Huobi (HT) Price
HT
$0.589111
Market cap
93,841,213.0
Total volume
425,791
Circulating supply
159,406,077
Total supply
201,050,000
On January 22, 2018, Huobi made its plans public about rolling out a new token. Over a span of 15 days, Huobi intended to allocate 300 million HT (accounting for 60% of the entire supply) to its pro subscribers who availed of a discounted service bundle. Each day, a fresh allotment of HT was made accessible on a first-come, first-serve basis. Huobi emphasized that this method of token distribution was not to be confused with an ICO, since consumers were essentially purchasing a service bundle that includes HT, which in turn offers trading fee discounts. Launching the Huobi Token was a key strategy for the exchange to rejuvenate its client base following the imposition of stringent regulatory measures in China, which drastically curtailed cryptocurrency trading. In a dialogue with CoinDesk, Leon Li, the visionary behind Huobi, shared how regulatory alterations in China led to a dramatic 95% plunge in trading volume on the platform from September 15 to November 1, 2017.
The distribution process for the HT token kicked off on January 24 and concluded by February 7, 2018. Each distribution day witnessed the instantaneous sell-out of millions of tokens shortly after their release. By the end of this period, 300 million HT were allocated to Huobi Pro subscribers who had purchased the packages, marking 60% of the token's total public supply. The remaining 200 million HT, or 40% of the total supply, was earmarked for future use: 20% for user incentives and operational enhancements, and the other 20% reserved for the team, vested over a span of four years.
It's important to note that Huobi was not the pioneer in issuing its proprietary currency. Other exchanges like Binance (BNB), Bibox (BIX), KuCoin (KCS), and Coss (COSS) have ventured into similar initiatives by launching their own tokens.
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