TABLE OF CONTENTS
- What Is HIT?
- Where Can I Learn More About HIT?
- How to Buy HIT?
- How Many HIT Tokens Are There?
- Who Can Buy HIT?
- What Utility Does HIT Have?
- What Trading Fees Discount Does HIT Provide?
- What Is the Trading Fee Discount per Pair?
- If I Don’t Have a Sufficient HIT Balance in My Account, What Will Happen?
What Is HIT?
HIT token (The HitBTC token) is an ERC20 utility token created by the HitBTC exchange. It’s the foundation of the HitBTC ecosystem that provides trading fee discounts, low commissions for HIT trading pairs, and other benefits associated with current and upcoming features. Visit the HitBTC token landing page for more information.
Where Can I Learn More About HIT?
See the HIT Whitepaper.
How to Buy HIT?
How Many HIT Tokens Are There?
There are 2,000,000,000 HIT tokens in total. Only 600,000,000 of those are available for public sales.
Burning Mechanism: We will reduce the token supply on the monthly basis by purchasing and destroying HIT tokens until only 50% is left.
Based on the feedback from the community and the current market conditions, HitBTC token burns are done quarterly starting February 2023. The amount of burn for Q1 2023 will be adjusted for the number of tokens burned on Feb 14 for January 2023.
Who Can Buy HIT?
The legal terms for buying HIT may be found in the Whitepaper.
What Utility Does HIT Have?
We have designed HIT with the following utility:
- HIT holders reduce their trading fees by up to 45% by holding a certain amount of HIT tokens on their accounts.
- All traders get the lower trading fees for the HIT trading pairs regardless of their trading volumes or held HIT tokens.
With the growth of the platform, HIT will extend the utility within the HitBTC ecosystem, offering:
- Lower margin interest and higher leverage limits on margin trading
- HIT as collateral for margin and futures trading
- Decreased fees for the upcoming futures contracts
- Higher Affiliation program rebates
- Higher Staking rewards
- Governance right on future token listings
What Trading Fees Discount Does HIT Provide?
HitBTC traders are able to reduce their trading fees by up to 45% by holding a certain amount of HIT tokens on their accounts. Refer to the Trading Fee Tier to learn about HIT holdings and related discounts.
For Tier 1 and 2 traders:
For Tier 3 to 10 traders:
For example, if you are currently a Tier 1 trader with 5,000 HIT token holdings, your trading fee will be decreased by 5%, meaning that your Taker fee would be 0.0855% and your Maker fee would be 0.0855%.
The trading fee discount is calculated each day. It is based on the 30-day trade volume total and minimum HIT holding value in the previous day. Please note that trading fee discounts are available for upgraded accounts, meaning that in order to get a discount, you should verify your account. HIT holdings cannot decrease Taker fees below 0.02%.
HitBTC reserves the right to amend the terms of service, including enabling or disabling the service at our discretion.
What Is the Trading Fee Discount per Pair?
HitBTC traders are able to get the best trading rate for the HIT trading pairs regardless of their trading volumes or held HIT tokens.
This discount is implemented automatically for all HIT trading pairs and will not sum up with other HIT token benefits. The discounts terms are calculated from the official release date.
For example, if you are currently a Tier 1 trader, in the first week after the HIT token release, your Taker fee will be 0% and your Maker fee will be 0% for all HIT trading pairs. Your Taker fee will be 0.0450% and your Maker fee will be 0.0450% from week 2 to the end of the first month for all HIT trading pairs.
HitBTC reserves the right to amend the terms of service, including enabling or disabling the service at our discretion, with the advance notification to the exchange's users through official channels.
If I Don’t Have a Sufficient HIT Balance in My Account, What Will Happen?
If the HitBTC token balance in your account is insufficient, fees will be deducted according to the HitBTC Trading Fee Tier.