- 20% of revenue from Huobi exchange is used for buyback and burning of HT tokens that helps in reducing supply and pushing up its value
- Huobi Token serves as a governance token and allows users to have a share in shaping the future of the protocol by voting power
- Holders of Huobi Token token are entitled to discounted fees (65% reduction)
- Holders of Huobi Token can also earn new tokens and get early access to new projects on the Huobi Prime platform
- Huobi Token holders can stake their tokens to earn free airdrops
- Huobi Token users can earn interest by staking their tokens on the HECO chain
- A large amount of tokens are in the hands of a few investors taking away the decentralised part of the project
Huobi Token (HT) in a nutshell
The HT token provides many benefits to its users as it is the native token of the Huobi exchange. Users can get discounts in terms of fees; the HT token can also be staked and users can get access to PrimePool products and free airdrops.
The HT token is also regularly burned by the Huobi exchange further reducing its supply. The Huobi token is also used as a governance token inside the exchange.
The initial total supply of Huobi Token was 500 million tokens but Huobi carries out regular buyback and burns operations to reduce the supply and control inflation. The project functions as a decentralised ecosystem. The distribution mechanism is explained below:
Reserved for Huobi users: 300 million
Huobi Team: 100 million
Platform rewards: 100 million
Has Huobi Token Token been audited and doxxed?
Yes. The Huobi Token token has been audited by Callisto Network. The team behind the Huobi Token Token publishes regular documentation via press releases and is active on social media channels.
Trust & Fairness: 4
Exchanges & Swaps: 4
Overall Rating: 3.75
Detailed Review of Huobi Token (Huobi Token)
The Huobi Token is the native token of the Huobi exchange. Exchange tokens generally tend to do well and see a price appreciation in the long term because of their inherent use case—they offer discounts and attractive features inside their exchange ecosystem. HT is no exception and provides its holders with numerous benefits making it an attractive investment option.
HT is an ERC-20 token and Huobi carries out a buyback and burn program through the revenues generated through the exchange. This ensures that the supply of the Huobi Token is reduced and the price can appreciate in the long term.
Holders of the HT token are entitled to VIP membership where they can get attractive discounts while trading. The HT token can also be staked for earning free airdrops or interest. Huobi also provides early access to the PrimePool ecosystem where tokens are launched but this is also reserved for the holders of the HT token.
Holding Huobi tokens can provide another added benefit in the form of governance or voting power where users can decide the future of the network.
Where to Buy Huobi Token Token?
The Huobi Token token can be bought on almost all popular exchanges such as Huobi, KuCoin, Poloniex, FTX, LBank, BitWell, ProBit, CoinTiger, AEX, ZBG, YunEx, Pionex, Bitay, Bkex, Hotbit, HitBTC, Hoo, DragonEX, Tokenlon, Finexbox, BitForex and Bibox.
You can buy Huobi Token either through cash via P2P (peer to peer), credit or debit cards, or through other cryptocurrencies.
If you already hold some crypto, then you can use the coins to purchase Huobi Token directly through supported decentralized exchanges such as Uniswap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing Huobi Token (for example: ETH/Huobi Token). The decentralised exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Huobi Token token. You can also use Huobi Token for purchasing other altcoins through the decentralised route as explained above.
What Can you do With the Huobi Token Token?
Use Huobi Token for discounts: The Huobi Token holders can get a maximum discount of up to 50% if they purchase a VIP account on Huobi using HT tokens. VIP members also get early access to tokens and special events organized by Huobi.
Hodl as a long term investor: You could also simply hodl it and gain from its price appreciation in the long term. The token also generates passive income for its holders as it can be staked.
PrimePool Rewards: Staking HT tokens on Huobi PrimePool entitles users to special airdrops and access to new projects being launched through the Huobi ecosystem. It is similar to the Binance Launchpad mechanism.
Voting Rights: HT is also a governance token and grants voting power to its holders for various decisions regarding the Huobi ecosystem.
Swap Huobi Token to other tokens: You can use Huobi Token and directly swap to other altcoins on a decentralised exchange. The process is quick and simple and is described below.
How to Swap Huobi Token to other altcoins
Simply head over to a decentralised exchange and connect your wallet. Then, select the amount of Huobi Token you wish to spend (factoring in transaction fees) and swap for another crypto token. You will receive the tokens in the same wallet.
How to Buy Huobi Token?
In order to buy Huobi Token, you will need to use a centralised exchange or a decentralised exchange. Decentralised exchanges (DEXs) are simple and easy to use and do not require any registration. The process of token swap on DEXs has been explained above.
For purchasing Huobi Token on a centralised exchange, you will need to register and create an account with the exchange and then deposit fiat currencies or crypto assets that can be used to buy Huobi Token. You will need to complete the Know Your Customer (KYC) procedure to open an account on a centralised exchange.
Steps to open an account on a centralised exchange:
1. Go to the exchange site where Huobi Token is listed and click on the Register button.
2. Then select your country of residence and proceed to the registration interface. Here, you will need to provide your email ID/phone number and a password that will be used to login into the newly created account. You should select an exchange that offers Huobi Token as a product in your country of residence.
3. Click on the agree to terms and conditions button and wait for the verification mail or message.
4. Clicking on the verification tab will take you to your new account. You will need to provide documentation such as a driving license, passport or other government-issued IDs to confirm your identity and address. A utility bill and national ID may also be accepted in some cases. This process is known as the KYC regulation and it is in place to prevent the risk of fraud and to ensure that the site is safe for all users. This is the last step before you proceed to purchase Huobi Token.
5. Once this additional step is completed, the exchange will activate your account and you can deposit funds to start trading. You can select fiat currencies or cryptocurrencies supported by the exchange to deposit funds to buy Huobi Token.
6. Most exchanges support multiple payment methods including credit/debit cards, bank transfers, third-party payment processors and P2P transfers for buying Huobi Token.
Upcoming Events/Future Roadmap
The Huobi exchange has plans to launch an NFT marketplace and successfully conducted a trial of its upcoming NFT marketplace. It will allow users to collect and sell digital artworks and collectibles and the HT token is also expected to play an important role in this upcoming ecosystem.
The all-time high price of one Huobi Token was $39.66 on May 12, 2021. It is currently trading at $9.95 at the time of writing (Source: CoinGecko). The all-time low price was $0.908620 on January 30, 2019. Comparing the all-time low and all-time high price, we get returns of about 989.6% which are very impressive returns. The Huobi Token token is slowly establishing its position as a leading cryptocurrency. The Huobi Token price can be checked on sites like CoinGecko and CoinMarketCap.