What Are The Token Functionalities Of Cryptocurrency Exchange Tokens?
As blockchain develops worldwide, cryptocurrency business models rise up to differentiate itself from the rest. The Swiss government has labeled three categories for tokens: Payment (bitcoin, zcash, litecoin), Utility (Filecoin) and Security tokens (tZero, Polychain).
Cryptocurrency exchanges such as Huobi and Binance have released their own tokens for the public to trade with. In this article, I will introduce and go in depth of the functionalities and benefits of the Huobi Token.
The Huobi platform offers many options for users to trade cryptocurrencies and earn tokens and have a voice in Huobis future.
The HADAX platform is used for users to vote for new cryptocurrencies to be added to the Huobi Autonomous Digital Asset Exchange. (HADAX). Introduced tokens are audited and researched for security and quality assurance by the Huobi team and a professional group of blockchain experts for investors to trade creative digital assets.
The platform matches investors and professional traders who have a certain capacity of undertaking risks and investing with more trading options to choose from and meet the requirements of different types of users with creative and up and coming digital asset startups. There are voting phases for desired tokens to be added to the platform. During the third phase of voting, Huobi token holders get certain user voting rights. The HT paid during the voting is just a witness, which can be refunded at any time after the voting. 1 vote costs 0.1 HT.
The way users earn on the HADAX platform is if they vote for a “winner”, they will be able to receive airdrops depending on the amount of Huobi Tokens held in their wallet. Two tokens are selected every voting round series.
Other benefits of holding or trading Huobi tokens is their VIP discounts, liquidity protection program, and being able to attend exclusive events for only Huobi token holders. Now you can trade HT against Ether, USDT, and BTC; more tokens will be allowed to trade against in a near future as well.
Huobi offers VIP discount trading benefits where different categories of transaction fee discount can be taken into account depending on how many HTs are paid off. The Huobis buyback program also purchases HT back from users and sets them apart for the Huobi User Protection Fund.
Tokens should have a use for its users to trade in favor of. What is your favorite token functionality?