Hong Kong-based crypto exchange HashKey has announced the launch timeline for its proprietary Ethereum layer-2 solution called HashKey Chain.
HashKey Group, Hong Kong’s largest licensed crypto exchange operator, has announced the launch window for its Ethereum layer-2 solution called HashKey Chain. In an X post on July 8, the X account behind the project revealed that the network’s mainnet is expected to launch in the fourth quarter, without providing a specific launch date.
Coming soon！ pic.twitter.com/BPHNAvZmgP
— HashKey Chain (@HashKeyChain) July 8, 2024
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The HashKey Chain network will serve as the foundation for the HashKey EcoPoints (HSK), an ERC-20 token developed by HashKey Group to serve as an incentive for contributors to the ecosystem, by providing discounts on fees and ‘specific rights’ for asset issuance and for early access to “future new token subscriptions.”
As crypto.news previously reported, the HSK whitepaper outlines a total supply of 1 billion tokens. Of this, 65% will be allocated to marketing and business development, 30% to the HashKey team and 5% 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 rewards-based increases in circulating HSK supply.”
HashKey first revealed 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 the contributors to the ecosystem.”
Read more: HashKey launches a tap-to-earn bot on Telegram to win over retailers with its HSK token