Learning more about Huobi is something I will forever be grateful to steemit for. Just the thought of considering the exchange platform for more research is intriguing in itself. I had already opened an account on Huobi but then I just opened it because I saw a few friends doing so and I thought I shouldn't be left out in case anything comes from it in future. I guess the future is here though I'm yet to transact on it.
Today I will be talking about Huobi Tokens (HT).

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WHAT IS HUOBI TOKEN?

Huobi Token is an ecosystem token launched by Huobi Global, offering benefits such as trading fee and margin discounts and access to certain trading events. Huobi has committed to using 20% of exchange revenues every quarter to buy HT in the open market and subsequently burn. They also burn tokens used in FastTrack to vote on token listings as well as for ticket sales from Huobi Prime Initial Exchange Offerings (IEO)

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HISTORY OF HUOBI TOKEN

Huobi Token was launched in 2018 by Huobi which was founded in 2013. Huobi launched its token by distributing 60% of the tokens to users who purchased pre-paid services on the platform. While not technically a token sale, it resembled one since users who paid the exchange received tokens. The remaining 40% of tokens were used to pay for operations, team incentives, and user rewards.
The Huobi Token (HT) distributed through the exchange of “point cards,” which are pre-paid cards for basic services on Huobi, where 1 point is equivalent to one tether (USDT). Holding HT offers users discounts on both trading and margin fees based on a tiered system. Following the lead of Binance who started offering direct token sales through their IEO launchpad, Huobi announced their version Huobi Prime in March 2019.

Screenshot from https://coinmarketcap.com

Price And Market Cap of HT

• As at the time of writing this post, the price of one HT is; $3.90

• Market Cap
  $798,318,086 USD
  41,643 BTC
  1,366,745 ETH

• Volume (24h)
  $68,265,254 USD
  3,561 BTC
  116,872 ETH
  Source: https://www.coinmarketcap.com

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Usage Details

There are several factors related to the usage of Huobi Token and also some incentives are given for how you handle your HTs. These areas are explained thus:

Purchase of VIP membership:

HTs can be used to purchase VIP memberships on the exchange... the more HTs you pay, the higher your membership tier and the greater the fee discount you receive. Asides purchasing VIP membership, HTs can be used for the following;

• Vote on exchange decisions
• Gain early access to special Huobi events
• Receive crypto rewards from seasonal buybacks and trade with other cryptocurrencies listed on the Huobi exchange.

Discounted fees:

• Huobi offers discounts on trading and margin fees based on how many HT were held over the prior 30 days. This means you are rewarded for holding your tokens. You can always do this with cash you don't want to spend for a period of months.

• Additional fee discounts are given to Professional users, defined as holding more than $5,000 HT and 1,000 BTC equivalent value in 30-day trading volume.

• For those holding more than 100,000 HT, an additional 35% is deducted from the fee rate.

Huobi Prime tickets:

Huobi Prime is the company’s IEO platform that enables direct token offerings. They were designed to allow retail investors to invest in primary sales while limiting the purchase of tokens to an equivalent of $1,000 for early investors. Once the token sale is completed, they will be immediately tradeable against HT on the exchange. Huobi Prime listings occur in three rounds with larger discounts typically given in the earlier rounds. Participation typically requires a minimum average monthly HT and the trading quota is based on a tiered system of HT holdings. Once ticket sales are complete, the HT received are subsequently burnt.

FastTrack voting:

Every month, five projects are announced and then voted on by the community for listing on Huobi’s exchange. The project with the highest number of votes will be listed, while the others go towards the next week’s voting. Users that voted for the winning project are eligible to purchase tokens at a discounted value. All profits from FastTrack are used to repurchase HT that is subsequently burned.

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Steps To Take To Buy Huobi Tokens (HTs)

• Register for an account with Huobi.
• Enable 2-factor authentication. This we've discussed in my previous posts
• Select "Balances" and click "Deposit & Withdraw."
• Find the currency you want to transfer and click "Deposit."
• Click on "Exchange" tab.
• Click on the currency pair you want to trade, such as "HT/BTC."
• Choose "Limit Order" or "Market Order."
• Enter the amount of HT you want to buy.
• Review all the transaction details.
• Click "Buy HT."

Where To Buy HTs

HTS can be bought on Houbi exchange platform

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How To Sell HTs

The process for selling Huobi tokens is quite similar to the process for buying it that’s outlined above. Just make sure that you enter your transaction details in the "Sell HT" tab rather than using the "Buy" field. It’s also important to remember that HTs can only be traded against three other digital currencies (BTC, ETH &USDT), so you may not be able to exchange your tokens for the currency you want. You can simply exchange it to any of the three currencies and then to the token of your choice.

Below are the links to my posts written earlier on Huobi:

https://steemit.com/ilovehuobi/@akeenze11/spotlight-on-huobi-challenge-with-7th-anniversary-celebration-rewards-or-part-2-or

https://steemit.com/ilovehuobi/@akeenze11/spotlight-on-huobi-challenge-with-7th-anniversary-celebration-rewards