Huobi Token (HT)

Overview & History

Huobi Token is an ecosystem token launched by Huobi Global, offering benefits such as trading fee and margin discounts and access to certain trading events. Huobi has committed to using 20% of exchange revenues every quarter to buy HT in the open market and subsequently burn. They also burn tokens used in FastTrack to vote on token listings as well as for ticket sales from Huobi Prime Initial Exchange Offerings (IEO)

History

Huobi was founded in 2013 and has since built one of the largest crypto exchanges in the world. They launched their own native token at the start of 2018. The Huobi Token (HT) distributed through the exchange of “point cards,” which are pre-paid cards for basic services on Huobi, where 1 point is equivalent to one tether (USDT). Holding HT offers users discounts on both trading and margin fees based on a tiered system. Following the lead of Binance who started offering direct token sales through their IEO launchpad, Huobi announced their version Huobi Prime in March 2019.

How Many Huobi Token (HT) Coins Are There in Circulation?

The launch of Huobi Token took place at the beginning of 2018 and did not proceed according to the standard ICO scheme. To begin with, Huobi distributed HT tokens directly to VIP users and regular traders could buy a package of services with a certain amount of tokens. As distinct from an ICO, this method of distributing coins is called an initial exchange offering (IEO).

Huobi Token has a limited total supply of 500 million. After its launch, 60% (300 million coins) were allocated among the users of the exchange and the company kept aside 40% (200 million coins) in reserve.

The decision to create its own token led to an increase in the exchange’s capitalization. The token also helped to encourage users to remain loyal to the platform by offering them exclusive advantages through its various functions.

How Is the Huobi Token Network Secured?

The Huobi ecosystem uses a distributed architecture and anti-DDoS protection system to bolster security. In addition, 98% of the currency is stored in a multisig cold wallet. The exchange also uses a risk control system dubbed “Don’t Be Evil” to ensure the safety of users’ accounts and assets.

Since 2018, the platform has used an asset protection system called the Security Reservation Mech