<img src="https://crypto.news/app/uploads/2024/01/crypto-news-blockchain-option02.webp” />
Hong Kong-based cryptocurrency exchange HashKey has announced the launch timeline for its own ethereum layer 2 solution called HashKey Chain.
Hong Kong’s largest licensed cryptocurrency exchange operator HashKey Group has announced the launch period for its ethereum layer-2 solution dubbed HashKey Chain. In a post by x on July 8, the x account behind the project revealed that the network’s mainnet is scheduled to launch in Q4, without providing a specific launch date.
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter“/>
The HashKey Chain network will serve as the foundation for HashKey EcoPoints (HSK), an ERC-20 token developed by HashKey Group to serve as an incentive for contributors to the ecosystem, offering fee discounts and “specific rights” to asset issuance, as well as early access to “future subscriptions to new tokens.”
As previously reported by crypto.news, the HSK whitepaper outlines a total supply of 1 billion tokens. Of this amount, 65% is allocated to marketing and business development, 30% to the HashKey team, and 5% is reserved for additional protection of ecosystem users. The exchange will also burn HSK tokens, using 20% of the company’s net profits to “protect HSK holders from the dilutive impact of reward-based increases in the circulating supply of HSK.”
HashKey first revealed its plans for its own utility token in November 2023, stating that the token’s economic model will be “closely tied to the long-term interests of ecosystem contributors.”
