After the collapse of FTX, its native token, FTT, hit rock bottom. In just a few weeks, its value has crashed from $25 to $1.60, with many holders expecting the token to collapse altogether. But while FTT has made the headlines for all the wrong reasons, Orbeon Protocol’s native token, ORBN, is reaching all-time highs following a price increase from $0.004 to $0.030. This article will explore what will happen to the price of FTT and the potential ORBN has to hit 30x in value in 2023.
FTT Crashes Amid FTX Scandal
FTT is the native token used by FTX, one of the planet’s largest centralized crypto exchanges. FTT was often described as the backbone of the FTX exchange and rewarded holders with several benefits.
FTT holders would pay lower trading fees for transactions on FTX and also get tighter spreads, experiencing differences as high as 60%. Holders were also protected during volatile markets with insurance protection. During times of turbulence, this insurance would be used to decrease potential losses.
FTT also played a part in staking, which let holders lend tokens to validate transactions. Any one willing to stake their tokens would win a free NFT and would have access to free ERC20 withdrawals.
Additional benefits included bonus votes and airdrop rewards. Unfortunately, FTX has since filed for Chapter 11 bankruptcy and lost $600 million of investor funds to a hack on the same day.
There have since been allegations of misused funds, further causing the value of FTT to plummet and other cryptocurrencies, such as Ethereum and Bitcoin to decrease in value. It’s fair to say the value of FTT won’t be increasing any time soon.
Orbeon Protocol Fights Back Against The Bear Market
Orbeon Protocol provides everyday holders with the opportunity to invest in startups. Through Orbeon Protocol, new businesses seeking to raise funds can mint NFTs representing equity in their business and sell them to investors. Using fractionalization, these NFTs can be purchased for as low as $1, allowing retail holders to buy into companies that would usually only be accessible to venture capitalists.
Orbeon Protocol also protects investors with a unique “Fill or Kill” mechanism. If a startup fails to meet its fundraising goal, the smart contract is “killed,” and refunds are sent to investors. This gives investors peace of mind that they’ll get their coffers back if a business doesn’t hit its targets.
ORBN powers every feature of the Orbeon Protocol ecosystem. ORBN has a total supply of 888,000,000, with each token originally going on sale for $0.004. Out of these tokens, 40% will be sold to the public. ORBN holders enjoy numerous benefits across the platform, from staking bonuses to governance rights, transaction fee discounts, and even access to exclusive investor groups.
While the headlines around cryptocurrency remain somewhat negative due to the pervasive bear market, Orbeon Protocol has continued to shine, increasing in value from $0.004 to $0.030 during stage one of its presale.
Find Out More About The Orbeon Protocol Presale
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