Huobi Pro is a world famous Bitcoin and Crypto-Asset exchange where you can trade Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), Ethereum Classic (ETC) or more exotic Crypto-Assets such as Nebulas (NAS) or UTrust (UTK) (please beware of changing regulation on token securities and ICOs, USA SEC, Switzerland FINMA). Huobi.pro also allows margin trading(long/short).
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. Users who supported at least one of the top 3 projects will be compensated with new listed tokens.
Huobi Pro users can log directly into HADAX and enjoy the same quality, security assurance and User Protection Fund that are granted on Huobi Pro. HADAX was aimed at professional traders, but now the rules have changed and all users of Huobi Pro can trade and vote on the new segment.
In a new announcement Huobi let us know that also some of the rules regarding the voting process have changed, above all: casting votes using HTs is now free, whatever the outcome; top 3 projects will be selected for a review (previously it was 2).
Let’s get a bit more into the details.
Casting votes is now free of charge.
HT (Huobi Token) is at the core of the Huobi’s ecosystem and the use cases are increasing in number and importance. Huobi has decided to further promote the rights of HT holders allowing them to participate in the decision-making process of the community. The HTs paid during the voting are used as “witnesses”, which can be refunded at any time after the voting or, alternatively, 72 hours before the voting ends. The locking rule during the last 72 hours of each phase is aimed at avoiding impact on the final results by frequent voting and refunding (in the latter case votes no longer count).
Incentives to vote.
Projects’ teams can set up their own incentive rules and distribute the incentives among the voters in proportion to the number of votes after the token is listed. For example: Project A sets an incentive of 1 million Token, and the users cast 1 million votes during the voting, then 1 Token will be rewarded for each vote. Teams can adjust the incentives during the voting process. However, the incentives can only be increased and cannot be decreased.
Through this new mechanism HT holders can now invest (while “hodling”) their founds betting on new projects proposed by HADAX and Super Voting Nodes. Although this is not betting since there’s no risk involved; the worst case scenario would be that voted projects do not make it to the top 3 positions or do not pass Huobi’s final audit, in which cases users will get all their HTs refunded.
Super Voting Nodes.
Super Voting Nodes act as peer reviewers with an excellent reputation and the necessary skills needed to evaluate blockchain projects. The list of new member nodes includes very important institutions such as Bitmain and DraperDragon Innovation Fund. Users who apply to be super nodes must have at least 1 million HTs in their accounts. Projects that receive 100% of votes from Super Nodes will directly enter the listing audit process of Huobi.pro.
Value and use cases of HTs.
Other then voting, HTs can be used to enjoy VIP discounts and exclusive airdrops, it gives access to VIP events, liquidity protection is provided by Huobi and They can be traded against BTC, ETH or USDT.
The deadline of this HADAX voting phase is: May 4th 2018 13:00 (GMT +8).
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 users play an important role and interact with the exchange. HADAX only confirms the authenticity and legitimacy of projects but do not make any evaluation of their investment value.