What should we do with the assets on the chain when the Heco chain is closed?

Jessy, Golden Finance

According to the latest announcement from Huobi Exchange, the Heco chain will be officially closed on January 20, 2025. After January 20, deposits and withdrawals on the Heco chain will no longer be accepted.

Previously, in November 2023, the cross-chain bridge of the Heco chain was stolen, and virtual currency worth a total of US$8,540 was lost. Since then, the Heco chain has been in a state of suspension for a long time.

In 2024, Huobi will gradually open deposits and withdrawals for some mainstream coins on the Heco chain. However, the deposit and withdrawal time of each coin has certain restrictions. The Huobi exchange will periodically stop the deposits and withdrawals of some tokens. If this time window is missed, there will no longer be a channel for the official website to handle assets.

Currently, only the Huobi exchange still supports the deposit and withdrawal services of the Heco chain, and even on Huobi, currently only the Heco chain assets of USDT and HT tokens remain, and they can still be deposited to Huobi normally.

With the change of ownership of Huobi, the Heco chain had already fallen into disarray, and it was not until the Heco cross-chain bridge was stolen that the death knell of the Heco chain was truly sounded.

And on January 20, 2025, the Heco chain officially came to an end.

Heco and HT, who have long been abandoned by Justin Sun

The Heco chain was born in 2020. At that time, with the rise of DeFi, Huobi decided to build its own public chain. During the bull market in 2021, the Heco chain also developed rapidly because it relied on Huobi, the world's largest exchange. TVL volume increased significantly, and Huobi also launched related ecological funds to support various outstanding projects on the Heco chain. At that time, popular projects in the ecosystem continued to emerge, attracting many users and developers, and once became one of the most popular public chains. one.

According to DeFiLlama data, at its peak, the TVL volume of the Heco chain reached US$2.8 billion in 2021. At present, the TVL amount on the Heco chain is only 1.18 million US dollars.

In 2022, Li Lin sold Huobi to Justin Sun. In 2023, a series of scandals and problems occurred in the Heco chain, such as the price collapse of its oracle iHash Bridge Oracle (HBO) and the insurance project Book Finance ( BOOK) was involved in the issuance scandal, the audit report of the TokenLink oracle project was falsified, and the Gainswap escape incident, etc. These incidents have seriously damaged the reputation and ecology of the HECO chain. By the end of 2023, a theft occurred on the cross-chain bridge of the HECO chain, and then it fell into a long-term shutdown. In 2024, the liquidity dilemma of the currencies on its chain will be highlighted, the depth of transactions is insufficient, and the assets in the hands of investors will be difficult to realize.

Although in 2024, Huobi briefly provided deposit and withdrawal services for some mainstream tokens on the Heco chain, the time was short-lived and many users missed it. Huobi’s current boss Justin Sun has completely abandoned the Heco chain. His original The platform currency HT has also been abandoned. The new platform currency HTX will be launched in early 2024. HT users can choose to exchange HT for HTX.

At present, the price of HT has fallen by more than 90% from the price in the last bull market. For users, continuing to hold assets on the Heco chain is definitely a wise choice.

Except for HT and USDT, other Heco chain assets have been invalidated

At present, if there is still HT deposited on the Heco chain, it can be directly transferred to the Huobi exchange. In this exchange, although HT trading pairs are not currently provided, users can exchange HT for HTX. The conversion rate is currently is 0.64.

Or, after mentioning HT to Huobi Exchange, then mention it to Gate and other exchanges that have HT trading pairs through the ETH chain for trading. As of press time, on the Gate exchange, the price of HT is about 1.3U.

The USDT on the Heco chain can currently be withdrawn to the Huobi Exchange, but if users have other deposited assets, there seems to be nothing they can do.

At present, in various communities, you can still see group members often posting messages related to "recycling Heco chain assets". Golden Finance reporter randomly contacted a group member who posted the corresponding message.

He told Golden Finance reporters that he recycled HT at a price of 1U each, and other assets on the Heco chain were also recycled, but the price was much lower than the market price. Taking Huobi as an example, he no longer accepts Mana assets on the Heco chain. The token can only be recovered at about one- tenth of its price.

At present, HT token has no fundamentals and is of no use, but it still has a market value of US$200 million.

The reporter asked this group member who is engaged in on-chain asset recycling business why he wanted to recycle these tokens. His reply was that some people have faith in these coins.

But if you don’t make a profit, you can’t start early. For a businessman, there are more possibilities for profit. If he recycles 1U of HT, even if he sells it on an exchange such as Gate, based on the current price of 1.3U each on its platform, he can earn about 30% profit.

The reporter did not try to conduct transactions with him, so there is no way to judge whether this is a scam. There is a possibility of fraud in which you send the coins to him but he does not send the money back. Readers are asked to make their own judgments.

For users, the more reliable way to handle assets on the Heco chain is through the Huobi official website. If there are still USDT and HT deposited on the Heco chain, they can be withdrawn to the exchange for further processing. . There are currently no official channels for handling other assets, and there is a higher risk of being defrauded if you use a third party to handle them.