Huobi Token and its Uses
Huobi Token is a digital token created by the Huobi team as an additional tool for paying commissions for transactions. Huobi Token will be also available for trading and can participate in trades with BTC, ETH, and USDT. The Huobi Exchange has released a fixed total of 500 million Huobi Tokens on the ERC20 protocol, never to be increased. 300 million Huobi Tokens will be given as gifts for purchasing Point Cards. Huobi Tokens can only be purchased on the Huobi exchange for BTC, BTH, ETH, ETC, LTC, and USDT.
Huobi Tokens can be used in various ways. You can earn money by voting on Huobi Autonomous Digital Asset Exchange for free. Now, users can get free tokens from projects by voting for their preferred project on HADAX. The top two winning projects get listed and in case you voted for them, you get a reward from the projects. All you need is just choose the winner and then be rewarded with their crypto-coins. Consequently, the Huobi Tokens has been booming the last days: people purchase HTs to vote and keep them to vote for future rounds.
Thus, HT holders can participate in community decision-making which is free of charge. In the 3rd phase of HADAX Voting, HT holders can cast free votes. The HT paid during the voting is just a witness, which can be returned at any time after the voting.
First, the users pay for the votes and then get refunds under no conditions. 1 vote costs 0.1 HT. After the end of the voting, the winning projects will hold the refund of HTs before they are listed. The users can have their votes for the unsuccessful projects that are automatically refunded at least 72 hours before the voting ends or saved them until the projects win and then have them refunded by HADAX. After the token is listed, teams can create their own incentive rules and distribute the incentives among the voters in proportion to the number of votes. The reward tokens from project teams will be sent to users in 4 installments. When the token is running on HADAX, the voted users will receive the first quarter of tokens. Later, they will receive each quarter every next week.
All the Huobi tokens paid for the voting will be refunded. The rule during the last 72 hours of each phase is created to avoid impact on the final results by frequent voting and refunding. Users can have their paid HT refunded at any other time.
Super Voting Nodes are professional investment organizations with excellent reputation introduced by HADAX. Their main responsibility is to help HADAX in professional voting and evaluation of the projects applying for the listing. Their votes represent their recommendations for HADAX listing. Projects received 100% of votes will be listed on Huobi Pro. The list of projects to enter the public vote according to the number of votes from high to low will be selected based on the voting results from the Super Voting Nodes. Thus, it will be easier for users to identify quality projects and reduce the investment risk.
The project provides the Security Deposit which means that the projects have to pay 500,000 HT as a deposit, which will be returned to teams regularly in the next 12 months. If the team has the right to the delisting conditions, this deposit will be paid to users as compensation.
You can also use HTs for the discount up to 50 percent on the trading fees, which will be very attractive to those who trade large volumes of cryptocurrencies.
The exchange raises the price of the tokens artificially. To do this a part of the tokens is redeemed at the end of each quarter. To ensure sufficient liquidity and protect user interests, 20% of the total profit of the platform is spent on this. According to the administration, the ransom returns tokens in a certain fund, intended to protect the investors. The Huobi tokens that were bought back will be distributed to Huobi Investor Protection Fund (HIPF) in a certain proportion. The HIPF is created to protect the benefits of the investors and compensate for the losses by Huobi users in case of any complications or when risks arise on the platform, to ensure market stability and protect the interests of investors.
With these buybacks, the number of Huobi tokens in the market will reduce, and as we know, in economics, when the supply of a commodity reduces relative to its demand, prices rise.
Huobi token holders will enjoy exclusive events such as receiving tokens newly listed on Huobi Pro just by hodling HTs from time to time. This is going to greatly increase the price of HTs as many people will hold the tokens for the sake of these benefits.
Huobi is the cryptocurrency exchange, so it shouldn’t be difficult to get it listed and start trading. Huobi is currently the sixth Largest exchange by volume thus this will also greatly increase the value of HT tokens. HTs can be traded in HT/USDT, HT/BTC, and HT/ETH pairs.
Occasionally, Huobi token holders have an exceptional opportunity to provide suggestions to Huobi Pro through surveys. For example, the level support of HT holders will inform Huobi Pro’s token listing decisions as Huobi Pro applies its strict rating system.
Huobi Token has many use cases, and the most attractive one is getting free coins by voting for the preferred projects on HADAX. If you voted for top 2 projects, you get a reward with their coins. Thus, the excitement around Huobi Tokens during the last days is justified.
Moreover, Huobi Tokens have another use cases such as receiving coin airdrops, the discount on the trading fees, liquidity protection, and trade against popular coins. There is no other token in the market that gives you high incentives than Huobi at the moment and this explains why the token value is growing steadily. HT will be available to use on Huobi Global Platforms as Huobi Japan, Huobi Korea, and Huobi Wallet.