1/ Thoughts on FTT and FTX (Not Financial Advice)
2/ In the past 2 years, FTX has grown from nothing to the No.3 exchange on the market.

When FTX was launched (2019/4), there were already big players in the derivatives market such as BitMEX, OKEX, Huobi, Bitflyer; and Binance was ready to enter the game.
3/ It's a miracle that FTX can break through the siege. What is the key? I think there are two things: innovation and execution.
4/ FTX is the inventor of leveraged tokens, index futures, and tokenized stocks. Binance followed FTX's path and released the same products after 3-6 months. When the market leader tries to copy you, you must have done something right.
5/ ..It's just like when Instagram copied "snap" from Snapchat.

FTX keeps a small team size(~70 ppl, 4 devs), which is conducive to rapid execution. Given their achievements in the last 2 years, ~70 ppl is an incredibly small team. As a reference, Coinbase has around 1700 staff.
6/ The early staff of FTX were all interviewed by SBF in person. (not sure if SBF still interviews everyone now). As an early community supporter, I have a lot of contact with FTX staff. In general, they are smart, sharp-minded, honest, and loyal to SBF.
7/ Loyalty is a rare trait in the crypto industry. We rarely see any management-level ppl leave FTX to another company.
8/ Some exchanges were facing severe regulation issues in the last year--- BitMEX was accused by CFTC, OKEX had a serious withdrawal issue, and Huobi is retiring China users. Who can take the market share from them?
9/ Let the numbers talk for themselves.

FTX and Binance's trading volume have grown over 3X from 2021/7/1 to 2020/1/1, while OKEX, Houbi, and BitMEX's volume declined.
10/ In terms of OI and trading volume, FTX's market share is growing fast as well. FTX is now ranked No.2 both in BTC & ETH OI, only after Binance.
11/ Since FTX launched its spot margin function, FTX spot volume has grown significantly. In this pic, KAIKO compared FTX's market share of BTC spot volume with Binance and Coinbase.

FTX's respective market share has grown from 2.5% to 15+% in just 8 months.
12/ Let's talk about the funding.

FTX closed a $900M funding round at an $18 billion valuation, which is the largest funding deal in crypto history; investors include Paradigm, Sequoia Capital, Ribbit Capital, etc.

The raised capital will be mainly used for acquisitions.
13/ FTX had 2 major acquisitions recently, Blockfolio and LedgerX.

Blockfolio is a portfolio tracking app with 1M+ DAU. FTX can expand its retail user base through Blockfolio, and by connecting Blockfolio and FTX, Blockfolio's users can trade spots directly in the app.
14/ ....It's a win-win deal.

FTX acquired LedgerX for its licenses and talents. With the licenses, FTX.US can collaborate with the CFTC and may have a chance to offer crypto derivatives products to US retail traders, which is an important move for FTX.
15/ ...There are barely any exchanges that can legally sell derivatives to retail users in the US. Derivatives would be the key for FTX.US to catch up with Coinbase.
16/ Marketing
FTX has done many marketing partnerships: MLB, Benz, Maimi Heat, League of Legends, etc. FTX also recruited sport superstars like Stephen Curry and Tom Brady to be brand ambassadors.
17/ People might ask why FTX spent so much money on marketing. Here’s my 2 cents. Crypto exchange is a business with a strong "Matthew Effect." It's a "winner takes all" game. Brand image is vital if you want to acquire market share quickly in this growing industry.
18/ FTX's marketing campaigns aim to establish credibility and earn the trust of potential crypto users (especially in the US).
19/ Does this marketing strategy work? Just check the FTX.US and Binance US volume, and you'll know it.
20/
Finally, let's talk about FTT.

FTT is probably the most incredible exchange token in the past 2 years. FTT's price has grown 56 times since its listing. (ATH 84 times)
21/ 33% of FTX’s revenue is used to buy and burn FTT on a weekly basis. Holding FTT grants users many benefits such as free withdrawals, tx fee discounts, SRM airdrops, and FTT can be used as collateral for margin derivatives trading.
22/ FTX has joined the Visa Fintech Fast Track program and launched FTX cards in the US this March. They are working hard on expanding the FTX Card globally. I believe FTT holders might have privileges on staking FTT to use the card, just like CRO.
23/ It's a long thread.

I'm justifying why FTT is my largest alt position now.
(In fact, FTT has always been my largest alt bag since 2019/8.)

Crypto is conquering the world, and FTX is conquering crypto.

Thank you.
*2020/1-2021/7

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Benson Sun

Benson Sun Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @FTX_Benson

18 Oct
追蹤破萬了,謝謝大家。

昨天寫的文章意外受到熱烈迴響,我看了幾個留言,有些人說是倖存者偏差。

說實話任何投資都有運氣成份,我並不會否認我是極端幸運的例子,但如果只用一句話就概括一個人的努力,而忽略其抉擇的過程,那就太可惜了。
說說我的故事吧

我是2018/3入圈的,當時進了一間台灣的交易所(後來倒了)才開始接觸幣圈,由於進場即熊市,除了投到 Bitmax 私募之外,在幣圈的投資基本上是全部賠錢,在漫長熊市中我只敢丟 Bitfinex 放貸,找一些保本的機會來玩,直到 2019/7 發現 FTX 很有潛力,就把全部身家砸在 FTT 上。
2019年有非常多新交易所上線,而眾多交易所中,我只選擇了重壓FTX,甚至還趕在FTT IEO之前,連夜寫了篇文章帶了700多台灣人去買,如果我沒做功課,很可能會投到一些根本活不到現在的交易所。
Read 8 tweets
18 Oct
照顧一下中文圈粉絲

2年前(2019/7),我在Medium寫下了一篇FTX介紹文,預言FTX會成為BitMEX最強大的競爭對手,當時我用全部身家梭哈了 $FTT ,拿了兩年後成了自由之身。

如果此推有超過200個轉推跟500個讚,我會以 $FTT 為例,分享如何在幣圈找尋並拿住值得長期投資的幣種。

bit.ly/3n38tTD
36分鐘達標,比想像中的快太多了

我文章還沒寫好,容許我稍微鴿一下
1/ 幣圈的長線投資邏輯

什麼是可以長線投資的好標旳?我們先假設你要找的是能夠幫你帶來 ALPHA 的 GEM(老外術語,意思是有機會爆炸成長的寶石),所以我們先跳過 BTC、ETH 這種大市值幣種,專講找潛力爆擊項目的方式跟邏輯
Read 23 tweets
13 Oct
1/ Why I'm bullish now.
2/ BTC's short-term price action is dominated by the derivatives market. When the people are in "FOMO" mode, they would radically long BTC in derivative markets regardless of the cost of leverage.
3/ As a result, you'll see the perpetual funding rate and the annualized basis skyrocket, and it wouldn't last long before the price topped in.
Read 9 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(