Huobi, the third-largest cryptocurrency exchange in the world launched a new currency: Huobi token ($HT).
Huobi token ($HT) is the native token of the cryptocurrency exchange Huobi Global. It is a decentralized digital asset based on the Ethereum blockchain and is ERC-20 compliant. It first launched in January 2018, hot on the heels of the release of a native token on rival crypto exchange Binance. Having its own token allows Huobi to build a flexible marketing strategy in order to attract new users and further grow its platform.
One key function of the token is to reduce commissions for trading operations on the exchange, which are usually paid from users' wallets. Yet the token has much more to offer. Using $HT, users can purchase monthly VIP-status plans to receive discounts on transaction fees. Token holders have the right to vote on exchange decisions, can receive crypto rewards for seasonal buybacks, and also get early access to special events. $HT holders can, at any point, trade the token for other cryptocurrencies. The Huobi token ($HT) rewards exchange users for their loyalty with lowered transaction fees while also carrying its own value in tradable pairs against popular currencies. The hope was to bring greater value to Huobi’s millions of users, mostly located in Asian countries.
Why Huobi token ($HT) Unique?
The Huobi Token has two main functions. First, the Huobi exchange uses $HT for its loyalty program that rewards members with a range of discounts. The company has also decided to use $HT tokens to confer voting rights on users of the Huobi Autonomous Digital Asset Exchange (HADAX).
To fulfil these functions, Huobi has attempted to keep $HT’s value reasonably stable. To curb inflation, the company allocates 20% of profits for a token buyback program.
Huobi token ($HT) holders have several advantages, which include:
Reduced transaction fees. The Huobi exchange offers a series of discounts for clients with VIP status. With this option, investors and traders can save a decent amount of funds on commissions.
Convenient means of exchange. The platform does its best to make it easy and convenient to exchange Huobi Token and supports the asset as part of trading pairs with numerous popular cryptocurrencies.
Promotion of new tokens. $HT holders receive coins with each listing of new crypto assets and also can also receive a wallet bonus.
Investor Protection Program. The tokens bought out by the exchange are sent to an investor protection fund, whose purpose is to compensate for any financial losses.
Participation in decision making. $HT token holders can vote and thereby influence the development of the Huobi exchange and its wider ecosystem.