Huobi Token PriceHT

What is Huobi Token (HT)?

Huobi Token (HT) is the native cryptocurrency of the Huobi Global exchange, one of the largest and most established digital asset trading platforms. HT is primarily an ERC-20 token on Ethereum; it is also used within the Huobi Eco Chain (HECO) ecosystem. The token was designed to enhance user interaction, governance, and overall experience within the Huobi ecosystem. The token was launched in early 2018 as a strategic move to compete with rival exchange tokens such as Binance Coin (BNB), and it quickly became a core component of Huobi's platform operations. HT has a fixed maximum supply of 500 million tokens, with a portion allocated to user rewards, team incentives, and platform operations. The token is deeply integrated into Huobi's services, including trading fee discounts, access to exclusive token sales, and governance voting rights. Over time, the Huobi ecosystem has expanded to include the Huobi Eco Chain (HECO), an exchange-operated blockchain similar to Binance Smart Chain that hosts DeFi applications such as lending and borrowing platforms. In 2023, Huobi rebranded to HTX to mark its tenth anniversary. HT remains a centralized exchange token with a broad range of utilities across trading, payments, and community governance.

Key Specifications & Tokenomics

• Name: Huobi Token
• Symbol / Ticker: HT
• Blockchain / Platform: Ethereum (ERC-20)
• Category: Centralized exchange token
• Max Supply: 500,000,000 HT
• Total Supply: 203,980,445 HT
• Circulating Supply: 109,400,000 HT
• Launch Date: 2018-02-03 (CoinMarketCap listing date)
• Official Website: https://www.huobi.com/en-us/
• Explorer: etherscan.io
• Contract Address (Ethereum): 0x6f259637dcd74c767781e37bc6133cd6a68aa161
• Token Allocation: 100 million HT for platform operations and user rewards; 100 million HT for team incentives; 300 million HT distributed via point card sales
• Burn Program: 20% of contract revenue used to buy back and burn HT; 292.649 million HT burned as of May 15, 2022
• Consensus Mechanism: Not applicable (ERC-20 token on Ethereum)

Who created Huobi Token?

Huobi Token was created by the founding team behind the Huobi Group, which was established in China in 2013. The exchange was co-founded by Leon Li, a former computer engineer at Oracle and an early Bitcoin supporter, along with Jun Du, who also served as CEO of Node Capital and BiKi.com. A third co-founder, Herbert Rafael Sim, is the founder of Crypto Chain University and has a background in media with roles at Forbes and Huffington Post. Huobi operates Huobi Global, Huobi China, and Huobi US, and has acquired tools such as Quick Wallet to improve customer convenience. Huobi was founded in China in 2013; it later expanded internationally and moved operations to Seychelles for more favorable crypto and financial regulations. Some sources also describe it as Singapore-based. The team launched HT in 2018 as a means to compete with other exchange tokens and to provide additional utility and incentives for Huobi users.

How does Huobi Token work?

HT is an ERC-20 utility token on Ethereum; it does not secure Ethereum's consensus. Within the Huobi/HTX ecosystem it functions as a utility and discount token, similar to how BNB functions on the Binance back-end. The token is primarily used within the Huobi exchange ecosystem to facilitate on-platform governance, rewards, and special event access. Holding HT allows users to enjoy tiered trading fee discounts based on the amount of HT held and their trading volume. The token also grants holders priority access to new cryptocurrency listings on the exchange, enabling early investment in emerging projects. HT holders can vote on some platform proposals, including which new cryptocurrencies are listed; voting weight increases with the number of tokens held, so governance is weighted rather than one-token-one-vote. The token is integrated into the Huobi Eco Chain (HECO), an exchange-operated blockchain similar to Binance Smart Chain that hosts DeFi applications such as lending and borrowing platforms. Huobi also implements a buyback and burn strategy, using 20% of contract revenue to purchase HT from the market and remove it from circulation, gradually deflating the total supply.

What makes Huobi Token unique and valuable?

Huobi Token distinguishes itself through its deep integration with one of the world's largest cryptocurrency exchanges and its multifaceted utility within the Huobi ecosystem. Unlike many tokens that serve a single purpose, HT provides a combination of trading fee discounts, priority access to new token listings, governance voting rights, and participation in promotional airdrops. The token's value is further supported by Huobi's buyback and burn program, which systematically reduces the circulating supply. The buyback and burn program reduces circulating supply; whether this affects price is uncertain and depends on market conditions. HT also plays a central role in the Huobi Eco Chain (HECO), an exchange-operated blockchain that hosts decentralized finance applications such as lending and borrowing platforms. The exchange's global reach, with operations spanning multiple jurisdictions and a broad user base, adds to the token's utility. HT is intended to serve as a common mode of payment across the Huobi ecosystem and is positioned for use in OTC trading and corporate payments. The rebranding to HTX and the introduction of initiatives like the Dominica Metaverse Bound Token (DMBT) demonstrate the ecosystem's ongoing evolution and commitment to Web3 and metaverse globalization.

What is Huobi Token used for?

Huobi Token serves multiple functions within the Huobi exchange and its broader ecosystem. Its primary use is to provide trading fee discounts, with the level of discount determined by the amount of HT held and the user's trading volume. HT holders also gain priority access to new cryptocurrencies listed on the exchange, allowing them to invest in emerging projects before they are widely available. The token grants voting rights, enabling holders to participate in platform decisions such as which new cryptocurrencies should be listed. Additionally, HT is used to facilitate promotional airdrops, with holders rewarded in HT whenever the exchange lists new crypto assets. HT is intended to serve as a common mode of payment across the Huobi ecosystem and is positioned for use in OTC trading and corporate payments. Furthermore, HT is a component of the Huobi Eco Chain, where it supports decentralized finance applications including lending and borrowing platforms. HT bought back by the exchange is sent to an investor protection fund intended to compensate users for losses caused by bad actors or system failures; the fund's size and payout rules are not disclosed.

How Is the Huobi Token ecosystem developing?

The Huobi Token ecosystem has undergone significant development and expansion since its inception. In 2019, Huobi unveiled Huobi Prime, an initial exchange offering (IEO) launchpad platform that allows users to participate in direct token sales, following a trend set by Binance. The Huobi Group ecosystem now encompasses a wide range of services, including public chains, digital asset trading and wallets, mining pools, proprietary investments, incubation, and digital asset research. The launch of the Huobi Eco Chain (HECO) introduced an exchange-operated blockchain aimed at facilitating lower transaction costs and greater scalability, hosting various DeFi applications. In 2023, Huobi rebranded to HTX to mark its tenth anniversary. The same year, Huobi announced the Dominica Metaverse Bound Token (DMBT) to advance the globalization of Web3 and the metaverse. The exchange offers a large number of trading pairs; one source counted nearly 400 as of 2022. Huobi has also expanded its operations to include Huobi Global, Huobi China, and Huobi US, and acquired tools like Quick Wallet to enhance customer convenience.

How to mine Huobi Token?

Huobi Token cannot be mined in the traditional sense, as it is an ERC-20 token built on the Ethereum blockchain and does not rely on a proof-of-work consensus mechanism. Instead, HT was initially distributed through the trade of 'point cards,' which are prepaid cards for basic services on Huobi, where one point was equal to 1 Tether (USDT). The token was also distributed as rewards to users who purchased prepaid services on the platform. Huobi employs a buyback and burn strategy rather than a mining process, using 20% of the revenue generated from contracts to purchase HT from the network and remove it from circulation. This deflationary mechanism is designed to gradually reduce the total supply. As of May 15, 2022, Huobi had burned a total of 292.649 million HT tokens. Users can acquire HT through trading on various cryptocurrency exchanges or by participating in platform activities that reward holders with HT, such as promotional airdrops when new crypto assets are listed.

How to keep your Huobi Token Coin safe?

Keeping Huobi Token safe requires a combination of secure storage practices and vigilance against common risks in the cryptocurrency space. Since HT is an ERC-20 token on the Ethereum blockchain, it can be stored in any compatible wallet that supports ERC-20 tokens, including hardware wallets, software wallets, and exchange wallets. Hardware wallets, which store private keys offline, are generally considered the most secure option for long-term storage, as they are less vulnerable to online attacks. Software wallets offer convenience but should be protected with strong, unique passwords and two-factor authentication where available. When using exchange wallets, it is important to enable all available security features, such as two-factor authentication, withdrawal whitelists, and email confirmations. Users should also be cautious of phishing attempts, fake websites, and social engineering attacks that target cryptocurrency holders. HT bought back by the exchange is sent to an investor protection fund intended to compensate users for losses caused by bad actors or system failures; the fund's size and payout rules are not disclosed. This should not replace personal security measures. Regularly updating wallet software, backing up private keys and seed phrases in secure offline locations, and avoiding sharing sensitive information online are essential practices for safeguarding HT holdings.