HashKey, Hong Kong’s largest licensed cryptocurrency exchange operator, has postponed the launch of its HSK token, citing the need to wait for “more favorable market conditions.”
HashKey Group, which operates the Hong Kong-based crypto exchange, is postponing the launch of its HSK token, saying the overall performance of the crypto market has been “relatively subdued over the past three months.”
In an Oct. 15 environment “.
“Rushy registrations do not serve the best interests of the community, so consensus was reached through discussions with our partners and centralized exchanges. »
Hash key
Despite the current slowdown, HashKey says it is focused on improving HSK’s long-term value and is committed to strengthening its infrastructure and ecosystem development, saying the company expects a “significant growth increase in the HSK market.” crypto by the end of this year.” »
HashKey first revealed its plans for its utility token in November 2023, stating that the token’s business model would be “closely linked to the long-term interests of ecosystem contributors.” The HSK EcoPoints token is an ERC-20 token built on the Ethereum blockchain, designed to incentivize ecosystem contributors by offering fee discounts, specific rights for issuing assets, and early access to future subscriptions to the tokens.
According to the HSK white paper reviewed by crypto.news, there will be a total supply of 1 billion tokens, of which 65% will be allocated for marketing and business development, 30% for the HashKey team, and 5% reserved for additional protection users within the ecosystem. . The exchange also plans to burn HSK tokens, using 20% of its net profits to mitigate the dilution effects of the rewards-based increase in circulating supply.
