Crypto exchange HitBTC introduces its native utility token: HIT

HitBTC, a long-standing cryptocurrency exchange company, has officially announced the launch of HIT, its native utility token. HitBTC plans for the HIT token to become the foundation of its exchange ecosystem.

Firstly, HIT will be used for incentives and rewards to exchange traders and ecosystem contributors.

The HIT token gives holders exclusive trading benefits including:

• Trading fee discounts up to 45%.
• Lower commissions for HIT trading pairs.

Moreover, HIT will extend the utility within the HitBTC ecosystem, offering:

• Lower margin interest and higher leverage limits on margin trading.
• HIT as collateral for margin and futures trading.
• Decreased fees for upcoming futures contracts.
• Higher affiliation program rebates.
• Higher staking rewards.
• Governance rights on future token listings.

Token Supply

HIT is an ERC20 token; with a maximum supply of 2,000,000,000 tokens.

Token Allocation:

• 30% (600M) of HIT tokens are sold publicly. There is no pre-sale of HIT to private investors. All 600M tokens are being sold in the open market.
• 20% (400M) of HIT tokens are allocated for the founding team.
• 50% (1B) of HIT tokens are allocated for the development of the HitBTC ecosystem.

Token Burn Mechanism

HitBTC will spend from 20% and up of its monthly trading commission revenue (not more than 50% of the total emission) to buy back HIT; then burn them on a monthly basis. The token burn will reduce the circulating supply of HIT until there are only 1B HIT tokens left.

“We are eternally grateful for your trust in us over the last eight years. Our dedication as in the past is to continue to provide reliable and secure services that go above and beyond our client’s expectations. It is our pleasure to invite everyone to join us in creating an ever better exchange with the HIT token.”
– The HitBTC Team

Those interested can read the full details about HIT in this HitBTC whitepaper.

Source: https://www.cryptoninjas.net/2021/06/18/crypto-exchange-hitbtc-introduces-its-native-utility-token-hit/