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.
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 is aimed at professional traders, meaning that users are required to meet certain admission criteria such as trading through a verified account (KYC compliant) and having a certain amount of funds available.
New startups and projects need to show their interest to be listed by contacting the HADAX’s team, which will then evaluate the authenticity and legitimacy of assets.
The projects that have passed the audit gets furtherly reviewed by established companies called “Super Voting Nodes”. Finally, all reviewed assets will access the voting stage where users will get to vote for projects using Huobi Tokens (HT; 1 vote costs 0.1 HT and each user can cast a maximum of 100,000 votes; each user can vote for a maximum of 3 projects every 30 days). Huobi Tokens used to vote a project that has lost get refunded.
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.
The 4 phases of the listing process:
HADAX/Huobi performs a preliminary evaluation of the company and the project.
Following the approval of Huobi, Super Nodes evaluate the project in its technical aspects.
Voting round: both users and supernodes vote for their favourite projects. At the end of every voting round the 2 most voted projects are listed on HADAX with the chance of getting furtherly audited and listed in the “New Zone” of Huobi.pro (The winning projects need to get at least 600,000 points and they need to be backed by at least 1000 users; use this link to discover further details about the voting rules and the score formula).
Huobi evaluates the winning projects again and if they fit Huobi.pro rules and requirements, at least one of them will get listed in the New Zone; otherwise it will be listed on HADAX.
HADAX has created a brand-new operation mode moving from an “audit system” to a “registration and vote system” in which the professional community plays 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.