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Huobi HADAX 2.0 granted seal of approval from community after first round of voting

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Huobi HADAX 2.0 granted seal of approval from community after first round of voting

PR Newswire

  • The first round of voting on the new HADAX 2.0 regime saw enthusiastic returns with three out of four projects proceeding to the next stage of voting.
  • Of the three, HPT (Huobi Pool Token) received more than 10x the target votes, while RTE received more then 3x of its target.
  • Strong community participation indicates grassroots belief in the new regime, and highlights Huobi's continuous efforts on autonomous regime iteration.

SINGAPORE, Aug. 29, 2018 /PRNewswire/ -- The new HADAX 2.0 regime completed its first round of open voting for four projects, namely: Huobi Pool Token (HPT), Rate3 Network (RTE), Tripio (TRIO), and MuxiCoin (MXC) on 27 August 2018.

Of the four projects, three projects, HPT, RTE, and TRIO, crossed their targets and will now be embarking on the next phase of their planned listings on HADAX.

Notably, two of the projects, HPT and RTE, received substantially more than their targets with HPT receiving 10x more than their target of 750,000 votes, while RTE received almost 3x more than their target of 210,000 votes.

Meanwhile, TRIO, received almost 50% more than their target of 400,000 votes.

Information about the three projects can be found through Huobi's new project center platform here: https://www.hadax.com/projectcenter/

Huobi HADAX 2.0 granted seal of approval from community after first round of voting

The new HADAX 2.0 regime looks to create a unique listing process for the digital asset marketplace, with emphasis on corporate-level and community-level responsibility. In particular, the requirement for corporate-level sponsors reflects the need for institutionalised support, while voting reflects community approval of each project.

Other requirements under the new regime include:

  1. Listing of project-centric information in Huobi's Project Center
    Projects embarking on the public voting process will need to list details about themselves, along with relevant information, such as free float, their website(s), their white papers, their founding members, and a project brief. The published information will provide users with a clear overview of what the project is about and enable users to make informed investment decisions
  2. Delayed release of HTs to project parties
    As per HADAX 2.0 regime, projects that receive HTs from voters during the public voting phase can only access the HTs gradually over a 12-month period. This mechanism will help safeguard users' interest who have exchanged their HTs for project tokens.
  3. Introduction of a delisting mechanism
    As an exchange, HADAX has been vested with certain oversight powers that will help it regulate listed projects. This is particularly important when a specific project suffers a major setback or experiences an unforeseen negative circumstance. In such situations, HADAX will be able to issue warnings to projects for immediate remedial actions or face delisting from the exchange.

Leon Li, Huobi Group's chief executive and chairman believes that the safeguards put in place by the HADAX 2.0 regime will help to provide users with a safe and effective trading environment and will help to reduce risks associated with investing in altcoins.

About HADAX

HADAX, or Huobi Autonomous Digital Asset eXchange, is a sub-brand of Huobi Global. The platform provides services to professional digital assets investors and blockchain projects that are in their early stage. Listing on HADAX is a semi-autonomous process with background checks executed on the authenticity and legality of projects, while the remainder of the listing process is devolved to voting amongst the Huobi Token community as well as stalwarts of the Blockchain industry. More details: https://www.hadax.com/

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SOURCE Huobi

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