What is Huobi Token?

What is Huobi Token

With a little insight into the world’s top 20 digital currencies, we will come up with new names, one of them being Huobi token. Huobi is the third largest digital currency exchange in the world that launched a new currency, the Huobi Token (HT). It has been able to reward its loyal users by lowering trading rates. It was hoped that the digital currency would be of value to millions of users, mostly in Asian countries. It’s priced at $ 3.92 and has a market size of just under $ 1 billion.

The launch of Huobi Token was created followed by other tokens launched by online currency exchanges. The first and most successful of these coins is BNB. The creation of the BNB has made Securities the world’s leading currency exchange trader. In fact, Binance offered discounted transaction costs in exchange for customer loyalty, which served primarily as a loyalty reward system. However, as demand for this coin increased, so did prices. Binance is still the largest currency exchange in the world, and BNB is ranked eighth in digital currency ranking.

Genesis of Huobi Token

The online currency exchange officially announced its intention to launch a new Coin on January 22, 2018 named Huobi Token. Within 15 days it distributed 300 million HT (60% of total supply) to its professional users who had purchased a discount service package. Every morning, a new batch of HT is available. Due to the nature of the proposal, they declared the token distribution plan is called “non-ICO”.

One of the reasons for the coin presentation was that the digital currency was able to use it as part of a general strategy to regain the power of its users, after tightening the rules of currency trading in China. Leon Lee, founder of the Digital Currency Exchange, revealed that Chinese law changes between September 15 and November 1, 2017, have reduced the trading volume on this trading platform by 95%. As the business gradually recovered, the leadership team saw their new Coin as an opportunity to boost their business.

Genesis of Huobi Token

Benefits of Huobi Token

We need to consider the benefits of Huobi Token. This currency code offers various benefits to users. Many of these benefits are in line with other cryptocurrencies such as BNB and LEO.

  1. Discount transaction fees

Users can use HT to buy different types of VIP status on the exchange. VIP status works jointly and users pay a monthly subscription fee. The highest of this level grants a 50% discount on transaction costs. This level of discount is similar to the discount plan for Business and Phoenix. However, unlike business, there is no time limit for the VIP status to expire. As long as you continue your monthly VIP subscription, you can maintain a 50% discount for years.

  1. Purchase liquidity

The platform occasionally uses the proceeds of transaction fees to redeem Huobi tokens. Seasonal refund targeting is twice the amount of coin available. First, it promotes liquidity in trades and increases in HT prices and avoids token hoarding. Second, the repurchase of their User Support Fund replenishes with HT. A protection fund has been created to protect against commercial fraud or fraud and emergency compensation.

  1. Initial access and events

Early access to coins can be valuable. As part of the VIP subscription service, users may be able to access assets traded through trading platforms or special events sooner. In some ways, a VIP access plan is like a pay-per-view scenario and is morally questionable. However, it is difficult to say exactly what the benefits of VIP subscribers have been to date, as these events and early access are private.

  1. Ability to trade against public currencies

The platform supports Tether, Ethereum and Bitcoin trading pairs. One of the benefits of currency exchange created by currency exchange rates is their quick supply. You may not use Huobi or may not want to buy VIP packages, but you can still buy Huobi tokens to guess the future value.

  1. Polls and voting rights

One of the often overlooked but important advantages of HT ownership is the right to vote in exchange decisions, including new assets. At first, this seems to be a democratic way of resolving asset list priorities. However, the assets they want to register in Huobi simply need to buy a lot of HT and vote themselves.

Result

In this article, what is the Huobi Token question is answered. As mentioned, the platform offers an exciting opportunity for large-scale traders. Its VIP packages are deliberately targeted at major investors. In addition, ratings on the listing performance of coins makes convincing new tokens a top priority for HT purchases. So far, this seems to have seen a gradual and steady release. If this trend continues, expect the demand for coin’s supply to rise and raise the price of token.

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