HashKey teases launch date for its Ethereum layer-2 network

Hong Kong-based crypto exchange HashKey has announced the launch timeframe for its own Ethereum layer-2 solution called HashKey Chain.

Hong Kong’s largest licensed crypto exchange operator, HashKey Group, has announced the launch period for its Ethereum layer-2 solution dubbed HashKey Chain. In an X post on Jul. 8, the X account behind the project revealed that the network’s mainnet is scheduled to be launched in Q4, without providing a specific launch date.

You might also like: Hong Kong’s HashKey Group becomes unicorn with $100m funding

The HashKey Chain network will serve as the base for the HashKey EcoPoints (HSK), an ERC-20 token developed by HashKey Group to serve as an incentive for ecosystem contributors, offering fee discounts and “specific rights” for asset issuance as well as early access to “future new token subscriptions.”

As crypto.news earlier reported, the HSK whitepaper outlines a total supply of 1 billion tokens. Of this, 65% is allocated for marketing and business development, 30% for the HashKey team, and 5% reserved for additional ecosystem user protection. The exchange will also burn HSK tokens, using 20% of the firm’s net profits to “protect HSK holders from the dilutionary impact of rewards-based increases in HSK circulating supply.”

HashKey first unveiled plans for its own utility token in November 2023, saying the token’s economic model will be “closely tied to the long-term interests of ecosystem contributors.”

Read more: HashKey launches tap-to-earn bot on Telegram to woo retailers with its HSK token