Huobi Token (HT) is built on Ethereum and was distributed by the Huobi cryptocurrency exchange.
Let’s look a little more into Huobi before we learn about the Huobi Token.
Huobi Global is a cryptocurrency exchange company based in Singapore with regional exchanges and offices around the world.
Huobi was originally created as a Chinese company in 2013 but eventually relocated to Singapore amid the crypto bans in China.
Huobi offers traditional trading, an OTC desk, margin trading, and derivatives/futures trading. These services vary in different parts of the world.
Huobi Token Explained: Utility and Purpose
HT is an Ethereum based token launched by Huobi Global. Huobi Token (HT) is not the same as the Huobi Pool Token. HT is meant to act, in part, as a loyalty point system.
HT can be stored in any Ethereum wallet in which you hold the private keys, including the Ledger Nano S.
Huobi Token provides users a discount for Huobi VIP status plans. Huobi VIP grants fee discounts and a few other perks. There are different VIP tiers with the maximum fee discount being 50%. It also grants voting rights and early access to special Huobi events.
Users can gain access to OTC legal services and sub-token rewards. Huobi Pool Token (HPT) was the first sub-token airdropped to HT holders.
HT is also a way for Huobi to connect its various exchanges as the company expands: Japan, South Korea, the US, etc.
Huobi has planned HT buybacks and burning.
- 20% of revenue from Huobi Global will be used for the regular repurchase and destruction of HT.
- 20% of revenue from Huobi Contract will be used for the regular repurchase and destruction of HT.
Over 33 million Huobi Tokens have already been burned.
500 million tokens were created during the launch. 300 million tokens were sold with the rest being withheld by the team.
Huobi claims that HT can be used within multiple scenarios of Huobi ecosystem, in all types of applications in the global business and ecosystem of Huobi Group. They also claim that it has become an important hub in the Huobi ecosystem.
The Current Huobi Token Market
HT is the 3rd largest ERC20 token by market cap. It’s ranked #17 when including all coins and tokens.
As of now, a Huobi token is worth $2.79. HT is up 83% from its original price. It’s up 212% from its all-time-low (ATL) and down 54% from its all-time-high (ATH).
The ICO price was $1.52. The Current price is $2.78. The ATH is $6.10 and the ATL is $0.889694.
The 24h trade volume for HT is $99.4 million USD.
Compared to other exchange-based tokens, HT is about ⅓ of BNB’s market cap but is about 9 times higher than KuCoin Shares.
Huobi stressed that their token distribution was not an ICO. HT was given to users who purchased service fee packages on Huobi Pro.
The minimum amount of money needed to participate was $100 and the maximum amount was $100k. It was distributed on a first come, first served basis. $300 million was raised. This took place in early 2018, from January 24th to February 28th.
500 million tokens were created. 300 million (60%) went to users, 200 million (40%) went to the team. 100 million of the HT withheld (20% of the total amount) will be used for platform maintenance and user rewards. The other 100 million was vested for the Huobi team, for a four-year period.
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