The REAL supply on exchange
There are people imagining one billion ftm tokens are on Binance.
(I see it on etherscan bro),
They couldn’t be more wrong,
As at 29/01/2020,
Total supply circulating is 2 567 357 324 FTM tokens.
1 392 226 723 are stacked on PWA Wallet.
Top 100 holders own 1 644 283 514 tokens (ERC20).
But Anon,
1 392 226 723 + 1 644 283 514 = 3 036 409 239.
And you just see the total supply circulating is 2 567 357 324 FTM tokens.
3 036 409 239 > 2 567 357 324 (Total supply circulating).
How it is possible ?
It should not be,
BUT
The bridge makes it possible.
FTM tokens circulate in one form: ERC20 OR Native FTM OR BEP2.
When you remove your token from your ethereum wallet or from binance, the bridge lock your token (visible on etherscan as binance top wallet) and give you a Native FTM version (or erc20) of the token.
Therefore the token exist in two places but only one version is circulating.
The binance top wallet have to be removed from circulating, as they are duplicated tokens, not circulating.
Therefore, the idea that Binance is holding 1 billion FTM token is just an idea, which is wrong.
Binance has way less self-holding than commonly thought.
How much do Binance hold ?
We can estimate the number, I did it pre-pump.
There is around 1 billion token hold on erc 20 wallets excluding top exchanges (Binance and Kucoin).
(data taken as as pre-pump).
Binance theoretically holds around 30 millions REAL tokens pre-pump therefore a maximum of 1500 million with a leverage x50.
It was pre-pump, today I evaluate the number to be far less, around 10 millions FTM tokens top hold by Binance.
Therefore, some tokens could theoretically be bought, appearing inside your Binance “wallet” but they don’t exist outside Binance.
Try to withdraw a large amount of ftm token and it could not be processed.
But There is more to it
Client’s holding are used by Binance for shorting x50 FTM tokens.
Meaning Binance could theoretically uses your own token to make your tokens lose value.
They need to use yours, as they don’t have enough themselves to sell
Binance massively uses derivatives tokens
More than +50% of the volume on exchange (here Binance) are tokens not existing outside their short (see volume above).
After the pump, a large number of FTM tokens have been bought by private clients and institutions.
It is impossible for this supply to exists on Binance.
Still, it was bought
Some couple of hours later, this happened :
(Twitter from 29/01/2020)
Binance had to restrain withdrawing.
When a client withdraws, Binance have to give him a real ftm token.
They can’t, theoretically each ftm token can have up to 50 owners
Not on your own wallet, not your tokens
