What is Huobi Token? Crypto Price Prediction 2021

There’s no shortage of promising altcoins on the market right now, whether that be speculative meme coins or more serious, long-term projects. And a lot of cryptocurrency exchanges have issued their own cryptocurrencies as well. One is Huobi Token (HT), developed and introduced by Chinese cryptocurrency exchange Huobi Global.

While you don’t need to own Huobi Token to use the exchange, there are special benefits available only for Huobi Token owners. Here’s a deep dive into the cryptocurrency, as well as how high its prices could go in 2021.

What’s Huobi Token?

Huobi Token is designed to be used on the Huobi Global crypto exchange platform. Founded back in 2013, the exchange has become popular in Asian markets as an alternative to Binance.

Article continues below advertisement

Source: Huobi Global Facebook

Huobi Token, built on the Ethereum network, serves to offer users benefits for their loyalty to Huobi. Traders can use Huobi tokens to get “VIP membership” on the platform, with different tiers of membership offering ranges of fee discounts. The highest level, VIP 5, offers a 50 percent discount for 12,000 HT per month.

Article continues below advertisement

However, that’s just the start of what Huobi Token offers users. Periodically, the exchange uses its transaction fees to buy back Huobi Tokens from owners in liquidity buybacks. Other benefits include early access to new cryptocurrencies on the Huobi exchange and voting rights.

Huobi Token is a loyalty token, a type of crypto that rewards users based on how loyal they are to Huobi. The most popular loyalty token may be Binance Coin, issued by Binance. Following Binance Coin’s success, Huobi tried to replicate its model while adding other benefits to make it stand out from its inspiration.

Article continues below advertisement

2/5 💥Why use 𝗛𝗧?💥

1⃣Huobi users get preferential trading fee rates when you pay with HT.

2⃣Only HT holders can participate in Prime/FastTrack.

3⃣HT holders enjoy the corresponding benefits and rewards of the whole Huobi ecosystem. pic.twitter.com/uLIrDMyEv9

— Huobi (@HuobiGlobal) August 9, 2019

Comments are closed.