We are excited to announce that SunCrypto will support the conversion of Huobi Token into HTX Token, following the recent development initiated by the HTX exchange earlier this year.
In January 2024, HTX (formerly Huobi Global) announced the transition from Huobi Token to HTX tokens. Several major exchanges have already supported this move, and now SunCrypto is stepping forward to ensure a seamless transition for our users.
Key Details of the Conversion of Huobi Token
- Suspension of HT Trading Services: Trading services for Huobi Token on the SunCrypto platform are currently suspended.
- Automatic Conversion: There’s no action required from users holding Huobi Token. All existing Huobi (HT) holdings will be automatically converted into HTX tokens at a conversion rate of 1 HT = 350,000 HTX.
- HTX Trading Services Launch: The trading of the auto-converted HTX tokens will commence on October 20, 2024, on the SunCrypto platform.
- For further information on the token swap, please refer to the Official Announcement.
Why This Change From Huobi Token Into HTX Token?
The Huobi Token is no longer supported by many leading crypto exchanges, which have transitioned to backing the HTX token for enhanced security and liquidity. To ensure our users have access to the best trading opportunities and maintain a secure environment, SunCrypto is following this industry shift.
We appreciate your understanding and cooperation in this transition. Stay tuned for more updates, and as always, thank you for choosing SunCrypto.
FAQ’s
Q1. What is Huobi Token (HT)?
Huobi Token is the native cryptocurrency of the Huobi Global exchange, which was founded in China in 2013 and later moved to Seychelles for favourable crypto regulations. Launched in 2018, HT supports governance, rewards, and special access on the platform, making Huobi a popular option for trading and participating in Initial Coin Offerings (ICOs).
Q2. Who is the founder of Huobi Token?
Huobi Token was co-founded by Leon Li, a former Oracle engineer and early Bitcoin advocate, along with Jun Du and Herbert Rafael Sim. The exchange operates globally, including Huobi Global, Huobi China, and Huobi US, and has expanded its services with tools like Quick Wallet. Huobi Token (HT) has been crucial in establishing Huobi as one of the world’s largest crypto exchanges, handling billions in daily trading volume.
Q3. What makes Huobi Token unique?
Huobi Token offers unique benefits like a standardized payment method within the Huobi ecosystem and is widely used for OTC trading and corporate payments. Created to compete with Binance’s BNB token, HT has significantly grown in value since its 2018 release, starting at $1.30 and peaking at nearly $35 in 2021. Ranked 50 on CoinMarketCap, it holds strong future growth potential, similar to other exchange tokens.
Q4. Explain the network security of Huobi Token.
Huobi Token strengthens its security with a distributed architecture and anti-DDoS protection, storing 98% of assets in multi-signature cold wallets. Its risk control system, “Don’t Be Evil,” safeguards users’ accounts and assets. Since 2018, Huobi’s Security Reservation Mechanism and Investor Protection Fund have provided insurance to HT holders against financial losses from fraud or trading risks.
Q5. What are the recent developments of Huobi Token?
The upcoming Cancun upgrade for Ethereum, expected later this year, will introduce Ethereum Improvement Proposal (EIP) 4844, aimed at improving data storage with off-chain “Blob” storage. This will increase transaction speed and lower costs, benefiting Layer 2 rollups and solidifying Ethereum’s position. In response, Huobi Token Earn offers passive income options like ETH 2.0 Staking (up to 5.41% APY), ETH Flexible, and BETH Flexible (up to 6% APY), providing stable investment alternatives. Huobi Token experience as an Ethereum PoS verifier ensures a smooth transition and enhanced user experience.
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Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. All content provided is for informational purposes only, and shall not be relied upon as financial/investment advice. Opinions shared, if any, are only shared for information and education purposes. However, occasionally unintended errors or misprints may occur. We recommend you do your research or consult an expert before making any investment decision. the best efforts have been made to ensure all information is accurate and up to. If you have any questions or need assistance, feel free to reach out to our support team at help@suncrypto.in