Key Points
The Huobi Exchange launched decentralized blockchain, Heco Chain, is set to retire. The chain was supported by renowned DeFi projects such as LendHub and MDEX. These projects played a significant role in shaping the Heco ecosystem, with a focus on developer-friendly tools and cross-chain DeFi innovation.
End of Network Activities
This decision indicates the cessation of the network’s operations. It will also result in the removal of HRC20 assets, including HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20TUNI, HRC20SHIB, HRC20HBTC, and HRC20USDT.
In order to facilitate a smooth transition, users holding the aforementioned HRC20 assets are required to deposit their holdings into a specific address, known as the redemption address. This address can be found on the official HecoDAO’s website and deposits must be made by January 10, 2025. The assets deposited will then be converted into points based on their value as of November 10, 2024. For each 1 USDT equivalent, users will earn 1 point linked to their wallet address.
After the deadline, the total points will be calculated and exchanged for $HTX tokens, with each point being worth up to 200,000 $HTX. The distribution of these tokens will commence on January 15 and will be done over a period of 12 months. To receive the $HTX tokens during the redemption process, users must provide their TRON addresses.
The retirement of Heco signifies a major shift in the decentralized financial space. The blockchain was initially developed as a cost-effective and user-friendly alternative to Ethereum. Furthermore, Heco offered lower transaction fees, seamless cross-chain interoperability, and strong compatibility with Ethereum-based smart contracts.
The closure of the blockchain network underlines the challenges that smaller blockchain networks face when competing against larger entities like Binance Smart Chain, Solana, Ethereum, and others. As Heco approaches its end, users and developers are advised to prepare by converting their assets.