Platform tokens from Huobi Global, Binance, and OKEx have exploded in recent years. They are attracting users because of the many benefits they provide. These benefits include reduced trading fees, referral bonuses, exclusive access to new project, and voting rights.
Platform tokens in a highly competitive industry of virtual assets are almost converging in terms their benefits to capture greater market share. A standard feature is the reduction of trading fees. Binance’s BNB offers 25% off and OKEx’s OKB offers 40% off, respectively. FTX is one of the top exchanges offering higher referral fees for tokens on their platform. However, OKB and BNB holders can have priority access to new projects.
Users may find it difficult to choose the right platform token among the many offerings. This article will highlight the key benefits of Huobi Global’s Huobi Token HT.
First, HT is an ERC-20 token that operates on Ethereum. While HT has the greatest benefits on Huobi’s platform. However, the token can also be traded on other exchanges or sent to other hardware wallets. HT’s popularity correlates with Huobi Global’s platform. This means that holders can take part in the exchange’s growth. Huobi Global, which was founded in 2013, is one of the most popular virtual asset exchanges. It consistently ranks amongst the top 10 for the trading volume.
Continue reading to find out more about HT’s key features that are worth a closer inspection.
Deflation mechanism
Huobi Tokens are taken out of circulation each month by a mechanism called burning. This is when Huobi Global repurchases or destroys the token. This helps to maintain the price of the token on the market and can help increase its value over the long term. These burns are also intended to lower inflation. Investors look at token burning to assess whether a project can counter inflation. Token holders will enjoy higher yields due to a decreasing supply on the market.
Huobi Global dedicates 20% of its monthly revenues to buying back and dismantling HT. The 15% that goes to burning HT from the circulating supply is used for incentive rewards, while the remaining 5% is used to burn HT team incentives. Huobi Global used 411,000 HT to generate approximately 1,863 million USDT in September 2022.
Exchange platform perks
Huobi Earn has increased its APY for its flexible deposit product HT by more than 12x, from 0.2% up to 2.5%. This is in order to offer higher returns and more stability to HT holders. Huobi Earn also added a fixed deposit option for HT. The APY of HT for a 30-day deposit is now at 4.5%. This is much higher than the APY of other platform tokens like OKB and BNB.
To participate in the ecosystems for some of the most promising projects, HT holders may also stake their tokens to Huobi’s token listing programs such as PrimePol or Prime list. Users simply need to lock or hold their tokens for a specified time before they receive free airdrops of the latest token. The token allocation and time staked determine the distribution of the rewards. These project allocations can appreciate in value, allowing users to diversify their income streams.
Huobi Prime members with HT will have higher-tier memberships as their HT holdings are eligible for a 1.5x multiplier to qualify them for membership. Members who use HT for payment of transaction fees may be eligible for an additional 12% discount. This could reduce fees as low as 0.011% for spot trading. Members can also receive rebates of up to 0.1% on the total transaction amount for derivatives trades.
HT holders also have priority access to Huobi Global events, including Bitcoin Pizza Day, which celebrates the first-ever physical Bitcoin transaction. This year, HT holders were able to enjoy exclusive rewards and the chance to win 50 Bitcoins or NFT rewards.
More support for HT
After Huobi Global’s recent acquisition of About Capital, HT’s prospects are brighter than ever. His Excellency Justin Sun, newly appointed to Huobi’s global advisory board, expressed his support for HT to further its position in the virtual asset industry. H.E. Sun is also the founder and ambassador extraordinaire and plenipotentiary of Tron, and the Permanent Representative of Grenada at the WTO.
H.E. spoke to Bloomberg Television during an interview on October 13. Sun stated that he is “one of the largest holders” of HT and that he will try to boost the token. H.E. was announced the next day. Sun tweeted the following day that an ascendant H.E. would put more wind in Huobi Global’s sails and the TRON ecosystem. As the global blockchain community digested this news, it was not surprising that HT jumped by as much as 70% over the 30-day period to October 18.
H.E. was interviewed by Bloomberg Television a week later. Sun continued his pitch for HT with another tweet when he stated that HT is undervalued, and therefore represents a solid investment opportunity. Sun explained that HT is less expensive than BNB due to similar issuance rules. This is despite Huobi Global’s high user base, strong capitalization, and high trading volumes.
Users can expect more opportunities for HT’s growth and more upside due to the new business focus of Huobi Global. As Huobi Global’s next phase of growth begins, the token will be one of the most watched developments.
