Heco Chain retirement, urges users to redeem assets now

Huobi’s Heco Chain announced its discontinuation and called on users to redeem HRC20 assets before January 10, 2025.

The Heco chain, a decentralized blockchain launched by Huobi Exchange, was backed by some of the most respected DeFi projects, including LendHub, a credit and debit protocol that offers mining solutions, and MDEX, a decentralized trading platform known for liquidity and transaction mining. . These projects have shaped Heco’s ecosystem by focusing on developer-friendly tools and cross-chain DeFi innovation.

Announcing the deprecation of HECO Network, the HecoScan dashboard showcases key metrics such as HT price, active validators, and transaction trends. | Source: crypto.news

The decision means the end of the network’s operations and will also lead to the removal of HRC20 assets, including HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20TUNI, HRC20SHIB, HRC20HBTC and HRC20USDT.

Retrieval Process:

To ensure a smooth transition, users with specified HRC20 assets are required to deposit their assets to a designated address, called the “redemption address,” which can be found on HecoDAO’s official website by January 10, 2025. The invested assets will be repaid later. It is converted into points calculated from November 10, 2024 values. For every 1 USDT equivalent, users can earn 1 point linked to their wallet address.

After the deadline, 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 begin on January 15 and will occur in 12 monthly payments. Users are required to provide their TRON address to receive $HTX tokens during the purchase process.

Heco’s retirement marks a significant shift in the decentralized financial space. Blockchain was initially designed as a cost-effective and easy-to-use alternative to Ethereum. Moreover, Heco enabled lower transaction fees, allowed seamless cross-chain interoperability, and provided solid compatibility with Ethereum-based smart contracts.

The shutdown of the blockchain network highlights the difficulties smaller blockchain networks face when competing with larger players such as Binance Smart Chain, Solana, Ethereum, and others. As the end of Heco approaches, users and developers need to prepare in advance by transforming their assets.