Huobi’s Heco Chain Announces Retirement: Important Details for Users

The Heco chain, a decentralized blockchain launched by Huobi Exchange, has announced its retirement, urging users to redeem their HRC20 assets before January 10, 2025. Heco was known for its association with esteemed DeFi projects such as LendHub, a credit and debit protocol offering mining solutions, and MDEX, a decentralized trading platform known for liquidity and transaction mining. These projects significantly shaped Heco’s ecosystem, emphasizing developer-friendly tools and cross-chain DeFi innovation.

Key Metrics and Retirement Announcement

The HecoScan dashboard highlighted the network’s impending retirement, showcasing key metrics like HT price, active validators, and transaction trends. This decision marks the end of the network’s activities and will result in the removal of HRC20 assets, including HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20TUNI, HRC20SHIB, HRC20HBTC, and HRC20USDT.

Redemption Process

To ensure a seamless transition, users holding the specified HRC20 assets must deposit their holdings into a designated address known as “the redemption address” by January 10, 2025. This address can be found on the HecoDAO’s official website. The deposited assets will be converted into points calculated from their November 10, 2024 values. For every 1 USDT equivalent, users can 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 worth up to 200,000 $HTX. The distribution of these tokens will commence on January 15 and will occur over 12 monthly payments. To receive the $HTX tokens during the redemption process, users must provide their TRON addresses.

Impact on the Decentralized Financial Space

Heco’s retirement highlights a significant shift in the decentralized financial space. Initially designed as a cost-effective and easy-to-use alternative to Ethereum, Heco provided lower transaction fees, smooth cross-chain interoperability, and solid compatibility with Ethereum-based smart contracts.

The shutdown of the blockchain network underscores the challenges smaller blockchain networks face when competing against larger players like Binance Smart Chain, Solana, Ethereum, and others. As Heco comes to an end, users and developers must prepare by converting their assets accordingly.

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