Cryptocurrency exchanges play a key role in the cryptocurrency ecosystem. They provide many services for users who want to simplify trading or exchange currencies. Most of them issue their tokens so that their members can take advantage of additional features of their platforms. Some of the most popular coins among cryptocurrency tokens in this sector, and Huobi Token crypto(HT) from the Huobi exchange is one of them.
Being the only token that Huobi officially issues, HT provides its holders with many features, including discounts on commissions, participation in the platform’s events, and much more.
What Is Huobi Token?
The Huobi token—released in 2018—is the official ERC-20 sample token, the token of Huobi Group, owner of the well-known cryptocurrency exchange Huobi. It has a limited supply of 500M. As a result, HT holders receive many benefits and options, including discounts on commercial rates. Huobi Group also offers many applications in which holders can use HT.
Huobi Group has divided the 500 million HT into three categories. First, the company set aside 100 million HT as an incentive for the team as part of a four-year roadmap. Likewise, 300 million HT were given away by the group for free to those users who bought “point cards.” Finally, the remaining millions of HT will serve as incentives for users and contribute to the platform’s development.
History of Huobi
In 2013, Leon Li founded the Huobi exchange in China. After some government restrictions, he registered the exchange in Singapore, but the Chinese branch is still active as a blockchain consulting and research company.
Huobi currently operates as a holding company called Huobi Global with offices in Hong Kong, Korea, Japan, and the United States. In 2018, it went public in Hong Kong and is now one of the largest cryptocurrency exchanges in the world.
What Is HT Used For?
As noted above, Huobi members or any users can take advantage of the many features of the Huobi token. In addition to some common uses, such as trading and payments, HT holders will have privileges and benefits within the Huobi ecosystem. Furthermore, most Huobi partners accept and support HT, making this cryptocurrency universally applicable.
HT holders enjoy exclusive opportunities from Huobi Global. Users can become Huobi VIPs and take advantage of the many features of this offer, earning the HT equivalent of $160,000. In addition, another important reward is reserved for HT-enabled sellers.
Huobi provides support for HT Cross Margin escrow. This makes it easy for HT holders to deposit their tokens to borrow other coins. Another bonus for HT holders is using this token in Huobi margin trading, giving them a richer specialized trading strategy.
Some rebates on commissions can be crucial for the seller. Sellers spend a portion of their earnings on each transaction and transaction. Consequently, many of them are looking for ways to get a discount on these commissions.
Almost all crypto exchanges with a dedicated token offer a discount on trading commissions to token holders. For example, the default trading fee for spot trading on the Huobi exchange is 0.2%. Huobi token holders can get the discount simply by funding their HT account.
For HT holders, the first tier of deductions is 10%, which will reduce the trading commission to 0.18%. After that, the size of the discount increases depending on the user’s HT retention level and reaches 90% for professional users with 2,000 HT or more.
Huobi takes a community approach to the future development of the platform. HT includes voting rights that allow users to vote on various topics, such as future coin lists. For example, the decision to change the Token Writing Interval from quarterly to monthly was based solely on the vote of HT holders. The token can also be used as tickets to Huobi events such as Huobi Bitcoin Pizza Day. This is an annual pizza day hosted by Huobi Global, where HT owners receive exclusive awards. In addition, several companies accept it as payment for their services.
Huobi ECO Chain
There is also a popular way to earn interest using a Huobi token in Huobi’s decentralized ecosystem, the Huobi ECO Chain (HECO). HECO Chain is an EVM-compatible, decentralized public blockchain with smart contracts and support for high-performance transactions. In addition, it has cross-network functionality and low gas fees.
Current decentralized applications (dApps) on HECO have decentralized mining and stacking functions, debit and credit mining capabilities, credit projects, and various other financial projects. You can see a complete list of decentralized HECO applications. HT staking can take place directly through the Huobi exchange or on the HECO network.
Differences Between HT and Other Tokens?
Huobi token has some similarities and differences from other well-known cryptocurrency exchange tokens such as BNB, CNB, and EXM. For example, some exchange tokens are required for trading, but not HT.
Huobi Token focuses on improving the user experience and seller satisfaction on the leading exchange platform. By offering many rewards and options such as mining, trading commission discounts, VIP membership, and discount opportunities, Huobi is somehow trying to expand its ecosystem with HT.