HashKey, Hong Kong’s largest regulated cryptocurrency exchange, delayed the HSK token launch for “more favorable market conditions.”
The company behind the Hong Kong-based cryptocurrency exchange, HashKey Group, has decided to delay the release of its HSK token, citing the general performance of the market as being “relatively subdued over the past three months.”
Within an X statement, the Hong Kong-based company did not provide specific explanations for the postponement in an X statement on October 15.
However, it stressed that it is “crucial in this environment” to wait for a “better opportunity” to finish HSK’s token generation event. HashKey:
Rushed listings do not serve the community’s best interests, so a consensus was reached through discussions with our partners and centralized exchanges.”
Despite the slump, HashKey says it is devoted to fortifying its ecosystem development and infrastructure, optimizing HSK’s long-term value. The company also expects a “significant growth surge in the crypto market by the end of this year.”
In November 2023, HashKey initially unveiled its utility token intentions, announcing that it will have an economic model “closely tied to the long-term interests of ecosystem contributors.”
The Ethereum blockchain is the foundation for the ERC-20 HSK EcoPoints token, which is intended to reward ecosystem contributors with early access to future token subscriptions, fee discounts, and specific rights for asset issuance.
According to the HSK whitepaper, one billion tokens will be produced in total. Of those tokens, 65% will go toward marketing and commercial growth, 30% will go toward the HashKey team, and 5% will be set aside for further user safety inside the ecosystem.
Along with burning HSK tokens, the exchange intends to offset the dilutionary impacts of reward-based increases in circulation supply by allocating 20% of its net revenues to this purpose.
