Huobi ranks as the third-largest cryptocurrency exchange globally and has recently introduced a new digital asset known as the Huobi Token (HT). This token is designed to reward users for their loyalty by offering reduced transaction fees and has its own market value, allowing it to be traded against major cryptocurrencies. The initiative aims to enhance the experience for Huobi's vast user base, predominantly situated in Asia. The introduction of the Huobi Token aligns with a trend seen in the industry, where exchanges are launching loyalty tokens, with Binance Coin (BNB) being the most notable success story. BNB has solidified Binance's position as a leading exchange by providing users with fee discounts, essentially functioning as a loyalty program.
On January 22, 2018, Huobi officially announced its plan to launch the HT token. The distribution of 300 million HT, representing 60% of the total supply, was made available over a 15-day period to users who opted for a discounted service package. Each day, a fresh batch of HT tokens was sold on a first-come, first-served basis. Huobi emphasized that this distribution was “not an ICO,” highlighting that users were purchasing a service package that included HT tokens, which offered discounts on trading fees. The launch was part of a broader strategy to regain its user base following strict regulations in China that had dramatically impacted trading activities. According to an interview with Leon Li, the founder of Huobi, the regulatory changes led to a staggering 95% drop in the exchange's trading volume from mid-September to early November 2017.
The distribution of HT tokens commenced on January 24 and concluded on February 7, 2018. Each day during this period, millions of tokens sold out within minutes. In total, 300 million HT were allocated to Huobi Pro members who purchased service packages, which represents 60% of the overall supply now in circulation. The remaining 200 million HT, or 40% of the total supply, was reserved for various purposes: 20% is allocated for user rewards and platform operations, while the other 20% is set aside for the team and is subject to a four-year vesting period.
Huobi is not alone in this venture; other exchanges such as Binance (BNB), Bibox (BIX), KuCoin (KCS), and Coss (COSS) have also launched their own tokens, marking a growing trend in the cryptocurrency exchange landscape.
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