HashKey Group is set to list its HSK token in the third quarter of 2024, according to an announcement shared by the team on Tuesday.
HSK, before its listing in Q3 2024, the Asia-based crypto services company HashKey Group revealed intentions to airdrop it to increase the usefulness and adoption of its native token.Â
In addition, the Hong Kong-based company plans to airdrop the token to “reward ecosystem contributors,” according to a press statement. While specifics about the airdrop are still pending, the distribution is expected to begin in late June.
In November 2023, HashKey initially revealed its plans for a utility token, stating that its business model will be “closely tied to the long-term interests of ecosystem contributors.” The Ethereum blockchain is the foundation for the ERC-20 token known as HashKey EcoPoints (HSK).Â
The company stated in a blog post that it is meant to act as a reward for ecosystem participants, providing cost reductions, “specific rights” for asset issuance, and early access to “future new token subscriptions.”
According to the HSK whitepaper, which was examined, there will be one billion tokens in total supply. Of this, 30% goes into the HashKey team, 5% goes toward marketing and commercial growth, and the remaining 65% is set aside for further ecosystem user protection.
Furthermore, to “protect HSK holders from the dilutionary impact of rewards-based increases in HSK circulating supply,” the exchange will burn HSK tokens, allocating 20% of its net revenues to this purpose.
