HitBTC, a major cryptocurrency exchange, has announced on Tuesday the official launch of its native utility token, HIT, built within the HitBTC ecosystem. According to the company, the HIT coin seeks to provide incentives and rewards to the crypto exchange’s traders and ecosystem contributors.
The features include trading fees discounts of up to 45% by using HIT, the firm stated, as well as low costs for HIT trading pairs. In addition, the maximum supply allocated for the ERC20 token is 2,000,000,000 tokens. About its allocation, HitBTC stated: “30% (600M) of the total HIT tokens are sold publicly. There is no pre-sale of HIT to private investors. All 600M tokens are sold in open markets. 20% (400M) of the total HIT tokens are allocated for the founding team. 50% (1Bn) of the total HIT tokens are allocated for the development of the HitBTC ecosystem.”
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Moreover, the exchange said that it would spend 20% and up of its monthly trading fee revenue, not more than 50% of the total emission, to buy back the token and then burn them every month. “The token burn will reduce the circulating supply of HIT until there are only 1Bn HIT tokens left,” it added.
“Our dedication, as in the past, is to continue to provide reliable and secure services that go above and beyond our clients’ expectations. It is our pleasure to invite everyone to join us in creating an ever better exchange with the HIT token,” HitBTC commented in the announcement.
The company also released a 15-page whitepaper detailing all the technical details of the utility token. “our exchange technology achieves sub-800 microseconds average door-to-door latency for colocated traders and synthetic matching engine throughput capacity of over 150,000 tps. Our institutional clients can trade and get robust and efficient MD feed through a variety of advanced protocols (binary multicast, FIX, REST and Websockets),” HitBTC specified about the redundancy and speed offered by them.