Huobi Token (HT) Price Today

What is Huobi Token?

Huobi Token (HT) is the native token of the popular cryptocurrency exchange Huobi Global. It is an ERC-20-compliant token which runs on the Ethereum blockchain. The value of the token is reliant on the reputation of the crypto exchange, as well as certain other factors. It is a relatively young project, first launched back in 2018.

Huobi followed other cryptocurrency exchanges such as Binance and launched its native token. With its launch, Huobi Global embarked on a flexible marketing strategy to attract new users and grow the platform. One of the key functions of the HT token is to reduce commissions for trading on the exchange.  Using HT, users can also buy monthly VIP-status plans and receive special discounts on transaction fees.

HT token holders have the power to vote on exchange decisions. They also receive crypto rewards for seasonal buybacks and get early access to exclusive events. Since 2018, Huobi Global has come up with an asset protection system known as the security reservation mechanism.  This protects holders of HT tokens from any financial losses that might occur due to fraudulent activities or other risks associated with crypto trading.

Huobi Token Price Trends

At the time of writing, Huobi Token’s price is at $5.26 with a trading 24-hour trading volume of $9.64 million. The HT’s price has increased by 2.05% in the last 24 hours. The price of Huobi Token has been affected by the performance of the exchange, Huobi Global.

Huobi Global suffered a big blow due to China’s lockdown on crypto trading. At one point, HT’s price reached nearly $40 in May 2021. However, it subsequently dropped to $4.22 due to the ban in China and the subsequent sell-off in the market.

How does HT Work?

Being an ERC-20 token, HT operates on Ethereum.  Its amount in circulation decreases every month by burning process. Token burn events occur when Huobi repurchases and destroys HT tokens. The exchange allocates 20% of its revenue each month to purchase and destroy HT.  15% of its revenue is allocated towards burning HT from its circulating supply. The remaining 5% is spent to burn HT team incentive rewards.

This token has many use cases. It includes holding HT in the exchange’s wallet which lets holders benefit from up to 65% in trading fee discounts. HT tokens also lets users access new cryptocurrency projects and earn tokens from them. Huobi Prime gives holders of a prerequisite amount of Huobi tokens the chance to purchase a newly-launched token at a discount before it gets listed on Huobi. Token holders can also passively earn from their tokens by staking them on Huobi’s PrimePool to participate in new listing projects.

The token is also under the Huobi Eco Chain that hosts DeFi apps such as borrowing platforms and decentralized lending platforms. The Huobi Eco Chain works in a similar fashion to the Binance Smart Chain.

HT Key Events

The following are some of the major events related to Huobi Token.

• Huobi Global was founded back in September 2013.
• In November 2017, Huobi Global moves its headquarters to Singapore after China’s crypto band took place.
• The native token, Huobi Token (HT) launches in January 2018.
• These tokens registered $1 trillion in trades in April 2018.
• Huobi Global acquires the Japanese cryptocurrency exchange, Bittrade in September 2018.
• Huobi Token’s price (USD) reached its all-time low of $0.908620 on January 30^th, 2019.
• HT reached its all-time high of $39.81 on May 21^st, 2021.

HT Mining

This token cannot be mined as in the case of Bitcoin and other major currencies. As an exchange token, these were initially issued in 2018 with a total supply of 500 million. Of that, 300 million were allocated towards perks to people who purchased points cards. 100 million go towards team incentives.

The aim for issuing these tokens was to counter the Chinese crackdown on crypto trading that plummeted volumes. HT does a great job of increasing loyalty to the platform.