Huobi Token (HT) is an ERC-20 token based on the Ethereum blockchain. The Huobi token was founded by the Huobi exchange in 2018 as part of their strategy to recover the lost user base due to stringent Chinese regulations. Huobi exchanges is the third largest cryptocurrency exchange in the world. HT is a loyalty token and provides several incentives to large volume traders such as fee discounts, similar to Binance coin (BNB). Initially, 60% of Huobi Tokens (300 million HT) were distributed among the users who purchased a discount service package. Remaining 40% of Huobi Tokens are reserved for platform operations, user rewards and team incentives with a 4 year vesting schedule.
Huobi Tokens were developed by the team at Huobi Global. Huobi Global several other products apart from Huobi Tokens which includes Huobi Pro, Huobi Mining Pool, Huobi OTC etc.
The purpose of Huobi token is to incentivize traders and investors. The holders of Huobi Token get incentives such as transaction fee discounts, early access & events, liquidity buybacks, survey/voting rights, and the tokens are tradeable against popular cryptocurrencies.