HitBTC has released an announcement on a new native utility token named HIT to come forth for trading on the exchange.
According to information gathered, the HIT token contains more than 800 trading pairs and spot instruments. HitBTC is very optimistic about the launch of this new native Token and has expected it to lay a strong foundation for itself and its systems.
Exclusives Offerings and Utilities
The HIT Token has many offerings and rewards for traders and everyone in the system. Token holders will be given special trading advantages that include a discounted trading fee of up to 45% and cheaper commissions in regards to trading pairs.
As for Utilities, there are lots of them inside HitBTC systems. There will be smaller margins on interests and a larger range on margin trading. Future contracts coming in time will cost less, and there will be huge rewards for those who indulge in staking. A good amount of refunds will also be applicable in affiliation programs with the ability to gain governance rights whenever a new token is listed in the future.
Supply of Tokens and Distribution
Because HIT falls under the ERC20 Token category, the total supply of the tokens is expected to be around 2Billion tokens. As for distribution and sales, around 30% of the tokens will be available for purchase to the public and open market, and there will be no special sale for private investors. Furthermore, 20% of the token supply will be distributed to the founding squad, and 50% of the token supply will be granted for the development process of HitBTC’s systems.
Token Burning
HitBTC is a good plan when it comes to token burning. The exchange will use a maximum of 50% of its monthly trading revenue in re-purchasing Hit Tokens and then proceed to burn them every month. This burning method is quite effective, as it will help in reducing the token supply till the token supply reaches 1Billion tokens.
The development team at HitBTC is very excited about the new launch and thanks to the community and the market for the trust they have developed with HitBTC. The team says that they are working hard every day to provide users with the best reliability and security in regards to the services they provide are always keen on doing exceeding expectations. The Team at HitBTC welcomes everyone to take part in the launch of the HIT token in hopes of expanding opportunities.
