HashKey Cloud partners with Babylon for ‘1 Million HSK Campaign’ to reward participants for delegating BTC to nodes
Alyssa Davidson
Posted: December 10, 2024 7:46 AM Updated: December 10, 2024 7:46 AM
Correction and fact check date: December 10, 2024, 7:46 AM
briefly
HashKey Cloud has launched a “1 Million HSK Campaign” inviting Babylon users to earn rewards by delegating BTC to nodes.
HashKey Cloud, the staking service provider of digital asset financial services company HashKey Group, announced the launch of the ‘1 Million HSK Campaign’. This initiative invites members of the Bitcoin staking protocol Babylon to earn rewards by delegating BTC to HashKey Cloud nodes. The campaign is already underway and will run until March 31, 2025, with rewards distributed on a first-come, first-served basis.
Babylon is a protocol to enhance the security of Proof-of-Stake (PoS) blockchains. This allows Bitcoin holders to put idle BTC to work and earn profits while strengthening the economic security of PoS networks and decentralized applications (dApps).
To participate in the campaign, users can visit the Babylon platform, connect their wallet, select HashKey Cloud among the listed Finality Providers, and delegate BTC. The more Bitcoin users delegate, the more rewards can be accumulated in HSK tokens, allowing participating participants to access opportunities and earn rewards.
HashKey Cloud also announced plans to expand a similar campaign beyond Babylon. At the end of this initiative, similar activities will be launched in collaboration with Kaia, a blockchain infrastructure and platform provider. This expansion represents HashKey Cloud’s ongoing efforts to strengthen blockchain security and provide value to the community.
What is HSK token?
It is an ERC-20 token developed by HashKey Group for integration across various businesses, including a global licensed exchange, investment management, tokenization platform, and blockchain infrastructure services. It also serves as the native and gas token for HashKey Chain, a layer 2 public blockchain.
HSK tokens offer several potential benefits to holders. This includes using tokens to pay platform service fees, receive transaction fee discounts, gain community incentives to support ecosystem growth, and gain priority access to new products, early notifications, and research report releases.
HSK token economics accounts for a total supply of 1 billion tokens distributed to ensure balanced growth and development. Of this supply, 65% is allocated to ecosystem growth, 30% is for team incentives, and 5% is reserved for future requirements.
The token became tradable in November and is currently listed on several cryptocurrency exchanges, including HashKey Global, Gate.io, KuCoin, BingX, and MEXC.
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About the author
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
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Alyssa Davidson
As MPost’s resident journalist, Alisa specializes in the broad areas of cryptocurrencies, zero-knowledge proofs, investing, and Web3. With a keen eye for new trends and technologies, she provides comprehensive coverage to inform and engage readers about the ever-evolving digital financial landscape.
more articles