Unlike other exchanges, World’s leading exchange Huobi wanted the community to be a part of its decision-making in project listing process. For the same HADAX was introduced.
HADAX is an autonomous digital asset exchange launched by Huobi Global. In HADAX users can select which project to be listed next in the form of Vote. To vote, User can only use Huobi Token(HT), and the digital assets with the highest number of votes will be listed on HADAX.
One more cool feature of voting in HADAX is that you will be able to get free airdrops if the project you vote gets listed. To attract more votes, the competing project sets up an incentive pool. If the project gets listed, all the voters are gifted as per the number vote he cast. The more HT you hold, The more Votes you will be able to caste. Unlike other exchanges, all the HT’s which is locked for voting will be refunded back to the user as well.
In simple terms, you are voting for free and you will be receiving rewards for your votes as well if your voted project gets listed in HADAX.Sounds interesting,
Login to your HADAX account and start voting. If you dont have an account, you can use this link.
Recently In order to enhance user experience as well as to safeguard the user against risks associated with investing in new altcoins, HADAX has introduced slight changes in Voting and Listing process and HADAX 2.0 regime was introduced .
Important changes introduced in HADAX 2.0 regime includes “ Detailed listing of project-centric information in Huobi’s Project Center”, “Delayed release of HT’s over a period of 12 months”, “Introduction of a delisting mechanism in case the project suffers a major setback”.
The listing in HADAX 2.0 is broke down into five layers
1.Project Application
The project team must register and verify on “Huobi Automated Listing Platform”, and submit all documents specified by the platform which will be reviewed by HADAX team for legal and technical aspects.
2. Cross Evaluation by Endorser
Endorsers shall conduct anonymous evaluations and based on valuation results HADAX will determine which projects will be entering the public voting for each round
3.Project Showcase
Project that qualifies for public voting is required to showcase their project on the “Huobi Show Center for Blockchain Project” which can include weekly report, monthly report, financial report, videos, live broadcasts, etc.
4.Public Voting
Once the project enters the public voting platform, a target vote quantity by HT as well as token rewards to be airdropped will be set. If the Project wins the vote,the voting rewards tokens shall be distributed against these target votes and excess votes will be returned in accordance with the proportion of votes cast by the voters.As per the new regime , two phase of voting was introduced.
Phase I: Voting of HT holders
Phase II: Voting of qualified voters
You can read more about the voting here.
5.Schedule for Listing.
The top 2 projects that achieve the voting target, with the highest number of votes will be listed. Projects that fail to achieve the target number of votes will not be listed.On 27th August, the first round of voting on the new HADAX 2.0 regime was completed. In the first round four projects participated and three of them meet the targeted votes.
Projects won in first round of Voting are
HPT(Huobi Pool Token) is the token issued by Huobi Pool which is Huobi Group’s own mining pool entity. HPT is the the first sub-token in the Huobi Token (HT) ecosystem. A total amount of 10 Billion HPT was issued , and a part of it was airdropped to HT token holders. HPT allows users to deeply participate in the future development of Huobi Pool and share the value growth of Huobi Pool.Huobi Users can also earn free HPT tokens by locking ONT,TRX and EOS in the Huobi Pool ecosystem.
For more details about this project you can click here
HPT got 10 times more targeted votes. It shows the trust community has placed on project that has the brand of Huobi. One more good reason to hold Huobi Tokens.
Rate3 Network is a decentralised dual protocol to bridge enterprises to blockchains through cross-chain asset tokenization and identity management. The Rate3 Netwrok Tokenization Protocol is an end-to-end protocol for tokenization on both Ethereum and Stellar, while the Rate3 Identity Protocol is a protocol to create and manage a unified cross-chain identity.
For more details about this project you can click here
Tripio is the first travel marketplace based on the blockchain. It leverages the decentralized network provided by blockchain technologies to directly connect global customers and service providers. Moreover, it builds a service ecosystem based on transparent, tamper-resistant trust and incentives
For more details about this project you can click here
As committed, The three winning projects will be listed on HADAX . Dates will be announced via official channels on later date.
HADAX 2.0 — My Take
I am an Old Fan of HADAX concept introduced by Huobi, which was giving potential projects to be listed for free based on the community voting process. The new HADAX 2.0 Regime made things better. It has shown great improvement in the listing process and made voting more optimized.In HADAX 2.0 a target vote is set and the Project needs to hit the targeted vote in order to qualify. Also unlike the old system where voting was running for few days, as per HADAX 2.0 the voting will last for 1 hour only, which help to reduce manipulation.
But the change I liked the most is the introduction of the delisting process. This helps the listed projects to ensure they perform and deliver. This process also helps to safeguard Investors fund, as non-quality or non-performing projects gets weeded out ensuring investors funds are safe.If you also wants to be the part of future voting process and still don’t have an account, you can use this link to create one. Also do keep in mind to own some Huobi Token as all the voting and free airdrops are based on the amount of HT you own.
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