HashKey Group, a prominent crypto exchange operator based in Hong Kong, has recently announced the upcoming launch of its Ethereum layer-2 solution known as HashKey Chain. This initiative is set to debut in the fourth quarter of this year, although an exact release date has not yet been disclosed.
The HashKey Chain network will serve as the foundation for HashKey EcoPoints (HSK), an ERC-20 token created by HashKey Group to incentivize participants within the ecosystem. These tokens will offer various benefits, including fee discounts, special privileges for asset issuance, and early access to upcoming token subscriptions.
According to the HSK whitepaper, a total of 1 billion tokens will be in circulation. The distribution includes 65% allocated for marketing and business development, 30% for the HashKey team, and 5% reserved for additional ecosystem user protection. Additionally, the exchange plans to implement token burns by using 20% of its net profits to safeguard HSK holders from the effects of reward-based increases in circulating supply.
HashKey initially introduced the concept of its utility token in November 2023, emphasizing that the token’s economic model will align closely with the interests of ecosystem contributors. This strategic move aims to foster long-term sustainability and growth within the HashKey ecosystem.
Overall, the launch of HashKey Chain and the subsequent introduction of HashKey EcoPoints signify a significant development for the crypto exchange landscape in Hong Kong. With a focus on incentivizing ecosystem participants and enhancing user experience, HashKey Group continues to demonstrate its commitment to innovation and customer-centric solutions within the crypto industry.