Ethereum

Shiba

TRON

Shiba Inu

In a significant development for the blockchain community, the HECO Network has officially <a href="https://www.heco123.com/en-us/" target="_blank" rel="noopener">announced</a> its retirement plans next year. The network’s token, HRC20, pegged to popular digital assets, including Ethereum (ETH), Circle’s USDC, and Shiba Inu (SHIB), will be phased out from circulation. Users holding these tokens must follow specific procedures to transition their assets properly.&nbsp; 
<h2 id="b-heco-network-to-sunset-key-dates-and-details-b">HECO Network to Sunset: Key Dates and Details</h2> 
The HECO Network, a key part of the <a href="https://thecoinrise.com/introduction-to-decentralized-finance-defi/">decentralized finance </a>ecosystem for many years, will officially shut down its operations. As part of this transition, certain HRC20 tokens will be removed.&nbsp; 
This includes popular assets like HRC20ETH, HRC20TUSD, HRC20LINK, HRC20USDC, HRC20UNI, HRC20SHIB, HRC20HBTC, and HRC20USDT. The official cutoff date for all activities is January 15, 2025, as announced in the <a href="https://www.heco123.com/en-us/">official blog post.</a>&nbsp; 
To facilitate the transition, holders of the affected HRC20 tokens must deposit their assets at the designated address via the HecoDAO website no later than January 10, 2025. This step ensures&nbsp;eligibility for asset conversion and redemption. 
Once assets are deposited, their value will be assessed based on market prices from November 10, 2024. Each USDT-equivalent asset will be converted into 1 point, tied to the user’s wallet address. These points will serve as the foundation for the next phase of the transition, the $HTX conversion. 
<h2 id="b-how-the-htx-conversion-works-b">How the HTX Conversion Works</h2> 
The points accumulated from users’ deposited HRC20 assets will undergo a final calculation by January 10, 2025. These points will then be converted into $HTX tokens. For every point earned, users can receive up to 200,000 $HTX, with the exact amount based on the number of points accumulated. 
The linear distribution of $HTX tokens will commence on January 15, 2025, and will be spread out over 12 batches. To receive $HTX tokens, users must provide a valid TRON network wallet address during the point redemption process. This wallet will be used to deliver the $HTX tokens once the distribution starts. 
The transition to $HTX will occur over several months. Also, additional instructions on how users can claim their tokens will be provided closer to the date. For now, holders must focus on depositing their assets before the stipulated deadline to avoid missing out on the conversion. 
<h2 id="b-community-reaction-b">Community Reaction</h2> 
The announcement of the HECO Network’s retirement has stirred considerable discussion within its community. Some members speculate a connection to the <a href="https://thecoinrise.com/heco-bridge-masterminds-funnel-145m-through-tornado-cash/">Heco Bridge exploit that occurred last year</a>. While no official statement has linked the two events, the timing of the news has fueled debate about the broader implications for HECO’s ecosystem. 
The post <a href="https://thecoinrise.com/heco-network-to-sunset-mainnet-and-hrc20-asset-transition/">HECO Network To Sunset Mainnet and HRC20 Asset Transition</a> appeared first on <a href="https://thecoinrise.com/">TheCoinrise.com</a>.

HECO Network To Sunset Mainnet and HRC20 Asset Transition

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