3X Long Tezos Token price is $0.00000559
The price of 3X Long Tezos Token (XTZBULL) has increased today. It currently stands at approximately $ 0.00000559, reflecting a +0.00% change over the last 24 hours. Remember that leveraged tokens like XTZBULL can be quite volatile, and the price reflects not just the changes in the underlying asset, Tezos (XTZ), but also the leveraged nature of the token.
3X Long Tezos Token (XTZBULL) is a leveraged token that aims to amplify the daily returns of Tezos (XTZ) by three times. It is an ERC20 token on the Ethereum blockchain, specifically designed for those who expect the value of Tezos to increase and wish to leverage their position. When the price of Tezos goes up, XTZBULL's value is designed to go up by three times the percentage that Tezos gains within that day. On the flip side, if Tezos decreases in value, XTZBULL will go down by three times the percentage loss.
3X Long Tezos Token was created by the team at FTX, a cryptocurrency derivatives exchange. FTX is known for creating and offering a range of uniquely structured products like leveraged tokens which give traders access to leverage, without the complexities of managing it on traditional futures exchanges.
3X Long Tezos Token operates by using the funds from the ERC20 tokens to take leveraged positions in Tezos through various financial instruments and derivatives. The performance of these positions aims to track 3x the daily return of Tezos. Mechanisms are in place through the platform that issued it (in this case, FTX) to rebalance the portfolio on a daily basis to maintain the target leverage level and to handle the implications of compounding effects during volatile periods.
The most distinctive feature of 3X Long Tezos Token is its ability to provide leveraged exposure to the price movements of Tezos without requiring the token holders to put up collateral or engage in the complexities of margin trading. XTZBULL is easily transferable and can be traded on secondary markets. Its ERC20 standard also means it's compatible with a wide range of wallets and services in the Ethereum ecosystem.
The price of XTZBULL is influenced by the daily performance of its underlying asset, Tezos, compounded by a factor of three. Additionally, because the token exists on a secondary market, its price is also subject to supply and demand dynamics, where buyer and seller interest can cause its price to diverge from its intended leverage target.
As of the most current information available, the circulating supply of 3X Long Tezos Token (XTZBULL) is , while the details about its total supply are generally governed by the underlying mechanisms of their creation and redemption process but are not fixed, due to the rebalancing actions and potential token minting or burning by FTX.
3X Long Tezos Token can be purchased on the FTX exchange and potentially other trading platforms that support ERC20 tokens. Please consult the current list of to find where XTZBULL is available for trading. Always ensure you are trading on a reputable exchange and be aware of the risks involved with leveraged tokens.
Security is paramount when handling cryptocurrencies. To keep your XTZBULL tokens safe, store them in a secure wallet with robust security features. It is advisable to use hardware wallets for the highest level of security, especially if you are storing significant amounts. Always be cautious of phishing sites and never share your private keys or recovery phrases with anyone.
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