Huobi Token (HT) is the native token on the Huobi platform, which in itself contains exchange-, investment-, and technology services. Huobi offers two different digital asset trading platforms at the moment: Huobi Pro and HADAX, Huobi Autonomous Digital Asset Exchange. Huobi Pro is the primary exchange offering and is suitable for most consumer level traders, while HADAX has been created with the finance professionals in focus.
Huobi Tokens are used as a point system, based on blockchain distribution and management, which runs natively on the Ethereum blockchain alongside ERC-20 Tokens. Huobi Tokens can be used in different ways, but the most basic use of the Huobi Token is for the discount on trading fees, which gets up to 50 percent and works almost in the same way as the Binance Coin (BNB).
Huobi Tokens can also be used to purchase various tiers of VIP status that provide automatic discounts on trading commissions. Stakers also have the exclusive ability to provide suggestions to Huobi Pro through surveys, participate in certain Huobi exclusive events, and periodically receive airdrops. Users can also make payments to the platform in Huobi Tokens to vote in favor of new tokens to be hosted on HADAX. The idea is to ensure that only coins with the highest chances of success, based on investor sentiment, get listed on the HADAX exchange. For you to vote on such tokens, you have be a holder of Huobi tokens, which creates an automatic demand for Huobi tokens, given that it is the only way to vote on upcoming projects. This allows users to invest when such tokens are still in their infancy, which lowers their investment risk, while providing them with a first-mover advantage on new tokens.
Huobi Global will only be distributing and strictly limiting to a fixed total of 500 million Huobi Tokens, of which 300 million will be given as gifts for purchasing Point Cards. However, each season, Huobi Pro will buy back Huobi Tokens on the open market, using 20% of Huobi Pro’s transaction fees earned during that season, to ensure sufficient liquidity and protect user interests. Huobi Tokens that are bought back by Huobi Pro will be held in the Huobi User Protection Fund, and will be used to protect users interests and compensate for their losses in cases of emergency.
Huobi have now decided to further promote the rights of Huobi Token holders and give them the right to participate in community decision-making, free of charge. In the 3rd phase of HADAX Voting, which starts at 13:00, April 27th, 2018 (GMT+8) and lasts for 7 days and concludes at 13:00, May 4th, 2018 (GMT+8), users who hold Huobi Tokens can now cast free votes.
This means that users can now get free tokens from projects by voting for their preferred project on HADAX. The top two winning projects will get listed and if you have voted for them, you will get a reward from the projects with their own coin.
1 vote costs normally 0.1 Huobi Tokens and after the voting ends, the winning projects will hold the refund of Huobi Tokens before they are listed. However after the voting process, users can get their votes, for the unsuccessful projects, refunded automatically to their account or they can choose to keep them until the projects win and then have them refunded by HADAX. The Huobi Tokens paid during the voting is just a witness, which can be refunded at any time after the voting.
Huobi Tokens, which are linked to the most revolutionary decentralized exchange in the world, can at the moment be traded in HT/USDT, HT/BTC and HT/ETH pairs, which makes them very easy to trade and due to its scarcity, makes them very sought after. Exchange backed coins, such as the Huobi Tokens and Binance Coins are quite unique in a way since their value growth is usually in tandem with the value of the exchange itself, which in this case is backed by the second biggest and most modern cryptocurrency exchange in the world, Huobi.