What is Huobi (HT)? Project overview
Huobi (HT) is the native token of the Huobi Global cryptocurrency exchange. It is considered a promising new initiative and is currently ranked 59th in digital currencies market capitalization.
Project goal
With a history dating back to 2013, Huobi is one of the leading cryptocurrency exchanges in the world. Despite its Chinese roots, its creators relocated the main office to Singapore and renamed it Huobi Pro (later Huobi Global) in 2017 due to China's aggressive policy towards cryptocurrencies.
Leon Li, a computer engineer and Bitcoin enthusiast who started his career as an Oracle DBMS developer, is the founder and CEO of the crypto exchange. This start-up received investment from major venture capital funds such as the Zhen Fund, Sequoia Capital and Dai Zhikang.
Initially, the platform focused solely on Chinese users. However, after local authorities introduced restrictions, the global market became the only prospect for cryptocurrency exchanges. As a result of the forced relocation, the company had to temporarily halt trading, which nearly led to the project's collapse. One of the emergency measures to quickly fix the situation was the creation of a native token.
Everything you should know about the Huobi (HT) token
Goals and purpose
Huobi (HT) is the native token of the Huobi Global cryptocurrency exchange, built on the Ethereum blockchain and adhering to the ERC-20 standard. Its development was aimed at addressing key challenges the platform faced during the 2017 trading volume decline. These included increasing existing users' loyalty, attracting new investors, and expanding into new markets around the world.
As per the developers' design, the Huobi (HT) cryptocurrency can be used both within the Huobi extended ecosystem and directly on the Huobi Global exchange. It provides its holders with the following benefits:
- Voting rights determine the development of the cryptocurrency exchange and ecosystem. Specifically, users can influence the selection of tokens for listing and delisting;
- The free allocation of tokens during the listing of new cryptocurrencies.
- Discounted trading fees. The platform operates a five-level discount system, allowing VIP users to save 10% to 50% on fees;
- Ability to exchange various virtual currencies through multiple trading pairs.
Huobi (HT) maintains its price stability by buying back tokens with 20% of its revenues.
Issuance and allocation
Huobi (HT) was launched in 2018 with a limited supply of 500 million, following Binance's own token release. The platform allocated 300 million tokens (60%) to its users, while 200 million (40%) were reserved.
Huobi (HT) tokens were distributed through an initial exchange offering (IEO) instead of the traditional initial coin offering (ICO) format. Initially, only VIP users of the Huobi cryptocurrency exchange had access to HT tokens, while other traders were offered a package of services at a fixed price.
Current market trends
According to coinmarketcap.com, at the time of writing, Huobi (HT) was trading at $5.24. There are 162,233,844 Huobi (HT) in circulation (32%). Its market capitalization is $850,459,908 and it trades for $13,750,387 every day.
