH. See CoinGecko

  • $FTT SPL is not longer pegged to its native ecosystem. See CoinGecko

  • FTX token Contract Deployer has transferred out the entirety of supposedly locked FTT tokens into circulation.

  • FTT DAO, the community commisioned to FTT Community growth has been shut down. See FTT DAO

  • FTX, $FTT issuer main page has been also shut down. See: FTX Webpage

  • $FTT main market was Serum. The order book based DEX, has announced their mainnet is now defunct due to the recent episode, therefore, $FTT liquidity on Solana has been notably reduced. See: $FTT Markets

  • Another point to mention is the image of Jet Protocol as a trustworthy dApp that only support blue chip assets.

Topics to Consider:

Ecosystem:

Financial Performance within Jet Protocol

  • Even though Jet Protocol might still have $FTT listed for users to swap and trade, there is still no reason for having onboarded an asset where the number of users willing to interact has dwindled until almost zero.

Security Risk Vectors

  • Pyth Feeds momentarily being stale.
  • Wormhole $FTT prince price incongruity compared to $FTT on Ethereum.
  • Price 99.9% reduction.
  • $FTT SPL holders distribution.

Collateral Type Values & Community Concerns:

  • JetDAO community has shown several concerns about the reliability of this token based on recent events. See original On-Boarding proposal: Here

Supporting Links and Materials:

  • Chapter 11 Announcement by FTX: Here
  • $FTT Chart: Here
3 Likes

Seems reasonable to me, thanks for posting this.

2 Likes

Hey Jet Community. Mike Bombace here, General Counsel at the Jet Association. Communicating with the Governance Committee on this, and all systems go. Waiting for a GC member to post formally here.

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Discussion around this topic has already occurred in other threads. The Governance Committee has decided to promote this proposal to on chain vote.

1 Like

It’s definitely time to offboard it

$FTT Off-Boarding On-Chain Results

Dear Community Members:

The first Off-Boarding governance vote for offboarding $FTT token from Jet Protocol has concluded. We appreciate all those who have casted their vote and help building the future of Jet.

The poll to offboard $FTT from Jet concluded with 99% of the vote, and 1.04M $JET, voting IN FAVOR.

We eagerly anticipate your involvement in the upcoming governance polls!

1 Like