Before its downfall, FTX Token played a key role in the FTX ecosystem. It provided users with reduced trading fees, access to exclusive token sales, and leveraged trading benefits. The token also featured a buyback and burn mechanism, where a portion of exchange revenue was used to repurchase and burn FTT, reducing its supply over time. However, after FTX’s bankruptcy, the token lost its core functionality, leaving it with little to no practical use.