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Huobi Token (HT) Logo
$ 4.17 B
HT 22.52 M
~ 500.00 M
Total Coins Mined
~ 500.00 M
*General last updated 09/25/20 4:14:24 PM
Huobi is one of the oldest centralized cryptocurrency exchanges currently operating today. The Huobi token was launched as a means of blockchain distribution management based on a points system. Unlike a traditional ICO, you cannot ‘buy-in’ to receive Huobi tokens as they are only available through the purchase of points cards through Huobi Pro. Like Binance Coin (BNB), the token is redeemable for cheaper trading fees. The ticker for Huobi Token is HT.
There is a fixed supply schedule of 500 million HT to be released, with around 300 million given as gifts through the purchase of points cards. Through the Huobi Investor Protection Fund (HIPF), roughly 20% of all HT in circulation are bought back by the exchange every quarter.
Huobi is a Singapore-based cryptocurrency exchange founded in China. The exchange along with other centralized versions across the blockchain landscape offer a means of settling trades in crypto-fiat and crypto-crypto pairings, and as such contribute to the promotion and advancement of the cryptocurrency industry worldwide. Huobi, along with other Chinese exchanges came under fire from the Chinese government in 2013 in a move to stifle mainly Bitcoin and other top tradable currencies in the country. Since then, governments including the Peoples' Republic have softened their tone towards digital asset trading and today, Huobi remains China’s most lucrative blockchain-based exchange by volume. The Huobi Token then represents a competitive advantage angle that some exchanges including Binance and Gemini have begun to implement in an effort to steer traffic and customers to their platforms.
Huobi was founded by Leon Li in 2013, and the Huobi Group officially launched a Bitcoin trading platform in September of that year. Currently, Huobi group operates a number of subsidiaries, with offices in China, Japan, Korea, and the United States. Huboi Token represents just the latest in a string of projects launched by the blockchain conglomerate.
HT is an ERC-20 token running natively on the Ethereum blockchain. Notable features include 50% discounts on trading fees, the option of voting, and airdrop programs for winning votes through Huobi Pro.
HT is interoperable with Huobi’s new decentralized exchange Huobi NEXT. Being an ERC-20 token means that features programmed into the token are through smart contracts to facilitate its functionality. Through NEXT, HT used to rank which coins will be listed, which is done through community-based voting. This way, Huobi NEXT remains autonomous. Users who successfully vote on a chosen coin receive cryptocurrency via airdrop as an award.
Being a tradable token, HT is subject to the same price appreciation/depreciation and volatility as other cryptos. But unlike other cryptos, it can serve as a means of passive income through successful voting schemes in a way that mimics other micro-stacks like Earn.com. Some proponents have argued that HT may very well give Binance coin a run for its money by being the latest exchange-issued token to come to market.
Aside from receiving initial HTs through Huobi Pro, they are also purchasable on secondary exchanges like Coinbase through Bitcoin. HT has not been in circulation long enough to have a sizable impact on the cryptocurrency ecosystem but does boast an 890 million dollar market capitalization. Recently, the Huobi exchange has come under fire for being accused of contributing to the EOS vote buying scandal that is currently unfolding. Allegedly, Huobi accepted funds from relevant stakeholders in return for their support of certain projects via EOS’s ‘21 block-producers,’ fueling debate within the blockchain space about ethics surrounding surrogate voting for block producers in general.