Hong Kong’s crypto exchange, HashKey, has set new dates for the launch of its native token, HSK. Deposits for HSK will open on November 7 at 07:00 UTC, while spot trading for the HSK/USDT pair is set to begin on November 26 at 10:00 UTC. Withdrawals will be enabled the following day, November 27, at 10:00 UTC.
The HSK token will be listed on HashKey’s Global Innovation Zone and will serve multiple functions across the exchange’s ecosystem, including as the official gas token for the HashKey Chain, the platform’s Layer 2 public blockchain. HSK will also be utilized across various HashKey services, such as investment, asset management, tokenization, and infrastructure.
The token will be available on the ERC-20 network, allowing broader integration within the Ethereum ecosystem.
Airdrop and Rewards for Traders
In the lead-up to the token listing, HashKey is running a genesis trading campaign, offering a total of 2.88 million HSK tokens in rewards for traders participating in the event, which ends on November 25 at 00:00 UTC.
Ben El-Baz, Managing Director of HashKey Global, commented that the exchange would provide liquidity support to ensure a stable trading environment for HSK. “HSK is not just a token, but a bridge between Asia and the global financial infrastructure,” he said.
Postponement Due to Market Conditions
Originally planned for earlier this year, the HSK token launch was delayed in October due to the “relatively subdued” market conditions over the past few months. HashKey decided to wait for improved market conditions before proceeding with the launch.
Tokenomics and Future Plans
HashKey first unveiled its plans for the HSK token in November 2023. The token’s economic model is designed to align with the long-term interests of the platform’s contributors. According to the HSK whitepaper, the exchange has a total supply of 1 billion tokens, with 65% allocated to marketing and business development and 30% reserved for the HashKey team.
HashKey also plans to burn HSK tokens, using 20% of its net profits to mitigate dilution caused by reward-based increases in the circulating supply. This strategy aims to maintain the token’s value over time and ensure the long-term sustainability of the ecosystem.