FTX 2020 Annual Summary: Everything you want to know about FTX's annual data is here
Original source: FTX
The current trading volume of FTX has increased by more than 1,000% compared with 2019. Let's elaborate on how FTX has grown gradually.
Picture 1: "Hello everyone, I want to write a 2020 year review about FTX. Please see it below Picture, that's it! This is the whole content of the review."
Still, the above picture is the data from three weeks ago, we The transaction volume is now 3 times what it was then, so I thought I'd explain how we've grown step by step.
1. Development
During the year, our tradable assets, market , users, transaction volume and team have achieved huge growth:
1.1 transaction volume
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2020 is a year of blowout growth in FTX trading volume, which has increased by more than 1,000% compared with 2019, with a total transaction volume of more than 3.85 billion US dollars and an average daily transaction volume of 1.06 billion US dollars, while setting a single-day record high (ATH) of more than 7 billion US dollars; in this regard, only 1 day in 2019 exceeded 1 billion US dollars in transaction volume, which was also our all-time high at the time, but this A record lower than our 2020 daily average. In December alone, we completed almost 200% of the transaction volume equivalent to the entire year of 2019, and the transaction volume in one day in 2020 was even higher than the transaction volume in the entire month of December 2019. Also, it’s worth noting that the daily volume on the FTX spot market also just passed the $1 billion mark recently. (Note: The trading volume of the platform is unilateral trading volume)
Image 2: Daily Trading Volume
We have also experienced a huge increase in our over-the-counter (OTC) trading volume, It has increased by about 10 times since the beginning of the year, and the highest single-day transaction volume has reached 350 million US dollars. In addition, new products in OTC, such as EFP (Physically Delivered Futures Trading), have also seen a significant increase in trading volume.
1.2 Users
The total number of FTX users has increased by more than 1000%, that is, the number of new users on the platform has exceeded 100,000, and the number of daily active users has increased by 786%. In November alone, we added more users than the entire exchange had at the end of 2019.
Picture 3: Daily Active Users
1.3 Tradeable Market
At the beginning of 2020, there are 410 tradable asset pairs on the FTX platform; Trading asset pairs nearly tripled to 1,100. With the increase of assets on the platform, traders can utilize more assets as margin. Over the past year, we have added 71 assets as margin (31 cryptocurrencies, 10 fiat currencies, and 30 tokenized stocks).
In addition to the huge growth in the market and supported crypto assets, we have also done a lot of work to enhance our fiat currency Support such as added deposits/withdrawals in AUD, SEPA Euro banking and local trading of BRL and TRY through local partners, with more fiat to come next month!
1.4 Transaction Capacity
During 2020, the total number of orders we supported at the same time, the total number of transactions and the total number of users have more than doubled by more than 10 times. December 2020 was the month with the highest trading volume in FTX history, but there were no glitches such as downtime or transaction delays.
1.5 FTX valuation
In February 2020, we decided to open up the opportunity for users to invest in FTX at a valuation of $1 billion, becoming the fastest growing unicorn ever in just 9 months or so of FTX's inception . We've been delighted to see the response from a wide variety of institutions, funds, deal firms, and angel investors; we've raised over $15 million in total. While we are not sure what the next round of valuation FTX will be worth, we will not be selling any more equity at a $1 billion valuation.
1.6 FTX Team
Due to the rapid growth of user volume, transaction volume and products, we are also actively growing the team. At the beginning of 2020, FTX had only 15 employees, and since then has added 37, and we are pleased to welcome 20 new employees to our team through the acquisition of Blockfolio, bringing our total headcount to 72, an increase of Nearly 500%. Through the expansion of members, we will be able to serve customers better and bring you more products you want. We are always looking for energetic talents to join our team, if you think you meet the requirements, please get in touch with us (please send your resume to contact@ftx.com)!
However, we should add that we did not scale to 2,000 employees overnight nor did we plan to do so. As our business continues to expand, FTX values the quality and unity of our team and will ensure that we never compromise on this principle. With a team of less than 10 developers, we're proud of what we've accomplished, so we prefer a small, lean team to a big one that involves a lot of disorganization and outsourcing. volume team.
2. New features & products
FTX has always been an exchange that iteratively rolls out new products and features quickly, and 2020 is no exception. In addition to the many major infrastructure improvements we've made over the last year, we've also released many new features, products, and tools for our users. We've rounded up some of the new features and products we're most excited about in 2020 to reflect on our progress in building a one-stop shop for all our users' needs.
2.1 Tokenized stocks
The product we're most excited about in 2020 is tokenized stocks. This is something unprecedented in the cryptocurrency world: enabling qualified traders to trade tokenized stocks 24 hours a day, 7 days a week, 365 days a year. Tokenized shares are backed 1:1 by shares of regulated brokers, allowing traders to gain all the economic benefits of owning the shares themselves: dividends, stock splits, etc. In addition to spot trading of stocks, we have also added futures trading support for the corresponding products and allow users to trade with up to 101x leverage, just like on any other market on FTX; same collateral pool, same Margin requirements, all the same.
2.2 Pre-IPO Products
With With the launch of tokenized shares, we hope to further innovate and develop an even more exciting product, which has never been seen before in the field of cryptocurrency or traditional finance: IPO pre-sale products. The day before Airbnb's IPO, there were a lot of expectations about what would happen to the price after the IPO. However, this potential demand for price predictions cannot be carried by any trading product. So... we created this product for that need. The Airbnb IPO pre-sale contract (Pre-IPO Airbnb contract) is a derivative contract whose performance is linked to the market value of Airbnb at the end of the first day of trading on the stock exchange. These contracts are then automatically converted into tokenized Airbnb shares, enabling users to lock in the price of tokenized Airbnb shares ahead of the IPO. Since then, in anticipation of Coinbase's imminent IPO, we have launched the Coinbase IPO pre-sale contract trading market.
2.3 Spot Margin Trading and Lending
From the beginning, FTX supports most types of transactions (futures, options, spot, OTC, fiat currency trading pairs), but there is one product that we have been lacking but users have always demanded, which is spot leveraged trading. Therefore, we now also launch spot leveraged trading. Users can trade with up to 10x leverage on multiple assets. In addition, for those users who just want to buy and hold, it is now possible to earn asset income at the same time by lending to other traders. Due to the P2P nature of the financing market, the lending rate is determined by the supply and demand in the market, not by the exchange, thus maximizing efficiency.
In addition to being able to trade with leverage, users can also leverage the lending market to raise capital for opportunities outside of FTX. Users are free to withdraw the borrowed funds for other platform transactions, mining or any use that best matches their needs. For example, it is now possible to use the FTX platform to do BTC-collateralized USD loans, so users can deposit BTC and take out a USD loan to buy a house or a cool Lamborghini, while also maintaining your BTC exposure. In addition, users who hold USD can deposit on the FTX platform to borrow cryptocurrencies for liquidity mining. We have more details on this in our November Bulletin.
We have approximately $70 million in outstanding loans on our platform since launch.
2.4 Forecasting products
Before the controversial US election, we launched a prediction market for the general election, enabling users to go long/short on contracts related to each candidate (if the candidate wins, it will be settled with 1; if the candidate loses, it will be settled with 0) settlement). This product made FTX get a lot of reports in the media (such as the following report 1, 2), and FTX has also become one of the reference sources used by Electionbettingodds.com to determine the winning percentage. This product is very popular among our users and traders in the industry. A total of approximately 200 million contracts were traded during the trading life of the token contract. After the election, despite the voting, FTX’s presidential election market continued to function, and it was the only market traders could still trade until the final election results were determined.
2.5 FTX Website Redesign
Originally, FTX was seen as an exchange aimed at professional traders, and while this gained us a large user base of experienced traders, some users wanted a more user-friendly website and improved user interface (UI). We conducted many user surveys to understand user needs and suggestions for improving the user interface.
We have received a lot of feedback for several months and have carried out several product iterations. On this basis, we launched A brand new UI with various new features: hovering over the order book will display the average price and cumulative volume; the side panel will display all of FTX's tradable markets, with search, filter and Favorite features; tools for managing subaccounts and more. In addition, this update work is still going on, and we will launch more updates as planned. If you have any feedback or feature suggestions, please contact us and let us know!
2.6 Equity Pledge
Serum Dex was launched in August, and one of the features that the Serum ecosystem provides to SRM holders is the ability to stake SRM at an annual rate of return (APY) of 4%. In view of this, FTX has launched its first staking product, in which SRM holders can stake their SRM to FTX in order to obtain the benefits.
Shortly thereafter, we launched another staking product, for FTT. Although FTT holders already enjoy a series of benefits, we want to further reward those users who are optimistic about FTT in the long run. In addition to the existing fee discounts enjoyed by FTT holders, users who pledge FTT will also receive commission rebates for pending orders, higher referral rebate fees, more voting rights for FTX’s newly listed assets, and SRM, etc. Token airdrop increment and many other rewards.
The feedback from the community on this has also made us happy, with many staunch supporters staking their FTT to Aim for these rewards. In 2021, we will work harder to expand the rights and interests of pledged FTT, such as increasing levels, reducing P2P lending fees, etc.
2.7 Quantization Space (Quant Zone)
In order to make trading more suitable for all users, and allow users without programming experience to build algorithmic trading strategies, we launched the Quant Zone. Users can edit a trigger condition (once the condition is met, its execution strategy will be triggered) and one or more execution strategies through the "quantitative space" to determine how to place an order after the trigger condition is triggered.
For example, suppose you have a position on BTC-1225 and want to transfer it to BTC-0326, Then you can easily create a quantitative strategy to sell your position on BTC-1225 and buy your position on BTC-0326 at the same time. Furthermore, you can do all the heavy lifting for you with one extremely simple quantitative space strategy: execute this rebalancing trade in smaller batches, thereby minimizing slippage. Click here to see some examples of trading strategies that users can build using the quant space:
Time Weighted Average Price Trading (TWAP)
Basis trading
Futures position rebalancing
2.8 External API program
In order to encourage more trading software to integrate into On our platform, we launched an external API program on June 2nd, allowing those who own trading bots to add referral codes to their API calls to receive commission rebates on trades executed using their software. Since then, more than 40 trading bot platforms and providers have joined the program, and tens of millions of trades have been submitted through platforms such as Stacked, 3Commas and CoinRoutes.
In addition to the above, we have introduced many other features and products over the past year (for example, through Calculated order entry forms, custom logins, voting on new live assets/features, etc.) are too numerous to detail here. To keep abreast of the latest developments and product releases of FTX, please pay close attention to our monthly report, in which we will conduct in-depth market research and introduce the latest developments of FTX in detail.
3.FTT
One thing that makes us particularly happy is the trend of FTT. The price of FTT has increased by 270% in 2020, and its price was higher than the opening price of $2.14 on January 1, 2020 on 361 days in the last year. In other words, if you bought FTT on January 1st, you would be profitable 98.9% of the year. Less than 2 months into 2020, on February 16, FTT surpassed its all-time high price record of $2.68 set in August 2019, closing the day at $2.976.
In 2020, FTX repurchased and destroyed 6,549,196 FTTs, equivalent to $42,026,190.73, making the total amount destroyed Reached 8,548,850 FTT (total value $54,729,737). The largest single burn in FTX history in terms of the number of FTT burnt occurred on November 25, when 247,707 FTT worth $1,078,885 were burned; the largest single burn in FTX history in terms of the dollar value of FTT burnt The burn occurred a week later, destroying $1,100,607.96 worth of FTT. (Please note: Since this is the number calculated at the time of the original writing, the value of FTT and USD burned by us on December 31 once again surpassed the previous record, repurchasing and burning 248,902 at $1,435,66 ;FTT; and the price of FTT has reached a record high, currently at $6.70.)
With Serum DEX With the launch of FTX's equity pledge products, FTT holders can earn the benefits of holding FTT through SRM airdrops. FTT holders will earn 3 SRM per week for every 500 FTT they hold. Combined with the aforementioned staking products, FTT stakers can earn 3.372 SRM for every 500FTT they hold.
Finally, we just added an FTT perpetual contract market for those looking to gain exposure to FTT prices Bring more trading volume and liquidity.
4.FTX.us:
< p class="MsoNormal">In May 2020, our US-regulated FTX.us went live, marking our expansion into the US market. Since then, we've come a long way in building the best trading platform for US traders. Since launch, we have registered for a US MSB financial license and have been working on a state-by-state process to obtain the necessary MTL licenses to operate in a fully compliant manner across US states.
We are currently operating in 49 of the 50 US states. To secure our expansion into the US market, we have hired Sina Nader, former head of Robinhood's cryptocurrency department, to serve as FTX.us COO to expand our business in the US. Despite its relatively young age, FTX.us has built some of the deepest and most liquid order books in the US market, routinely seeing pending orders with buy one/sell one depths of over $100,000. Our user base and trading volume have grown significantly as U.S. market participants gradually discover our unparalleled advantages within the U.S., combining high liquidity with low fees.
Additionally, we are delighted to be working with the talented team at Blockfolio on an exciting new Products into the US market. This will provide an easy and enjoyable experience for those who may not be familiar with cryptocurrencies, or who prefer a simplified interface over a full-featured exchange, while still benefiting from FTX.us' high liquidity. There are currently more than 350,000 users on the waiting list for this product.
5. Cooperation & Acquisition
5.1 Blockfolio
In August, we announced the largest acquisition in cryptocurrency history: we Acquired Blockfolio: Blockfolio is one of the most famous and widely used products in the cryptocurrency industry, reaching over 6 million downloads and hundreds of millions of page views per month. Working together with the amazing team at Blockfolio, we have very exciting plans to contribute to Blockfolio's Existing users publish retail trading products and hope to attract a large number of users who are new to the cryptocurrency industry.
5.2 FMX
FMX is developed by FTX white label product built by Coin98 in cooperation with Vietnam's largest cryptocurrency entity. Officially launched in December 2020, FMX is a retail-friendly product more familiar to locals in Vietnam. The exchange aims to develop the retail derivatives market in Vietnam, which has so far been dominated by contracts for difference (CFD) type cryptocurrency derivatives products. We are excited to be working with the FMX team to help solve one of the fastest growing cryptocurrency markets.
5.3 HXRO
The past few years have seen a surge in interest in gamified trading, with apps like Robinhood simplifying the trading experience and making it easier for new market participants to onboard. HXRO is one of the leading platforms driving the gamification of transactions in the cryptocurrency space. They have simplified a lot of complex and abstract options trading and created a product with an excellent user interface and user experience (UI/UX), which we believe will have great appeal to retail investors. We are therefore excited to partner with them to provide backend support for their Tix/Wix products and we look forward to working closely with their team in 2021.
6.FTX Trading Contest & Activities
7. Charitable donation
At FTX, we take philanthropy very seriously. Many members of our leadership are ardent supporters of Effective Altruism, the aspiration to give back as much money as possible to society. To date, FTX and its employees have donated over $20 million to some of the most effective charities in the world, and we couldn't be happier with what we've accomplished in the past year.
Before this Christmas and New Year’s Day holiday, our CEO Sam and Ethereum co-founder Vitalik Buterin and Dragonfly Capital Haseeb Qureshi, managing partner of , conducted a live broadcast to share their thoughts on giving in cryptocurrency and effective altruism, and introduce their efforts in this field. Sam, Vitalik, and Haseeb each donated $50,000 to a charity of the community's choice.
One of our employees sent Christmas greetings with friends in Colombia to over 300 people in the Medellin area Children distributed gifts. In addition to toys, the children also received clothes, food, masks and other supplies related to epidemic prevention. You can see the children's reactions to the gifts in our photo album.
Through our representative in Nigeria, FTX works with some of the elders in the poorest districts of Lagos to provide Families in need donated 400 food baskets and were kind enough to share some photos of their accomplishments with us.
8.FTX Blog & Podcast
Seven months ago, we launched the FTX blog and podcast, giving our users an insight into the stories and thoughts of some of the biggest names in the cryptocurrency industry.
8.1 Blog
The FTX blog provides us with a platform to share the latest developments in FTX, gain insight into the latest trends in the market, and feature the thoughts of guests from some of the best investment institutions in the cryptocurrency industry: Our friends at CMS from an insider's perspective Shared how they deal with risks; Split Capital conducted an in-depth discussion on the development of BitMEX; Blockhead Capital conducted a detailed analysis of how institutional players are changing the market structure of cryptocurrencies.
8.2 Podcast
With the FTX Podcast, we had the pleasure of sitting down with a fascinating group of industry personalities and hearing their stories, ideas, and visions for the future. To date, our podcast has produced 37 episodes and has been watched and listened to more than 60,000 times.
The audience and listeners are actively locking us and paying attention to these important guests, such as Paolo Ardoino, technical director of Bitfinex & Tether ; Dan Matsuzeski, Co-Founder and Partner, CMS; Andre Cronje, Founder, Yearn Finance; Jeremy Allair, Founder and CEO, Circle; Roger Ver, Old Man of Bitcoin (OG) and Founder of Bitcoin.com; Founder Kyle Samani.
As we enter the new year, we will announce an exciting lineup of guests and episodes, but also We're always looking for more conversationalists, so if you have suggestions for our conversational guests in 2021, or who you'd like to see us invite to the conversation, please let us know!
September 2021 Outlook
2020 has been an exciting year for FTX and we are very pleased with what we have achieved, but in our view it is just the beginning and we have high hopes for 2021. We have set ambitious goals to enter the US with FTX.us; continue to release innovative, industry-leading products at a breakneck pace; and continue to increase our market share until we become the largest exchange in the space. In the new year, we will make tireless efforts in the following aspects.
9.1 FTX.us
With the launch of FTX.us, we have completed the basic work of compliant operations in 49 states in the United States. Based on the global popularity of FTX International Station (ftx.com), we will strive to make FTX .us to become the leading digital asset exchange in the United States. At the same time, we have a lot to look forward to from FTX.us and look forward to launching more products for US users.
9.2 APP for retail investors
An average of millions of people already check their Blockfolio APP more than 10 times a day to stay informed about the market. Since Blockfolio's mission is to be the easiest way for people to participate in the financial future of crypto, it was only natural to add transaction information to the mobile experience people already know and love. Look forward to this major update in early 2021, and we can expect to see more retail-focused FTX trading platform products being added to the Blockfolio APP throughout the year. Join the waiting list to receive more timely updates.
9.3 OTC trading and institutional trading products
While our OTC desk has grown significantly in volume since its launch in 2019, the technology powering it has not upgraded much. But that will change in the first quarter of 2021, as we roll out real-time prices, fractional buying, time-weighted average price (TWAP) functionality, and a completely revamped user interface. As more institutional buyers enter the cryptocurrency space, we also expect to see continued growth in sales of products tailored to their business.
9.4 Prediction Market
Following the success of our presidential election market prediction product, we intend to expand the prediction category to more events, such as sports, e-sports, midterm elections, etc. The platform has launched the Superbowl prediction market, and more exciting markets will appear in the near future, so the expansion of the prediction market has already begun.
9.5 Options
One of the most common requests we received this year was to expand the options product to include option chains or CLOBs. We have already started discussions on how to expand and improve our options offering, which we look forward to supporting continued growth in derivatives trading volumes in 2021. In addition to the improvements on the exchange side, we also plan to complete the integration with Paradigm in Q1, so that users of Paradigm and FTX can benefit from the excellent work Anand and his team have done on the product.
9.6 more assets are online
As the digital asset industry continues to grow, the need to trade more and more assets continues to increase. As we enter 2021, we will seek to aggressively expand our backing assets and trading markets to meet your demand for popular coins. Only 3 days into 2021, FTX has launched 5 new trading markets.
9.7 FTT Rights and Ecosystem
< a name="_heading=h.eieinr6k670m">At the beginning of 2021, we have added a new FTT perpetual contract, which provides more rewards and more rate levels for FTT stakers, and has carried out historical The largest FTT repurchase and destruction ever. We expect that FTT will continue to develop along the way as the usage scenarios, rights and burning volume of FTT increase.
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