Michaela Alvez
HECO Network has announced its official retirement, and urges users to convert and redeem their assets before Jan. 10, 2025.
HECO Network, introduced by Huobi Exchange on December 10, 2020, was designed as a decentralized blockchain offering a cost-effective and user-friendly alternative to Ethereum. Its ecosystem was bolstered by support from several notable decentralized finance (DeFi) projects, which contributed significantly to its rise.
The network’s retirement also leads to the disposal of some HRC20 assets, such as HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20UNI, HRC20SHIB, HRC20HBTC, and HRC20USDT.
Users holding the specified HRC20 assets must transfer their holdings to a designated address provided on HecoDAO’s official website by Jan. 10, 2025. The assets will then be converted into points based on their value as of Nov. 10, 2024. For every 1 USDT equivalent, users will earn one point linked to their wallet address.
Once the deadline passes, the total points accumulated by users will be calculated and exchanged for $HTX tokens, with each point potentially converting to as much as 200,000 $HTX. Distribution of these tokens will be completed in 12 batches, beginning on Jan. 15, 2025.
HECO and the Challenges of Small Blockchain Networks
HECO Network’s shutdown highlights the challenges smaller blockchain networks face against much bigger players. Established networks like Ethereum, Binance Smart Chain, and Solana dominate the blockchain space with vast developer ecosystems, higher liquidity, and larger user bases.
Unlike their larger counterparts, smaller blockchain networks may lack the financial backing, strategic partnerships, and extensive marketing capabilities needed to compete effectively.
This financial disparity restricts their ability to scale infrastructure, enhance technological capabilities, and launch impactful promotional campaigns, placing them at a significant disadvantage in attracting developers, users, and broader industry recognition.
The evolving regulatory landscape surrounding cryptocurrency and blockchain technology presents a challenge for all players in the space, but especially for smaller networks that may lack the resources to get through complex legal requirements. The Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) often assert overlapping jurisdiction, creating confusion.
However, the potential appointment of President-elect Donald Trump’s SEC pick, Teresa Goody Guillén, a blockchain-savvy lawyer and former SEC attorney, could significantly influence blockchain regulations.
Guillén, a partner at BakerHostetler and co-leader of its blockchain practice, has extensive experience in securities law and digital assets. Her appointment could mark a shift from the current SEC approach, often criticized for “regulation by enforcement,” to a more structured framework that encourages innovation while protecting investors.
Read More
- Teresa Goody Guillén Pushes for SEC Overhaul as Gensler Prepares to Exit
- Japan’s Bitbank Launches Global Arm for Crypto, Blockchain Projects
- Detroit Positions Itself as Blockchain Pioneer: Soon to Accept Crypto Payments for Taxes
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
