Originally released in late-1994, FT2 quickly became one of the most prevalent trackers on the PC. It introduced the XM file format, a new interface paradigm (mouse centered operation, overlapping feature windows), "instruments" (a stack of up to 16 samples, mappable on different notes, combined with 12-point volume and panning envelopes), support for "unlimited" sample size (4 GByte), a second column for volume/panning effects and variable pattern lengths. A bonus game of snake (aka nibbles, feat. 30 levels and a two-player mode) was one of its more unusual features. The final update (v2.09) appeared in August 1998^[1].

Although the program was seemingly free and devoid of "nag screens", it was actually published as shareware. Users who paid for a 20 USD license were listed in the help section.

(^[1] first leaked, then officially released by Starbreeze Studios, the Game company founded by Triton members. This last version is reported to not work properly on GUS soundcards.)

Since 2018, new versions maintained by 8bitbubsy (2.10 and 2.11) have appeared on the internet. They are bugfixed versions based on the original source code. A corresponding Open Source re-implementation ("ft2 clone") for modern Operating Systems has also been released.