HT (Huobi Token) is the native token of Huobi Global, one of the world's largest cryptocurrency exchanges. Huobi token holders get several benefits, such as discounts, voting rights, rewards, etc.
Huobi Global is a cryptocurrency trading platform that supports an impressive array of trading pairs and more than 200 cryptocurrencies. The exchange has 15+ fiat currencies available, alongside its own invention - HUSD, a USD-backed stablecoin.
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Read on to learn everything you need to know about the Huobi platform and the HT token.
What Is Huobi Token
HT (Huobi Token) is an ERC20 token based on the Ethereum blockchain. It was launched by the crypto financial services provider Huobi Global in January 2018. Huobi Global offers various financial services and products, including spot trading, margin trading, derivatives trading, etc.
HT can be used on the Huobi exchange and in applications that leverage the technology of Huobi's public chain Huobi Eco Chain (Heco). Heco allows building DeFi apps like decentralized exchanges, lending protocols, etc.
The Huobi token holders are provided with discounts on trading fees, access to new cryptocurrencies listed on the exchange, and can participate in decision-making processes. The better Huobi performs and the more it grows, the more benefits and rewards token holders receive.
The maximum supply of Huobi tokens is 500 million.
The Huobi platform implements a coin-burning strategy and uses 20% of exchange revenue to burn Huobi tokens every month. 15% of the revenue is used to purchase HT tokens from the market. Huobi uses the 5% to burn HT tokens allocated to the team. As a result, Huobi tokens become rarer and increase in value.
Huobi Token Airdrop and Initial Token Distribution
Huobi token was launched at the beginning of 2018. Instead of Initial Coin Offering (ICO), the company distributed tokens and held a sale of point cards from January 24 to February 7, 2018. A point card was the pre-paid card of Huobi for trading charges, and one point was equal to 1 USDT.
Huobi raised around $300 M from the sale of point cards. At the time of the sale, Huobi token's price was around $0.5. 60% of the initial token supply, 300 million tokens, were airdropped to users of the exchange so that they could acquire point cards. The company kept 40% (200 million coins) for reserve. One hundred million from this amount was kept for user rewards and platform operations. The remaining 100 million was reserved as team incentives with a vesting schedule of 4 years.
Huobi token's price history shows that since its launch, HT has increased by over six times in USD (data as of January 15, 2022).
Who Founded Huobi (HT)
Huobi Group was founded in 2013 in China. After China's ban on crypto exchanges in 2017, the company moved its headquarters to Singapore.
Leon Li is Huobi's co-founder, CEO, and chairman of the company. He graduated from China's Tsinghua University with a master's degree in automation engineering. Li was a former Oracle engineer and worked as a computer engineer at the leading cloud technology company Oracle. Huobi Group CEO was interested in Bitcoin and blockchain technology from the early days of its creation, carrying out research and promotion.
Du Jun co-founded Huobi with Leon Li. Jun started exploring the blockchain industry in its early stages and has working experience in tech companies Comsenz and Tencent.
What Problems Huobi (HT) Solves
Huobi was created to provide one-stop financial services and liberalize global wealth. It has grown into a large ecosystem, where the Huobi token plays a key role. HT increases user loyalty and offers a number of benefits. Huobi tokens secure the Huobi Eco Chain, which uses a Hybrid Proof of Stake (HPoS) consensus mechanism.
Here are some of the benefits HT holders get:
- Reduced trading fees
- Staking rewards
- Voting rights
- Early access to special events
- Huobi Investor Protection Program, which will compensate in case of any financial losses
- Huobi OTC (over-the-counter) trading and corporate payments.
Currently, Huobi is among the top 10 crypto exchanges by trading volume, with a market capitalization of over $1.4 billion.
Huobi token price hit its all-time high of $39.81 on May 12, 2021.
What Is Huobi Eco Chain (Heco)
Huobi Group launched Huobi Eco Chain (Heco) in partnership with the blockchain protocol Nervos on December 21, 2020. Heco is a decentralized, cost-efficient, and energy-saving blockchain that enables the development of smart contracts. Heco is compatible with Ethereum's software platform Ethereum Virtual Machine (EVM), so developers can transfer their DApps from Ethereum to Heco. The Heco environment is focused on providing high performance, reduced fees, and enhanced cross-chain activities.
Huobi Token is the utility token of the chain, used for paying transaction fees, staking, and governance. Heco is based on a Decentralized Identifier (DID) system, which provides decentralized digital identities to the network. The protocol achieves cross-border compliance and regulation more easily through DID.
As of January 2022, TVL (total value locked) in Heco smart contracts stands at above $1 billion.
What Is Huobi Primelist
Huobi Primelist is the IEO (Initial Exchange Offering) platform of the company that provides direct token offerings in a simple and convenient way. Investors can access new crypto projects with special price incentives during Primelist events. There are two ways to participate in the Huobi IEO events: queuing for numbered tickets or holding Huobi Tokens.
Huobi launched Huobi Prime, its token offering platform, in March 2019. In November 2021, the company announced changing the platform's name to Huobi Primelist, the improved version of Huobi Prime with wider opportunities and a more convenient way to access events. The first crypto launched via Huobi Primelist was IMX, the native token of Immutable X, a Layer 2 solution for NFTs on the Ethereum blockchain.
In August 2021, Huobi's Primepool platform was released, letting users support the projects after their launch on the exchange and get free airdrops.
What Is Huobi Earn
The investment product Huobi Earn lets users earn interest on their assets. The APY (Annual Percentage Yield) amount varies depending on the underlying asset. Users can choose between flexible earnings and fixed earnings, and the exchange also periodically offers "Featured Earnings." Flexible earnings provide daily APY-earning tools without a lock-in period. Fixed Earnings provide higher returns, but there is a lock-in period, and token holders can redeem their assets after the end of the period. Another option of Huobi Earn is the Auto Subscription, which, if activated, automatically transfers users' available balances from their Exchange account to Flexible Earnings.
To receive yield through Huobi Earn, you need to register on the exchange and complete KYC verification. Find the Huobi Earn function under the tab "Finance" and select the product type. You'll need to choose between featured, flexible, and fixed deposits. The First Timer option is also available for new users, allowing them to receive APYs of up to 50% in the first seven days of their first deposits. After deciding on the product type and the asset, you'll need to enter your deposit amount. After you read and agree to Huobi Earn Contract, the deposit will be made.
How Can You Buy Huobi (HT)
You can purchase Huobi Token (HT) on Huobi Global and other crypto exchanges. Popular trading platforms that support HT are EtherFlyer, Exx, BitMart, CoinBene, Gate.io, MXC, BitMax, FTX, KuCoin, LBank, etc.
