[Asset Onboarding Application] - $FTT - FTT DAO

Author(s): @jonathanfttdao
Party submitting application: FTT DAO
Website: https://fttdao.com
Tags: asset-onboarding
Asset Name: FTT DAO
Asset Code: FTT
Submission Date: 2022-27-09
Ratification Date: 2022-10-18
Status: Active
If endorsed by Jet Community Member, list here: @mjschobert

Application Profile

1. What is your motivation for submitting this application?

FTT has been one of the blue-chip assets across the web3 space. In addition to its native utilities on FTX, it also features a deflationary tokenomics from the regular buyback and burns using fee revenue generated in FTX. We want to accelerate the expansion of FTT’s presence in the broad web3 space through making FTT further usable in different decentralized protocols. Right now FTT is available in various lending markets such as Solend and Euler… Listing FTT on Jet Protocol would give FTT holders more utility for their FTT.

2. What is your association to the proposed asset?

FTT DAO is an independent, community-led DAO set up by friends, followers and fans of the FTX Token.

3. What are the key benefits to the Jet Protocol for onboarding the asset?

FTT DAO shares the same values as SBF (Sam Bankman-Fried) and supports his mission to give back to society in order to make a positive impact on our world. Crypto education is one of FTT DAO’s major focuses. From basic concepts such as wallets and blockchain fundamentals to advanced knowledge staking and the merge, FTT DAO strives to be the bridge of the knowledge gap between crypto communities.
With FTT becoming available in Jet for lending and borrowing, it will give us the opportunity to introduce the latest FTT integration to the FTT DAO community, and also organize and plan co-educational events that would attract participants from both communities. For example we can do co-AMAs, fireside chats, blogs aiming to educate the community with the topic of innovations in lending markets and what Jet’s latest ideas in works are (e.g. bond markets, fixed interest rates etc.).

4. What are the known limitations of the asset?

Limitations could be related to volatility of the asset.

Project Profile

1. Please provide a brief, high-level description of the asset’s native ecosystem (project), including protocol’s type (peer-to-peer/ peer-to-liquidity/ etc.).

FTX is a cryptocurrency exchange. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. FTT is the exchange token of FTX.

2. Who are the founding members? What is their current involvement with the project?

FTX was founded by Sam Bankman-Fried and Gary Wang. Sam is currently the CEO of FTX with Gary as the CTO.

3. Please indicate the ICO date, initial price and valuation of the token and total capital raised (in USD and crypto terms).

FTT Wormhole did not have ICO.

4. How much of the capital raised via the ICO was converted into FIAT (in terms of FIAT currency and amount of tokens)?


5. What was the way of issuing and distributing the tokens? Were there pre-ICO investors?

The Wormhole bridge launched in May 2021, allowing any holders of FTT on the Ethereum network to mint Wormhole FTT. on a 1-to-1 basis against the underlying FTT. Price was, and is, pegged to the price of native FTT.

6. What is the current token distribution (project team vs. investors vs. public)?

FTT Wormhole is distributed among users who have decided wrap their assets using the bridge. According to SolScan, the 41% of the tokens are located in FTX Wallet. See Here
Distribution: See here

7. Are there any fees generated by the protocol? If yes, please provide details and amounts.

The fees are generated through the trading activities in FTX markets and other uses of the FTX platform. Fees Information: See Here .

8. Is the protocol audited? By what firms? Please provide link(s) to the audit documentation.

Documentation on if FTT is audited is not found online.
Documentation on Wormhole contracts audits can be found here.

9. Is the protocol open source? If yes, please provide links to the repository.

Wormhole is released as open source, and the repository can be found here.

10. Other relevant project data or comments:

Asset Profile

1. Asset name: $FTT Wormhole

2. Asset type (native/ wrapped):

Wrapped by Portal Bridge

3. One-sentence description of the asset:

$FTT is the exchange token of FTX, a centralized exchange.
$FTT Wormhole is an SPL token minted when a $FTT token from another chain is bridged to Solana Blockchain using Portal bridge.

4. What’s the purpose of the asset within its native ecosystem?

As FTX’s exchange token, $FTT can be staked in FTX to obtain benefits such as trading fee discounts, withdrawal fee waiver, airdrops and IEO tickets. Also, portion of exchange fees generated in FTX are used to buyback and burn $FTT weekly.

5. Does the asset have any use outside of its native ecosystem (integrated protocols)?

Yes, $FTT is integrated in multiple chains as well as in Solana. $FTT is available to use in multiple DeFi platforms within the ecosystem such as: Serum, Solend, and can be traded in Orca and Raydium among others.

6. Please provide all Smart Contract address. If the project is open source, detail how the Smart Contracts are implemented.

Wormhole $FTT contract address: EzfgjvkSwthhgHaceR3LnKXUoRkP6NUhfghdaHAj1tUv
Mint Authority: BCD75RNBHrJJpW4dXVagL5mPjzRLnVZq4YirJdjEYMV7
Bridge Contract: 0x3ee18B2214AFF97000D974cf647E7C347E8fa585
Brdiged Asset Contract: 0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9

Asset Liquidity

1. What exchange(s) support the asset?:

DEX: Serum, Orca, Raydium
CEX: FTX, Binance, Bybit, etc.

2. Does the asset have liquidity on Serum? What is the liquidity depth (resting orders)?

Yes. As per Mango Spot Markets the 2% depth is 55390 USDC.

3. Please provide 7-day asset trading history (daily aggregated trading volumes for trading pair of asset with USDC).

FTT is traded across multiple CEXes leading in global volume and on various DEXes across multiple blockchains. In particular for FTT being traded on Solana Serum the daily aggregated volume history is as follow:
20 Sep - $36.1k
19 Sep - $28.7k
18 Sep - $3.3k
17 Sep - $4.2k
16 Sep - $24
15 Sep - $1.5k
14 Sep - $17k
Source: Vybe Network

4. Which oracles monitor the asset? How many feeds are available?

Pyth: FTT/USD | Pyth Network
Chainlink: FTT / USD | Chainlink
Switchboard: Switchboard

5. How often does the asset drop significantly in price? Please provide a link to the price history.

We can consider $FTT value has decreased significantly since September 2021 due to market conditions. Source: CoinGecko

6. For stablecoins only: Has the asset ever lost the peg? If yes, for what reason?


7. For algorithmic stablecoins only: Please provide details on the risks associated with the design.


8. For wrapped assets only: Which bridges are used? Are they custodial or non-custodial? Are they audited?

FTT is bridged from Ethereum with Wormhole. They are non-custodial bridges and are audited by multiple recognised companies such as Kudelski, Certik, Neodyme, OtterSec and Halborn.

9. What amount of asset’s liquidity exists in the integrated protocols (if applicable)?

269k FTT, or $7 million worth of FTT deposited on Solend.

10. List any parties interested in taking part in liquidations for the proposed asset type.


Key Mechanics

1. How many active addresses/ users currently hold the asset?

FTT is held across exchanges and numerous chains. In particular, the Solana Wormhole-bridged version of FTT has currently 1471 holders as of 26 Sep.
Source: Solscan

2. Please provide a brief overview of the tokenomics.

An overview of the tokenomics can be found here.

3. Is the asset supply expected to increase or decrease over time? Is there a token burn mechanism? Is the project able to mint more tokens in the future?

$FTT burns happen weekly on Ethereum Mainnet. That means the supply on the native ecosystem will decrease over time. However, the $FTT Wormhole supply will be subject on whether more or less users decide to migrate their tokens to the Solana Ecosystem.

4. Please explain the staking mechanism (if any).

FTT can be staked on FTX with no mandatory lockups except a two-week delay for unstaking. Stakers of FTT receives various benefits according to the amount they stake such as fee discounts, free fiat and crypto withdrawal quotas, IEO tickets, $SRM airdrops, etc. More information available on the official FTX article.

5. Please explain the slashing mechanism (if any).


6. Are there tokens on vesting schedule? If yes, what is that schedule and related vesture limitations?


7. Are any tokens allocated for specific purposes or issuance schedules (e.g. liquidity mining)?


Legal Profile

1. Is the project or the asset owned by any incorporated organization?


2. In which jurisdictions was the token issued?

FTX Jurisdictions are: FTX Trading LTD is incorporated in Antigua and Barbuda. FTX Digital Markets LTD is licensed under the Bahamas Digital Assets and regulated by the Securities Commission of the Bahamas.

3. Was the token issued as part of regulatory process (e.g. securities offering)?


4. Was the token issued as part of fundraising process?

Yes, 73.5 million of FTT was sold prior public listing as of 23 July 2019 accoridng to the official FTT transparency page

5. Has the project or the asset obtained any legal opinions on the regulatory standing of the token? If yes, please provide links to the relevant documentation.

None that can be found online.

6. Has the project or the asset had any legal interactions? If so, describe and provide documentation.

No legal interactions are discovered online.


Link to project’s white paper:

Link(s) to active communities related to the project:

Link(s) to project’s documentation portal/ source code for the system(s) that interact with the proposed asset:

Link(s) to audits - both procedural and Smart Contracts:

Link(s) to legal opinions:

  • N/A

Link(s) to other legal material:

  • N/A

Other relevant links:

List all relevant Solana addresses here:

  • Wormhole $FTT contract address: EzfgjvkSwthhgHaceR3LnKXUoRkP6NUhfghdaHAj1tUv
    Mint Authority: BCD75RNBHrJJpW4dXVagL5mPjzRLnVZq4YirJdjEYMV7
    Bridge Contract: 0x3ee18B2214AFF97000D974cf647E7C347E8fa585
    Brdiged Asset Contract: 0x50d1c9771902476076ecfc8b2a83ad6b9355a4c9

Marketing / Campaign Material

If you have additional marketing material, recorded discussions, or collateral onboarding campaign material, link here:

The poll below has been added by the JetDAO Governance Committee and is solely for signaling purposes to showcase the sentiment of the community.

Should $FTT be included as an asset type on Jet Protocol?
  • Yes
  • No

0 voters


Welcome Jonathan!

Thank you for submitting this application. It is exciting to see a DAO community submit an application for a collateral asset!

There are a number of questions that have been left blank. I understand that as a community led organization it is difficult to acquire all of the information regarding a token asset. Are there some creative ways we might be able to get answers to these questions?

Is there anyone here in the forums who may be able to assist? Are other members of FTT DAO perhaps?


Thanks for the feedback Adam!

Appreciate the understanding as well, I have discussed with some core DAO members on FTT DAO and have just made some edits to fill in more relevant information for the application! :slight_smile:

Would love to ask for the Jet community’s help to see if any additional relevant information available on FTT that we are missing on to add to the application, much thanks!


Could you provide a bit more context on the token burn mechanism works?


Although I think it was a good point to mention the native burning mechanism FTX currently has, from my understanding the “burned” mechanism in question here will be the un-wrapped FTT tokens.


The smart contract of the un-wrapped FTT tokens on Ethereum is an ERC20Burnable implementation where any user can choose to burn their un-wrapped FTT tokens in their Ethereum Mainnet wallet and therefore permanently remove the tokens from circulation.

In particular, one wallet labeled as FTX Exchange on Etherscan sends out burn transactions of large amount of FTT tokens weekly, here’s the latest transaction of the wallet calling the burn function


I should have clarified, I meant what the mechanism behind the burn on the FTT (Eth token) is. I was looking for this information out of curiosity. I know it doesn’t apply to the token in question, but I like to nerd out on these bits haha.

1 Like

Thanks for sharing Bobby ! Wasn’t aware of the burning mechanism before this application. I wonder if that indirectly impacts FTT Wormhole ?

Not in my mind for now as for wormhole we are just sending FTT to it’s Ethereum smart contract, and the relevant amount of wormhole FTT will be minted on Solana.

as can be seen the locked amount on Wormhole’s Ethereum contract is roughly the same as the total supply of wormhole FTT on Solana

1 Like

yeah, there shouldn’t be any impact on wormhole FTT afaik.

Regardless, we are in favour of onboarding $FTT. Strong MC, sufficient liquidity & Wormhole now has backing by Jump, making it more digestable.


The JetDAO Governance Committee has completed a high-level review of this Asset Application and determined the asset as acceptable to continue with the Onboarding Application. This is not an endorsement of the asset from the Governance Committee.

To continue the onboarding process, we have launched a 7-day off-chain community sentiment poll (see original application post) to gauge the interest of onboarding this asset, as well as help facilitate the community discussion.

Following the conclusion of the Poll, the Governance Committee will publish a summary of the CODEC assessment with a formal decision of allowing the Asset to move forward with the On-chain governance vote and potentially onboarding.

This Poll will run 7 days, and is used to gauge the interest of the Jet Protocol Community on Onboarding this asset as a collateral to Jet Protocol


Super excited to see the progress on this!
Well done @jonathanfttdao


Dear Community Members:

Below we will detail the results of the Off-Chain, community sentiment vote for the $FTT Wormhole proposal. Along with this, we attach a summary of the CODEC evaluation that the $FTT asset has received from the Governance Committee.

We invite those users who have staked JET tokens to cast their vote in this On-Chain vote. Remember that in order to execute your vote you must have at least 1 (One) JET token deposited.

The $FTT On-Chain voting will be executed via the governance platform starting on 10/11/22 and will be live for the following 7 (Seven) days.

We appreciate your collaboration and invite you to participate in the upcoming proposals! For the latest information, visit our sites:

[Summary of CODEC Assessment ] - $FTT Wormhole

The following summary exposes the key points from the $FTT Collateral Onboarding Domain Evaluation Criteria.

Overall, the Jet Governance Committee endorses $FTT to move forward with an On-Chain vote.

The full CODEC Evaluation Summary can be found here.

Community Discussion Summary:

Participants have shown eagerness and interest in proceeding with $FTT towards On-Chain voting.

Community Vote Summary:

The $FTT collateral sentiment off-chain community poll has concluded with a 92% favorable vote.


Dear Community:

The on-chain governance vote for $FTT (Wormhole) has concluded.
We thank all those who have chosen to vote and help both build Jet’s future and support the use of the asset.

With 100% of voting stakers “in favor” of JDAP-13, the vote has concluded to include $FTT (Wormhole) as a collateral type in Jet starting at the next protocol update.

In case you want to review the $FTT (Wormhole) application, community discussion, and CODEC Summary, please go to this link.

We look forward to your participation in the next governance vote!

1 Like

In light of recent developments, we should cancel its onboarding on to our protocol.


Hey Ezio !
thanks for flagging this
At the moment $FTT has no collateral weight so it don’t posses any risk to the protocol.

1 Like

@ezio $FTT has already been onboarded.

With $FTT not having any collateral weight do you still think we should consider removing it from the platform? I think it would be good to hear reasoning behind this if so.


why do you want to keep a token that is worthless on to a money market protocol? just why?

Makes no sense.


Such decisions should be made by the DAO so a proposal should be submitted for this. In my opinion it is not critical that it is on the platform and should not be removed immediately, instead the further development of FTT should be followed. And as was said, it has no collateral weighting.


In its current state, FTT provides no risk to the protocol, so there is no need for immediate removal. It does bring up the task of creating a template to remove assets from Jet Protocol.