Hong Kong digital asset group HashKey Group announced on Tuesday (18th) that it will list its platform coin HSK in the third quarter of 2024. Before the coin is listed for trading, the company plans to conduct a community airdrop through HashKey’s core business in late June to encourage users to participate in co-construction.
In an official statement, HashKey stated that the HSK token will be used for all core applications in the HashKey ecosystem, including community rewards within the ecosystem, exclusive token priority purchases, cross-platform ecosystem collaborations, as well as fee deductions and business growth activities for HashKey Exchange, a licensed virtual asset exchange in Hong Kong, and HashKey Global, an international exchange.
HashKey added that HSK will also be used to incentivize contributors to the L2 “ecosystem chain” HashKey Chain, providing support and driving force for users and assets on the HashKey Chain.
According to official information, HSK is a token based on the ERC-20 standard with a total supply of 1 billion. 65% is allocated for ecosystem construction, 30% is allocated to the team, and 5% will be used as a reserve fund. HSK will have a burning mechanism to prevent dilution of holders’ interests due to the increase in circulating HSK rewards. HashKey will extract up to 20% from the profits of specific businesses for HSK repurchase, and the repurchased portion will be burned.
Related report: “Hong Kong HashKey Group announces completion of nearly $100 million in Series A financing”
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