What is Huobi’s platform currency?

08/18/2023 15:25 • Blockchain Briefs • 57 views

What is Huobi’s platform currency? In 2017, Huobi launched its own platform token HT (Huobi Token), with a total circulation of 200 million tokens. However, with the development and increasing popularity of the market, its market value has also significantly increased. So how did Huobi obtain HT?

According to official announcements:

“In order to facilitate investors’ understanding of the specific functions, risks, and values of this product, we have decided to provide a simple introduction: first, we need to clarify what Huobi’s platform currency is.”

According to the official website: “HT” is a digital asset based on the blockchain network, anchored 1:1 with Bitcoin, and can be used as a trading pair. When a user’s assets in a certain project or platform are marked, “HT” will be converted into other cryptocurrencies for exchange and circulation.”

For users, it is a way to convert digital assets in their wallets into corresponding fiat currencies for paying platform service fees. In specific application scenarios, Huobi has also designed specific incentive mechanisms to continuously improve the profitability of participants’ projects. Some community members have already expressed their hopes to promote ecological development through this reward mechanism. “HT” (Huobi Token) is a decentralized digital financial derivatives exchange protocol developed by Huobi. Since the implementation of Ethereum EVM and Ethereum chain EIP-1559 in early 2018, Huobi has adopted a different support model similar to ETH 2.0, namely ETH 1.0, due to the use of different algorithms in this scheme. Therefore, HT in the ERC20 standard can be understood as “ERC-20token”.

However, this is only a theoretical description, Huobi’s team believes that this is an inevitable trend for future development. In addition, from a technical perspective, if operated in the mode of ETH 1.0, it should be noted that Huobi’s current approach is to add new functions on the basis of upgrading the ETH system. For example, transferring ETH to a new contract can be used as collateral, and HUSD stablecoin can be obtained through pledging ETH. At the same time, other methods can be adopted in terms of trading experience, such as incorporating liquidity mining in Huobi.

In addition, while Huobi is working on improving its own business processes, it is also integrating its B-end products with the Huobi Beta version.

Regarding Huobi’s platform currency, Huobi has always been committed to building a global exchange alliance and plans to launch a new DEX platform before the end of this year.

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What is Huobi’s platform currency?

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