What is Huobi Token (HT)?

Huobi Token (HT) serves as the native cryptocurrency of the Huobi Global cryptocurrency exchange. It is built on the Ethereum blockchain and adheres to the ERC-20 standard. While the value of HT is connected to the reputation of the Huobi exchange, its valuation is also influenced by other factors.

Huobi Token was launched in January 2018, shortly after a similar native token was introduced on the rival Binance exchange. The creation of HT enables Huobi to implement a flexible marketing approach to attract new users and expand its platform.

One primary role of HT is to decrease trading fees on the exchange, which are typically deducted from users' accounts. Beyond this, HT has a broader range of functionalities. It enables users to acquire monthly VIP status plans, resulting in reduced transaction fees. Token holders are granted the ability to participate in exchange-related decisions through voting, receive cryptocurrency rewards during seasonal buybacks, and gain early access to exclusive events. Additionally, HT holders have the option to trade their tokens for other cryptocurrencies at any given time.

Who is the founder of Huobi Token?

Leon Li is the founder and CEO of Huobi Group. He graduated from Tsinghua University's Department of Automation and became an advocate for Bitcoin in 2011. He began his career as a computer engineer at Oracle, a prominent database provider. In 2013, Li established Huobi Group and assumed leadership, successfully transforming it into a prominent global entity in the digital asset financial services sector.

Jun Du, also a co-founder of Huobi, was previously the community operations director at Comsenz and held positions at Tencent. He concurrently serves as the CEO of Node Capital, a blockchain-focused venture capital firm, and is the founder of Jinse, a blockchain service platform integrating news, market data, and industry information. Additionally, he holds the co-CEO position at BiKi.com, a digital currency trading software provider. Du has also co-founded other companies including AToken and Chainup.

In 2018, Herbert Rafael Sim, the founder of Crypto Chain University, joined the Huobi Group team. Sim has an impressive background and has contributed to prominent publications such as Forbes, The Huffington Post, and Wardrobe Trends Fashion. Within Huobi, Sim leads digital marketing efforts and serves as the director of public relations.

What makes Huobi Token unique?

Huobi Token (HT) stands out with its distinct attributes that differentiate it within the cryptocurrency and exchange realm. Its deep integration with the Huobi Global exchange brings forth a multitude of unique benefits, such as reduced trading fees, VIP membership access, and the power to partake in decision-making through voting. HT holders can engage in the Huobi ecosystem by voting on exchange matters, offering a sense of ownership and influence. Regular token buybacks and burns contribute to potential supply reduction and price stability, creating a deflationary mechanism. Beyond the exchange, HT's utility extends to other trading platforms, enhancing liquidity and portfolio management capabilities. As part of the broader Huobi ecosystem, which includes diverse services like futures trading and lending, HT's utility is amplified. Guided by founder Leon Li, Huobi Group's strong reputation adds to HT's credibility. The community engagement via token voting further empowers users to actively shape the platform's evolution. While HT's uniqueness is clear, its value remains subject to market trends, regulatory shifts, technological developments, and user adoption dynamics.

Explain the network security of Huobi Token.

The security of the Huobi ecosystem is fortified through a distributed architecture and an anti-DDoS protection system. To enhance safeguarding measures, 98% of the assets are stored in a multi-signature cold wallet. Employing a risk control system named "Don't Be Evil," the exchange ensures the security of users' accounts and holdings.

Since 2018, the platform has employed an asset protection system called the Security Reservation Mechanism. In conjunction with this, Huobi introduced its Investor Protection Fund in January of that year. These combined efforts provide insurance to HT holders against potential financial losses stemming from fraudulent activities or other risks inherent to cryptocurrency trading.

What are the recent developments of Huobi Token? 

The upcoming Cancun upgrade represents Ethereum's next significant milestone after the Shanghai upgrade, with expectations for its implementation later this year. The Cancun upgrade holds substantial importance due to its focus on Ethereum Improvement Proposal (EIP) 4844. This proposal aims to introduce temporary storage and retrieval of off-chain data through Ethereum nodes, addressing the data storage requirements of blockchain applications. Post-Cancun, Ethereum's L1 data will be moved to a new 'Blob' storage, offering more space and cost efficiency, thereby increasing transactions per second (TPS) and reducing costs. EIP-4844 is anticipated to reduce the expense of Layer 2 rollups, propelling the growth of the Layer 2 ecosystem and solidifying Ethereum's position.

Huobi Earn is adapting to the Cancun upgrade by introducing various passive income products, including ETH 2.0 Staking, ETH Flexible, and BETH Flexible. Holding and staking ETH through Huobi Earn is presented as a more stable alternative to investing in Layer 2 projects. ETH 2.0 Staking offers an attractive APY of up to 5.41%, with on-chain rewards fully directed to users. Meanwhile, Huobi's ETH Flexible and BETH Flexible products provide competitive APYs of up to 6% and 5%, respectively, accompanied by user-friendly operations and diversified choices. With its experience as an Ethereum PoS verifier, Huobi is poised to offer exceptional investment experiences to users as the Cancun upgrade enhances Ethereum's competitiveness.

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