As an analyst with over two decades of experience in the cryptocurrency market, I’ve witnessed the rise and fall of numerous blockchain networks. The retirement of Heco Chain is undeniably significant, marking another milestone in this ever-evolving landscape.
Huobi’s Heco Chain announces retirement, urging users to redeem HRC20 assets before Jan. 10, 2025.
The Heco blockchain, initiated by Huobi Exchange and decentralized in nature, received support from prominent DeFi (Decentralized Finance) ventures such as LendHub and MDEX. LendHub is a credit and debit protocol providing mining solutions, while MDEX is a well-known platform for decentralized trading that emphasizes liquidity and transaction mining. These projects have significantly influenced Heco’s ecosystem by prioritizing user-friendly tools for developers and pioneering cross-chain DeFi innovations.
This decision marks the termination of all operations within the network, resulting in the liquidation of all HRC20 tokens such as HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20TUNI, HRC20SHIB, HRC20HBTC, and HRC20USDT.
Redemption Process:
By January 10, 2025, users with the specified HRC20 assets should transfer their holdings to a designated location called “the redemption address”. This address can be located on the HecoDAO’s official website. Once transferred, these assets will be converted into points based on their value as of November 10, 2024. For every unit equivalent to 1 USDT, users will receive 1 point associated with their wallet address.
Once the deadline passes, all points earned will be tallied and converted into $HTX tokens, with each point being equivalent to a maximum of 200,000 $HTX. The distribution of these tokens starts on January 15 and will span across 12 monthly installments. To acquire your $HTX tokens during the redemption phase, users are required to share their TRON wallet addresses.
Heco’s retirement highlights a substantial change in the world of decentralized finance, marking a new era. Originally conceived as an affordable and user-friendly counterpart to Ethereum, Heco also offers reduced transaction costs, seamless cross-chain functionality, and strong support for smart contracts compatible with the Ethereum ecosystem.
As a researcher, I’ve observed that the recent halt in operations within our blockchain network underscores the difficulties smaller networks like ours encounter when contending with larger players such as Binance Smart Chain, Solana, Ethereum, and more. With Heco approaching its conclusion, it is crucial for us – both users and developers – to take proactive measures by transferring our assets in a timely manner to ensure a smooth transition.
Read More
- The Final ‘Gladiator II’ Trailer Has Arrived
- PYTH PREDICTION. PYTH cryptocurrency
- Crypto VC funding roundup: Riot snags over $594m, BVNK raises $50m
- ‘Fast and Furious’ Star Paul Walker Remembered 11 Years After His Death
- Aamir Khan says India would go ‘ballistic’ if Laapataa Ladies wins Oscars; ‘We have been dying to…’
- OREO Unveils Six New Products for 2025
- IMX PREDICTION. IMX cryptocurrency
- Solana L2 Sonic includes TikTok users in airdrop
- Russell T Davies Says He “Kind Of Hopes” The Streaming Bubble Will “Pop”
- DC’s ‘Clayface’ Movie From Mike Flanagan Lands 2026 Release
2024-11-25 06:14