Huobi token or HT (HT/USDT – trade it here) is the native token on Huobi Global exchange – one of the centralized crypto exchanges. The Huobi token supports the operation and its products, also reduces the trading fees. In addition, holders of HT will be able to vote on the decisions of the exchange. By holding the token, users will have early access to events, promotion activities, and to receive rewards. In this article, I will talk about everything you need to know about Huobi Token, plus an instruction on how to buy HT on MEXC Global.
How does Huobi Token work?
HT is one of the very essential components of the Huobi Eco Chain. The chain hosts decentralized finance (DeFi) applications such as decentralized lending and borrowing platforms. Its mission is to provide users access to new cryptocurrencies and the governance on making voting decisions for the platform. The HT Token is an ERC-20 token on the Ethereum network, which offers users direct benefits in terms of platform effectiveness.
Benefits of Using HT Token
Huobi Token offers a few special advantages to Huobi users, but its main purpose is to maintain the efficiency of Huobi’s central exchange. The platform used HT as a tool to take on Binance and its native BNB cryptocurrency. HT wants to act as a standard form of payment for the entire Huobi ecosystem. The token is frequently used in corporate payments as well as over-the-counter (OTC) trading.
Huobi Token supports promotional airdrops, and token holders receive rewards in the form of HT whenever the exchange lists new crypto assets on its market. These prizes are given out by Huobi primarily to reward holders and to advertise the newly listed currency on the marketplace.
Tokenomics of HT
Jump Capital, a U.S. company, has a significant stake in HT. 60% of the tokens used to launch HT were given away by Huobi to users who purchased prepaid services on the platform. It wasn’t a formal token sale, but it had the appearance of one because clients who paid the exchange received tokens. 40% of the tokens were used to cover operating costs, team bonuses, and user rewards.
There are 500 million HT tokens overall, of which 100 million are set aside for platform operations and user incentives. A total of 300 million tokens were allocated for users to buy reward cards, and 100 million tokens were set aside as incentives for the Huobi team.
How to buy HT Tokens?
You can buy HT on MEXC by the following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “HT” using the search bar to see the available trading pairs. Take HT/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of tokens you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy HT] to confirm your order. You will find the purchased tokens in your Spot Wallet.
History of Huobi
Former Oracle computer engineer Leon Li launched Huobi in 2013. Since then, it has grown to include public chains, digital asset wallets and trade, mining pools, private investments, incubation, and research. Huobi introduced its own cryptocurrency, Huobi Token in 2018 and went public in Hong Kong.
Consumers can save money by holding HT thanks to a tiered system that reduces trading and margin expenses. Huobi introduced its rival platform Huobi Prime in March 2019, following Binance, which had started facilitating direct token sales via its initial exchange offering (IEO) launchpad.
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