A researcher who has been involved in the cryptocurrency field since 2017 recently shared his unique insights on Hashkey (HSK), the concept token of Web3 in Hong Kong and the platform currency of HashKey Exchange, the first licensed exchange in Hong Kong.
In the cryptocurrency field, platform tokens have always been a focus of attention. Jeffrey, a researcher who has been involved in the cryptocurrency field since 2017, shared his unique insights on platform tokens, specifically Hashkey (HSK).
According to Jeffrey, platform tokens perform well in bull markets due to two main reasons: the concept of platform tokens and their enabling mechanisms. Similar to brokerage stocks in the stock market, platform tokens rise in bull markets due to increased trading volume. Additionally, the enabling mechanisms of platform tokens differ across each exchange, including profit repurchase and applications on public chains. Platform tokens become the face of exchanges, such as BNB, which surged to $600 in previous bull markets, making Binance a top exchange. Moreover, platform tokens provide empowerment to exchanges, supporting the operation of the platforms.
Why does Hong Kong embark on the Web3 and digital currency? It has strong native motivation. It encountered some problems in the competition among international financial centers, such as capital outflows caused by the previous U.S. interest rate hike. This has made Hong Kong very eager for capital inflows.
The first native motivation is the desire for capital inflows. Many foreign companies have downsized and left Hong Kong, leading to reduced revenue and business, which signifies capital outflow. In this objective context, Hong Kong has a strong desire for capital inflows.
The second native motivation is competition with Singapore. In the current situation, Singapore may lean towards being a neutral zone between China and the United States. Many capital flows may choose Singapore as a safe haven. Hong Kong must compete with Singapore on this basis. As an important new field, Web3 will greatly enhance its attraction and capital inflows.
Regarding HSK, the platform token of HashKey Exchange, Jeffrey views it as the purebred concept token of Hong Kong because its compliance has been recognized by regulatory authorities. Recently, HashKey Exchange launched the Genesis VIP event for HSK, including the purchase of gold and silver cards. Users can obtain a certain amount of HSK by purchasing the Genesis VIP.
Regarding the value of HSK, Jeffrey believes that everyone has different criteria for evaluating “value.” For HSK, its ecological empowerment is similar to BNB. He introduced the global compliance exchange, custodian business, and development in the Web3 field of the Hashkey ecosystem, including NFT, DID, and DEX. He emphasized the value source of HSK, especially the possibility of Hong Kong having its own public chain, providing diversified business for the entire ecosystem.
Jeffrey believes that HSK has a latecomer advantage in competition, which can avoid the shortcomings of previous platform tokens and create new things that fit the current bull market. He emphasized that the latecomer advantage is more competitive in the current industry, enabling more flexible adaptation to new development trends.
Because previous platform tokens have gone through ups and downs. The good aspects, such as repurchasing and destruction, have played a significant role in the secondary market, at least for the demand and supply sides. For example, ecological empowerment has also been verified and is valuable. HashKey will continue to take similar actions.
There have also been negative experiences, such as FTX mortgaging its FTT to Alameda, which Alameda treated as a high-quality asset and lent externally, eventually becoming part of a chain of bankruptcies.
Another advantage of being a latecomer is the ability to create new things and meet the current bull market on this new thing. Many people believe that the current bull market has arrived, but the climax has certainly not yet come. Therefore, in this bull market, there will definitely be new tracks, new technologies, new hotspots, and new developments. I believe that platform tokens with latecomer advantages will utilize these track advantages and take the lead in empowerment.
Moreover, it is more important to consider the interests in this empowerment. HSK or platform tokens with latecomer advantages may be better able to tap into new tracks and hotspots in this bull market. This is the differentiating competitiveness of the latecomer platform tokens.
The above are Jeffrey’s insights on HSK and related topics. We will continue to monitor the development of HSK in the future and expect it to play an outstanding role in the cryptocurrency field.
Disclaimer: This article is a sponsored article provided by HashKey Exchange. It does not represent the position of the platform and is not investment advice, buying or selling recommendations. Please refer to the responsibility statement at the end of the article.
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