What is Huobi Token?
Huobi Token (HT) is the primary medium of exchange and native asset on the Huobi Global cryptocurrency exchange. Huobi Global allows users to buy, sell, stake, and borrow a broad range of cryptocurrencies, creating a comprehensive ecosystem for experienced crypto traders and investors.
Huobi, the company behind the Huobi Token, was founded in 2013 by Leon Li, a former computer engineer at Oracle. It has since expanded into public chains, digital asset trading and wallets, mining pools, proprietary investments, incubation, and digital asset research. In 2018, Huobi launched its native cryptocurrency, Huobi Token (HT), and became a publicly listed Hong Kong company.
HT was distributed via the trade of ‘point cards’, which are prepaid cards for basic services on Huobi, where one point is equal to 1 Tether (USDT). Holding HT gives consumers savings on trading and margin costs based on a tiered approach. Huobi also introduced a token burn program that removes HT tokens in order to gradually deflate the token’s total supply. As of 15 May 2022, Huobi has burned a total of 292.649 million HT tokens.
HT is a component of the Huobi Eco Chain, which hosts DeFi apps such as decentralised lending and borrowing platforms. It aims to improve the Huobi Exchange user experience by offering opportunities to access new cryptocurrencies, save money on trading fees, and vote on platform decisions. HT is an ERC-20 token on the Ethereum network.
The main function of HT is to serve as a common mode of payment across the Huobi ecosystem. The token is also widely used in over-the-counter (OTC) trading and corporate payments. HT holders are rewarded in the form of HT anytime the exchange publishes new crypto assets on its marketplace. Huobi distributes these rewards for two main reasons: to reward holders and promote the newly listed currency on the platform. Holders may also get a wallet bonus.
Furthermore, the tokens purchased by the exchange go to an investor protection fund to compensate for any financial losses. In other words, the exchange has set up a fund from which it would draw money to replace any losses suffered by traders and investors due to bad actors, system failure, etc. HT was a means for Huobi to compete with Binance and its native BNB token. With a comprehensive ecosystem and unique benefits for holders, HT is a valuable asset for those looking to participate in the cryptocurrency market.
HT is also used to vote on platform decisions, giving holders a say in the direction of the exchange and its future developments. This feature allows for a more democratic decision-making process and helps to build a stronger community of engaged users.
One of the major benefits of holding HT is the ability to save money on trading fees. The more HT a user holds, the lower their trading fees will be. This tiered approach rewards users for holding more HT and helps to increase demand for the token.
In addition to these benefits, HT also offers a range of staking options for users. By staking their HT, users can earn additional tokens and interest on their holdings. This feature helps to increase the liquidity of the token and provides users with more ways to earn passive income.
Huobi also has a lending and borrowing platform that allows users to lend and borrow digital assets using HT as collateral. This feature helps to increase the utility of the token and allows users to earn interest on their holdings.
Overall, Huobi Token is a versatile and valuable asset for users of the Huobi Global exchange. Its range of benefits, including discounted trading fees, airdrops, and staking options, make it an attractive token to hold and use. The token's use in the Huobi ecosystem is expected to increase over time as the platform continues to expand and develop new features and services.
The investment information, comments, and recommendations provided here do not fall under the scope of investment consulting. Therefore, making an investment decision based solely on the information and comments provided here may not yield results that meet your expectations.
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