Formerly one of China's major exchanges, Huobi recently announced plans to issue its own token using the Ethereum ERC-20 standard.
The new token, called "Huobi Token" (HT), will be distributed starting January 24 at 10:00 UTC, with a capped total supply of 500 million. According to the official announcement, 60% (300 million HT) will be distributed to users within 15 days, 20% allocated for platform operations and user rewards, and the remaining 20% reserved for team incentives.
Huobi emphasized that this token issuance is not an ICO—there will be no presales or private sales. The company stated HT will be "distributed exclusively through giveaways." Any individuals or organizations claiming to "have private sale allocations of HT" are committing fraud.
How to Acquire HT and Its Use Cases
During the 15-day campaign period, users can receive HT by purchasing point card packages. These packages function similarly to prepaid phone cards but are applied toward trading fees on the exchange (1 point offsets 1 USDT equivalent in fees).
HT serves six primary purposes:
- Trading Fee Discounts: Purchase VIP memberships with HT for tiered discounts (up to 50% off).
- Quarterly Buybacks: Huobi Global will use 20% of its quarterly revenue to repurchase HT, creating an "Investor Protection Fund" for user compensation during emergencies.
- HT Holder-Exclusive Events: Special activities like airdrops for newly listed tokens.
- Spot Trading: HT/USDT, HT/BTC, and HT/ETH trading pairs.
- Governance Voting: HT holders can vote on business directions and priorities.
- Fiat Merchant Collateral: HT acts as collateral for certified merchants in fiat trading zones, enhancing buyer security.
Other Platform Tokens in the Market
Binance pioneered this model in 2022 with its Binance Coin (BNB), also an ERC-20 token with a 200 million total supply (50% sold via ICO). BNB is used for:
- Trading fees
- Token listing fees
- Future decentralized exchange gas fees
Currently ranked #27 by market cap (CoinMarketCap), BNB’s success inspired competitors like OKEx to announce OKB, though details remain scarce beyond its initial ERC-20 issuance and planned migration to OKChain.
FAQs
Q: Can HT be mined or purchased?
A: No. HT is distributed only via giveaways during promotional periods.
Q: What’s the advantage of holding HT?
A: Benefits include fee discounts, exclusive events, and participation in platform governance.
Q: How does Huobi ensure HT’s value?
A: Through quarterly buybacks using 20% of revenue and utility across platform services.
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