HitBTC, a long-standing Cryptocurrency trading company, Has officially announced the launch of its native utility token HIT. HitBTC plans to make HIT tokens the foundation of its exchange ecosystem.

First, HIT will be used to incentivize and reward exchange traders and ecosystem contributors.

HIT tokens provide holders with exclusive trading rights, including:

• The transaction fee discount is up to 45%.
• Reduce the commission for HIT trading pairs.

In addition, HIT will expand the utility within the HitBTC ecosystem, providing:

• Lower margin interest and higher margin trading leverage restrictions.
• HIT is used as collateral for margin and futures trading.
• Lower fees for upcoming futures contracts.
• Higher affiliate program rebates.
• Higher bet rewards.
• The right to govern the listing of tokens in the future.

Token supply

HIT is an ERC20 token; the maximum supply is 2,000,000,000 tokens.

Token distribution:

• 30% (600M) of HIT tokens are publicly sold. HIT does not pre-sell to private investors. All 600 million tokens are sold on the open market.
• 20% (400M) of HIT tokens are allocated to the founding team.
• 50% (1B) of HIT tokens are allocated to the development of the HitBTC ecosystem.

Token destruction mechanism

HitBTC will spend 20% or more of its monthly trading commission income (not exceeding 50% of total emissions) to buy back HIT; then burn them every month. Token destruction will reduce the circulating supply of HIT until only 1B HIT tokens remain.

“We forever thank you for your trust in us over the past eight years. Our dedication as always is to continue to provide reliable and safe services and exceed customer expectations. We are very happy to invite everyone to join us and use HIT tokens to create a better Exchange.”
– HitBTC team

Those who are interested can read the full details of HIT in this HitBTC white paper.