What Is Huobi Token?
Huobi Token (HT) is a decentralized Ethereum-based digital asset. The token is produced and distributed by Huobi Group with a limited total supply of 500,000,000 HT issued to date, never to be increased. This amount is divided into three parts: 60 percent is allocated to provide cashback to Huobi exchange users for purchasing its products, 20 percent are for the team’s various incentives, and the rest is spent on rewards for loyal Huobi users.
Similar to Binance’s cryptocurrencies, Huobi Token is not classified as an Initial Coin Offering: the token’s operation involves a loyalty program mainly designed to provide discounts for trading with other cryptos. Buying into different levels of VIP statuses with HT gives users discounts for trades they make on the Huobi platform, allowing them to save up to 50% in transaction fees.
The token can currently be traded for USDT, BTC, and Ethereum and stored on any device or web wallet that supports ETH-20 coins.
Pros and Cons of Huobi Token
Below are some of the most common advantages and disadvantages of using Huobi Token:
Advantages of HT:
- HT holders get exclusive access to Huobi-specific events (like receiving tokens newly-listed on Huobi Pro, etc.);
- The aforementioned transaction fee discount makes Huobi Token attractive to users trading large volumes of crypto;
- Users have the opportunity to provide suggestions to Huobi Pro through surveys;
- With Huobi being an exchange, getting it listed and starting trading is extremely easy.
Disadvantages of HT:
- Huobi Token caters largely to the Asian market;
- HT is backed by the notoriously-controversial USDT;
- There are prior cases of the platform being hacked.