Crypto Exchange Huobi to Shut Down its Blockchain in 2025

Huobi’s HECO Network, a Layer 1 blockchain that has been part of the platform’s ecosystem since its launch on December 10, 2020, is set to shut down on January 15, 2025.

As the network approaches its closure, preparations are underway to transition its HRC20 assets into Huobi’s native token, HTX.

HECO has released detailed instructions for users holding HRC20 tokens, including assets like HRC20ETH, HRC20USDT, HRC20LINK, and others. Users are required to deposit their tokens to addresses listed on HECODAO’s official website by January 10, 2025.

To facilitate the transition, deposited tokens will be converted into points, with 1 USDT equivalent to 1 point, based on pricing as of November 10, 2024. These points will be tied to the wallet addresses linked to users’ HECO accounts. After the January 10 deadline, final calculations will be made, and the accumulated points will be exchanged for HTX tokens.

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The redemption will take place in 12 stages, with users receiving HTX tokens via the TRON network to the wallet addresses specified during the process. This phased approach ensures a smooth transition for all users before the HECO Network officially ceases operations.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.