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

HashKey Group has announced plans to airdrop the HSK token, which is scheduled to be listed on the platform in the third quarter.

HashKey Group, an Asia-based crypto services company, announced plans to airdrop its native token, HSK, ahead of its listing in the third quarter of 2024, in an effort to increase utility and adoption in the HashKey ecosystem.

According to a press release shared with Crypto.news, the Hong Kong-based company is also preparing to airdrop the token to “reward ecosystem contributors.” Although airdrop details have not been announced yet, distribution is planned to begin in late June.

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

HashKey EcoPoints (HSK) is an ERC-20 token built on the Ethereum blockchain. This is intended to act as an incentive for contributors to the ecosystem, offering fee discounts and “exclusive rights” for asset issuance, as well as providing early access to “future new token subscriptions,” the company said 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 to marketing and business development, 30% to the HashKey team, and 5% to additional ecosystem user protection. The exchange will also burn HSK tokens and use 20% of the firm’s net profits to “protect HSK holders from the dilutive effect of reward-based increases in HSK circulating supply.”