Huobi Token (HT) is the official cryptocurrency of the Huobi Global exchange. It was originally founded in China in 2013 but later moved its operations to Seychelles due to more favorable regulations for cryptocurrency and finance.
- Huobi Token (HT) is native token of Huobi Global – an international crypto exchange founded in 2013.
- Huobi Token is used as part of a loyalty program that offers discounts to members of the exchange.
- HT is part of the Huobi Eco Chain, which hosts DeFi applications and functions in similar concept to that of Binance Coin (BNB).
- HT holders can participate in decision-making, receive rewards and discounts, and trade the token for other cryptocurrencies.
Huobi gained popularity among individuals interested in investing in projects through trading and Initial Coin Offerings (ICOs). In 2018, Huobi released its exchange token, similar to Binance, which allows users to participate in on-platform governance, receive rewards, and access special events.
How does Huobi Token Work?
The Huobi Token serves two primary purposes. Firstly, the Huobi exchange utilizes HT for its loyalty program, which offers members a variety of discounts. Additionally, the company has chosen to use HT tokens to grant voting rights to users of the Huobi Autonomous Digital Asset Exchange (HADAX). To support these functions, Huobi aims to maintain a stable value for the HT token. To curb inflation, the company allocates 20% of its profits to a token buyback program.
HT token holders are given several benefits due to the token’s circulation, including:
- Reduced transaction fees, as the Huobi exchange offers discounts for clients with VIP status, allowing investors and traders to save money on commissions
- Convenient exchange options, as the platform makes it easy and efficient to exchange Huobi Token, and supports it as part of trading pairs with multiple popular cryptocurrencies
- Promotion of new tokens, as HT holders receive coins with each listing of new crypto assets and also receive a wallet bonus
- Investor Protection Program, as the tokens bought back by the exchange are sent to an investor protection fund, which aims to compensate for any financial losses
- Participation in decision-making, as HT token holders are able to vote and influence the development of the Huobi exchange and its wider ecosystem.
HT is part of the Huobi Eco Chain, which hosts DeFi apps such as decentralized lending and borrowing platforms. The Eco Chain is comparable to the Binance Smart Chain. In fact, the whole idea of the Huobi Token is very comparable to the concept of the Binance exchange with its own native token. HT helps to secure the network and offers benefits for Huobi users, the same story that plays out with Binance Coin (BNB) holders. HT even has similar tokenomics.
Huobi Token Development
Huobi Group was founded by Leon Li who also serves as its current CEO. Li graduated from Tsinghua University’s Department of Automation and was a Bitcoin supporter since 2011. Prior to starting Huobi Group in 2013, he worked as a computer engineer at Oracle, the world’s largest database provider.
Huobi Token is a relatively recent, having been launched in January 2018, shortly after the release of BNB from the rival cryptocurrency exchange Binance. By issuing its own token, Huobi was able to develop a flexible marketing strategy to attract new users and expand its platform.
Huobi Token FAQ
What Makes Huobi Token (HT) Unique?
HT was introduced in part to compete with Binance and its native BNB token, similar to which the Huobi Token serves as a uniform payment method across its ecosystem.
Among the token’s main functions is to reduce fees for trading operations on the exchange, which are typically paid by users. Although, the token has many other benefits. For example, users can use HT to acquire monthly VIP-status plans that offer further discounts on platform fees. Holders of the token have the right to vote on exchange decisions, are eligible to rewards in crypto for seasonal buybacks, and gain early access to special events.
What are the benefits of holding Huobi Token (HT)?
HT token holdings have several benefits due to the token’s circulation, including:
- Reduced transaction fees: The Huobi exchange offers discounts on fees to clients with VIP status, allowing investors and traders to save on commissions.
- Convenient exchange: The platform makes it easy to exchange Huobi Token and supports the asset in trading pairs with various popular cryptocurrencies.
- Promotion of new tokens: HT holders receive coins with each listing of new crypto assets and can also receive a wallet bonus.
How Is the Huobi Token Network Secured?
To enhance security, the Huobi ecosystem uses a distributed architecture and anti-DDoS protection system. Additionally, 98% of the currency is stored in a multi-sig cold wallet. The exchange also employs a risk control system called “Don’t Be Evil” to ensure the safety of user accounts and assets.
Since 2018, the platform has utilized an asset protection system called the Security Reservation Mechanism and launched its Investor Protection Fund in January of that year. These measures provide insurance for HT holders against financial losses resulting from fraudulent activities or other risks associated with cryptocurrency trading.
What is the Circulating Supply of Huobi Token?
At the current time of writing (January 2023), there are 162,233,844 HT in circulation. The total supply of Huobi Tokens (HT) is 500,000,000.
Huobi Token acts as an addition to an existing platform that is user-rich, and given its utilities, it is a needed one. The same applies to our upcoming token – DUA, which will bring Web3 to fragmented communities around the world, all integrated through the dua matchmaking app, further enriching an ecosystem of +5M users. Check out DUA token here, and follow our Twitter!