Huobi Token; A Brief Intro
Over the course of three months, Huobi Token (HT) has almost tripled in value. What could be the reason behind this, especially considering that the HT was launched without an ICO? Yes, the secret lies in Huobi Token and its use cases. This article aims to explore all the use cases of HT with focus on its voting features and how users can earn money when they vote with HT.
Huobi Token is an ERC20 token hosted on the Ethereum blockchain which basically works as a point system for blockchain distribution and management.
Unlike most other tokens issued via ICO launch, HT are acquired through myriad means. One of such is purchasing the Huobi Pro Point Card. The Huobi Pro Point card is Huobi’s pre-paid card for basic service charge-trading fees. It costs about $990, and when purchased, user is gifted 1000 HT for free. There will be only 500 million HT ever, with 300 million of that being set aside for gifting to the Point Card purchasers.
Earning Money with Huobi Tokens and HADAX Voting
Voting on HADAX using HT is just one of the ways in which HT can be utilized. HT spent on voting for projects are refunded regardless of the outcome. Projects which come out as top three, get to be listed. Thus, users who vote, will earn free tokens, as a reward, from the projects they voted for, if the projects eventually get listed. That means just by voting one can earn free tokens, a great incentive to purchase HT for voting. Moreover, HT is refunded after voting, regardless of outcome. That’s what you call a classic case of win-win. This is one of the major reasons why HT’s value has been leapfrogging of late as users purchase the Huobi Token to utilize it for voting.
Also, the amount of HT held impacts on whether such project would get listed. This invariably means that projects desiring to have their tokens listed must be ready to HODL substantial amounts of HT.
Different Things You Can Use Huobi Token For
- Using HT for your trading will automatically entitle you to a trading discount. Depending on which level of VIP status is purchased, users can claim discounts during trading, up to 50%.
- As a trading pair on Huobi Pro cryptocurrency exchange. Being a crypto asset, HT can be paired in the following options: HT/BTC, HT/ETH and HT/USDT.
- Perhaps, most popular is the use of HT for HADAX voting. We discuss this in details below.
- Holders of HT are automatically eligible for free tokens from newly listed projects. Holding HT means you can earn passively, that’s a great incentive to HODL. The projects decide who gets their random airdrops.
- Talk about innovative, Huobi Pro is probably the only project ever known to buy back its own tokens. This has been termed Liquidity Protection, with the aim of protecting users’ interests. Huobi Pro has pledged to buy HTs available in the open market each season. The purchase would be made using 20% of Huobi Pro’s transaction fees profit earned within that period. To answer your question on what the HTs bought will be used for, they will be held in the Huobi User Protection Fund. The purpose of this fund is to protect users’ interests by compensating for their losses from the fund in event of an emergency like coin being delisted, a hack or developers abandoning the project. As this buyback is done every season, it reduces the amount of HT in circulation, thereby causing scarcity and driving up the value.
- Practicing the ‘Customer is King’ principle, Huobi Pro regularly conducts surveys made available to only HT holders. Thus, if a particular evaluation process receives a high level of support from HT holders, Huobi Pro would adopt it in its project evaluation process.
Usually, tokens have limited uses such as purchasing the product and services of the project or just HODLing for future profit. Huobi Token, like a cat with nine lives, has numerous uses which has helped in driving up its value is such a short time.