Since it’s inception in 2013, Singapore-based Huobi Pro has risen to become one of the largest exchanges in the cryptocurrency industry. Currently, Huobi Pro is responsible for over $800 million in daily trading volume, and consistently sits in the top three for BTC-USDT and ETH-USDT volume. If you’re interested in trading on a high liquidity exchange with industry-standard TradingView charts, sign up for Huobi Pro.
HT (Huobi Token), which can be used for fee reduction, access to exclusive events, HADAX voting, and more, recently experienced explosive price appreciation from $1 to over $5.75 in just two months. This is especially impressive in the current crypto bear market, and the positive price action has propelled HT to #59 in market cap rankings. The price discovery for HT is no doubt in part due to all the news and announcements coming from Huobi lately. After unveiling the Huobi 10 crypto index and the HADAX trading platform, Huobi announced it’s latest product yesterday – Huobi Chain.
Similar to Ethereum and EOS, Huobi Chain is a public blockchain platform that will offer smart contract execution, financial value exchange, fundraising capabilities, securitization, and more. Huobi Chain is currently in early development, and they are currently appointing project leaders and board members via a DAO-based voting process.
Huobi has allocated 30 million HT (~$160 million USD) to kickstart the development of Huobi Chain. The project’s development process has been split into four major milestones over 18 months.
- Recruitment & Preliminary Election (3 months)
- Technical Application (9 months)
- Test-Ecology (4 months)
- Mainnet Release (2 months)
Following the mainnet release, HT will be migrated from an ERC-20 token to a mainnet token on Huobi Chain. For more information on each major milestone, visit Huobi Chain’s official website.
Over the next year and a half, Huobi will have a ton of news and information to share about the Huobi Chain Project. To stay up to date with the progress of the project, be sure to subscribe to Huobi’s official YouTube channel where they share interesting insights during their weekly Huobi Talk series. Lastly, if you haven’t checked out the Huobi Pro exchange platform, make an account and start trading on one of the industry’s biggest exchanges.