Hong Kong’s crypto exchange HashKey unveils airdrop plans for its native token

HashKey Group unveiled plans to airdrop its HSK token, which is planned for listing on the platform in Q3.

HashKey Group, an Asia-based crypto services company, announced plans to airdrop its native token, HSK, ahead of its listing in Q3 2024 in a bid to enhance the utility and adoption within the HashKey ecosystem.

As per a press release shared with crypto.news, the Hong Kong-based company is also set to airdrop the token to “reward ecosystem contributors.” Although the airdrop details are yet to be disclosed, the distribution is scheduled to start in late June.

HashKey first unveiled plans for its own utility token in November 2023, saying the token’s economic model will be “closely tied to the long-term interests of ecosystem contributors.”

The HashKey EcoPoints (HSK) is an ERC-20 token built on the Ethereum blockchain. It is intended to serve as an incentive for ecosystem contributors, offering fee discounts and “specific rights” for asset issuance as well as early access to “future new token subscriptions,” the company claimed in a blog announcement at the time.

The HSK whitepaper, reviewed by crypto.news, outlines a total supply of 1 billion tokens. Of this, 65% is allocated for marketing and business development, 30% for the HashKey team, and 5% reserved for additional ecosystem user protection. The exchange will also burn HSK tokens, using 20% of the firm’s net profits to “protect HSK holders from the dilutionary impact of rewards-based increases in HSK circulating supply.”