June 20, 2024
By Anjali Kochhar
HashKey Group, an Asia-based crypto services company, has unveiled plans to airdrop its native token, HSK, ahead of its listing on the platform in Q3 2024. The Hong Kong-based company aims to enhance the utility and adoption of the token within the HashKey ecosystem.
According to a press release, the airdrop will reward ecosystem contributors, although specific details of the distribution are yet to be disclosed. The airdrop is scheduled to begin in late June 2024.
HashKey first announced its plans for the HSK utility token in November 2023. The token’s economic model is designed to align closely with the long-term interests of ecosystem contributors. The HSK token, also known as HashKey EcoPoints, is an ERC-20 token built on the Ethereum blockchain. It will serve as an incentive for ecosystem participants, offering benefits such as fee discounts, specific rights for asset issuance, and early access to future token subscriptions.
The HSK whitepaper outlines a total supply of 1 billion tokens. Of this total, 65% is allocated for marketing and business development, 30% for the HashKey team, and 5% reserved for additional ecosystem user protection. To protect HSK holders from the dilutionary impact of rewards-based increases in circulating supply, HashKey will also burn a portion of the tokens. Specifically, 20% of the firm’s net profits will be used for this purpose.
HashKey’s initiative reflects a growing trend among crypto exchanges to use airdrops as a strategy to boost engagement and incentivize participation within their ecosystems. By rewarding early adopters and active contributors, HashKey aims to build a robust community around the HSK token, promoting its long-term success and stability within the crypto market.
With the planned listing in Q3 2024, HashKey Group is positioning itself to enhance its market presence and drive further adoption of its services through the strategic deployment of its native token.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
