Huobi Autonomous Digital Asset Exchange (HADAX) is a new segment of the crypto exchange Huobi Pro where users can vote to try to get their favourite projects elected to be audited by Huobi’s team and then listed on the platform. The projects that have passed the preliminary audit gets furtherly reviewed by established companies called “Super Voting Nodes” which act as peer reviewers with an excellent reputation and the necessary skills needed to evaluate blockchain projects. Their main responsibility is to assist HADAX in making technical reviews and voting on projects that match HADAX and Huobi Pro’s listing criteria. The list of member nodes includes very important institutions such as Bitmain, DraperDragon Innovation Fund and Bixin Investment. Projects that receive 100% of votes from Super Nodes will directly enter the listing audit process of Huobi.pro.
The voting system proposed by HADAX has created a brand-new operation mode, moving from an “audit system” to a “registration and vote system” in which the professional community, together with the traders, play an important role and interact with the exchange. With the continuous expansion of Huobi Group, the global influence of HADAX and Huobi Pro continues to improve and the interests of Super Voting Nodes are also constantly increasing, in parallel with Huobi Tokens’ (HT) market capitalization.
HADAX voting system and listing mechanisms represent a huge opportunity for all kinds of stakeholders involved in the crypto world.:
For new blockchain projects HADAX represents a chance to get listed and gain support from important players of the ecosystem that express their endorsement through voting on HADAX and advising or financing the company.
Traders have the possibility to find interesting projects and startups just by following the advice of the Super Voting Nodes which approve (and vote for) new projects proposed by HADAX’s preliminary screening team. All the information about the voting phases is freely available on their website. Trades can also earn new tokens/coins by voting for the most promising projects using their Huobi Tokens which are used to cast votes on HADAX (0.1 HT=1 vote; HTs can be refunded at any time after the voting). At the end of any voting phase HTs-holders who voted for the winning project will be rewarded through airdrops of the new listed crypto-asset.
Super Voting Nodes are usually venture capitalists and professional investors. They bear a great deal of risk because they need to commit a big amount of financial resources (institutions that apply to be super nodes must have 1 million HTs or above in their accounts, worth almost USD $5mln as of early June 2018). On the other hand though, they find themselves in a perfect ecosystem where all the pieces are already in place for a successful token listing (which, in many cases, is the ultimate goals of VCs) and the development of the company. The more HADAX is successful, the more HTs will gain in value. The incentive structure of HADAX creates an environment where startups, retail/institutional traders, exchanges and VCs can work synergistically to enhance the value of both HT and the other tokens listed on HADAX.
Super Voting Nodes are granted many privileges: for example, projects recommended by them will have the priority of entering the first review list of HADAX and whoever will take the lead in reaching the best startups and the best teams, will be able to cast a unicorn in the blockchain industry. Also, they are uniquely positioned to form long-term relationships with Huobi exchange and the new startups listed on HADAX by communicating, advising and taking in-depth looks at the projects.
Huobi Pro will also grant super nodes the right to participate in workshops, meetups, conferences, roadshows and events around the world. For example, on May 24 2018, Huobi Pro hosted the “Blockchain Festival Vietnam” in Ho Chi Minh City where they collaborated with Super Nodes and created visibility for them by providing exhibition booths, billboards, promotional posters and brochures. Currently, there are 48 super voting nodes registered, 29 tokens already listed on HADAX and 48 projects waiting for listing.
At present, many of the Super Voting Nodes are institutions and companies based in east and south-east Asia such as LD Capital, Crypto Vision Capital, Hashed Capital, The Great Voyage Capital, etc.
For example, ALPHACOIN is a Singapore based venture capital fund focused on investing in blockchain technology and tokens. They co-invested with top-notch venture capital firms such as Andreessen Horowitz and Bain Capital in the BASIS.IO project, a stable coin. They also co-invested with Zhen Fund, Sequoia Capital, FBG, Danhua Capital etc.
Another example is DHVC (Danhua Capital), a VC fund that invests in early stage and growth stage technology startups founded by Professor Shoucheng Zhang from Stanford, with over $600million committed capital. The fund’s areas of focus include Artificial Intelligence, AR/VR, Big Data, Blockchain, Enterprise Software and other disruptive technologies.
About Huobi Group.
Huobi Group, established in 2013, is one of the leading global Blockchain and crypto-financial service providers. Headquartered in Singapore, Huobi Group has operations across the entire Blockchain value chain creating a formidable ecosystem which includes: Huobi Pro, HADAX, Huobi Research, Huobi Capital, Huobi Labs, Huobi Mining Pool and Huobi Ecosystem. At the end of 2017, the cumulative trading volume of Huobi Pro amounted to US$850 billion.
Huobi Pro offers cryptocurrency traders worldwide access to more than 100 digital assets and allows margin trading (long/short).
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How Can I Apply to Be a Super Node?
