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The Huobi Token (HT) is an exchange token launched by the exchange Huobi in 2018. An ERC-20 token, the token can be used within the Huobi ecosystem is several different ways.
Exchange tokens have been growing in popularity in 2019, with Binance Coin from Binance’s exchange being the most prominent of them. These tokens are used by users to avail several benefits on the exchange, including fee waivers and discounts on investing in new tokens. The tokens are strongly linked to the exchange’s services, giving users an incentive to purchase the token.
There are a total of 500 million tokens, and there is a 4 year freezing period for the tokens. Every quarter, Huobi Pro uses 20% of its income to buy back some HT on the open market. This is then allocated to the Huobi Investor Protection Fund to ensure that investors are protected. The company recently burnt 14 million HT said that improving market conditions convinced them to reduce the supply.
The Huobi token offers users rebates, discounts on fees, invitations. Additionally, the token can be used to pay/stake in for services such as the Huobi Cloud, voting mechanisms, listing projects and more.
Although many details are not available as to what and where the HT can be used next, the team has stated that several more instances where the HT token can be used will soon be made available.
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