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title: Asset Application Template - $FTT ( FTT Portal )

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## Interested Party Profile

Party submitting application:
Website: 
Contact:
Submission Date:
If endorsed by Jet Community Member, list here:

## 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).

#### 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?

#### 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](https://solscan.io/account/BMQjukWZx2rwqq636rRpcsbsYoM18FsgqYvmW7hHiEe1)
Distribution: [See here](https://solscan.io/token/EzfgjvkSwthhgHaceR3LnKXUoRkP6NUhfghdaHAj1tUv#holders)

#### 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](https://help.ftx.com/hc/en-us/articles/360024479432-Fees) . For Wormhole fees:

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

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

#### 10. Other relevant project data or comments:

## Asset Profile

#### 1. Asset name: [$FTT Wormhole ](https://solscan.io/token/EzfgjvkSwthhgHaceR3LnKXUoRkP6NUhfghdaHAj1tUv)

#### 2. Asset type (native/ wrapped):
Wrapped by [Portal Bridge](https://www.portalbridge.com/#/transfer)

#### 3. One-sentence description of the asset:
$FTT is the exchange token of [FTX](https://ftx.com/en), 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.
> [Any idea if this token is listed in any cex?](/E-eDLv8MThutL6AnL4haJQ)

#### 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](https://projectserum.vybenetwork.com/#/tokens/EzfgjvkSwthhgHaceR3LnKXUoRkP6NUhfghdaHAj1tUv)

#### 4. Which oracles monitor the asset? How many feeds are available?
Pyth: https://pyth.network/price-feeds/crypto-ftt-usd/
Chainlink: https://data.chain.link/ethereum/mainnet/crypto-usd/ftt-usd
Switchboard: https://switchboard.xyz/explorer/3/57EF89YgEUUcxtm8upPFmi7rHVzfJDMVsm2BHgtVM3yR

#### 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](https://www.coingecko.com/en/coins/ftx-token)

#### 6. *For stablecoins only*: Has the asset ever lost the peg? If yes, for what reason?
N/A

#### 7. *For algorithmic stablecoins only*: Please provide details on the risks associated with the design.
N/A

#### 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](https://wormhole.com/). They are non-custodial bridges and are audited by multiple recognised companies such as [Kudelski, Certik, Neodyme, OtterSec and Halborn.](https://wormhole.com/security/)

#### 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.](https://solend.fi/dashboard)

#### 10. List any parties interested in taking part in liquidations for the proposed asset type.
N/A

## 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](https://https://solscan.io/token/EzfgjvkSwthhgHaceR3LnKXUoRkP6NUhfghdaHAj1tUv)

#### 2. Please provide a brief overview of the tokenomics.
An overview of the tokenomics can be found [here.](https:/help.ftx.com/hc/en-us/articles/360029638552-FTT-Transparency-Page)

#### 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.](https://help.ftx.com/hc/en-us/articles/360052410392-FTT-Staking)
> [we can name any staking service for ftt wormhole if there exist ](/NSmMZp74SE6-8Mn2Afvb_A)

#### 5. Please explain the slashing mechanism (if any).
N/A

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

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

## Legal Profile

#### 1. Is the project or the asset owned by any incorporated organization?
50% of total FTT supply are assigned as Company Tokens assumed to be [owned by FTX](https://help.ftx.com/hc/en-us/articles/360029638552-FTT-Transparency-Page).
$FTT Wormhole do not belongs to 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.
> [need to find wormhole jurisdiction](/5vSirDBrTAmemKu-1r_lfw)

#### 3. Was the token issued as part of regulatory process (e.g. securities offering)?
No.
> [need to be answered]

#### 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](https://help.ftx.com/hc/en-us/articles/360029638552-FTT-Transparency-Page)
> [we would need to add the source or elaborate a bit more](/2fzXBDK6S--rY9iZ6IOgeQ)

#### 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.

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

## Links

#### Link to project’s white paper:

* [Whitepaper](https://docs.google.com/document/d/11GAgoD06BH6rvGBlNSUwNGLlauVTvOB_vb97OS4vCio/edit)

#### Link(s) to active communities related to the project:
* [FTX Telegram](https://t.me/FTX_Official)

#### 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:
* [Wormhole Bridge Audits](https://wormhole.com/security/)
* FTT security audit is done is done by [Blockchain Consilium](https://www.blockchainconsilium.com/). Report can be accessed [here](https://https://drive.google.com/file/d/1g_DmOv8HD3PC8D3QqMjfOIdgm6E7LN5K/view).

#### Link(s) to legal opinions:
*
> [Wormhole opinions as well as FTT opinions could be addressed here]

#### Link(s) to other legal material:
*

#### 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:
*