HSK token fuels HashKey’s growth and offers diverse Web3 ecosystem benefits.
HashKey Group, an end-to-end digital asset financial services group in Asia, is set to list its HSK token in the third quarter of 2024, according to an announcement shared by the team on Tuesday. As part of the listing, HashKey plans to launch a “massive community airdrop” to reward contributors later this month.
“Before the listing, we’re launching a massive community airdrop in late June to reward our ecosystem contributors,” said HashKey in a series of tweets.
As detailed, the HSK token is an ERC-20 standard token with a total supply of 1 billion. HashKey will allocate 65% of the token supply to ecosystem development, 30% to the team, and 5% to a reserve fund.
HSK is expected to serve multiple functions within the HashKey ecosystem, including fee payments, incentives, and governance on the HashKey Chain, its layer 2 (L2) solution. Beyond its role as the platform token, HashKey will also integrate HSK into various Web3 sectors, such as AI, DeFi, and the Metaverse.
To prevent token dilution, HashKey claims it will institute a burning mechanism, committing up to 20% of net profits from certain businesses to purchase and burn HSK tokens.
Following a successful $100 million Series A funding round earlier this year, HashKey is on a growth trajectory. The company is planning its next funding round later this year. With expansion plans into the Middle East and Europe, HashKey Group is positioning itself to become a major licensed crypto exchange globally within five years.
