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To be included in a centralized cryptocurrency exchange, coins and tokens usually have to undergo a strict evaluation process. Although this is intended to help reduce the risks for crypto buyers and ensure that only legitimate, quality assets are listed, it is often also a time-consuming process that struggles to keep pace with the rapidly growing cryptocurrency market.
To solve this problem, Huobi.pro has launched the world’s first autonomous token listing exchange - Huobi Autonomous Digital Asset exchange (HADAX). The platform allows its users vote on the tokens which they would like to list and make available for trading.
In the cryptocurrency industry, both centralized and decentralized exchanges have their disadvantages. Centralized exchanges do not have enough variety of tokens for trading while the decentralized ones cannot cope with the problem of low liquidity and slow trading speed. With the new kind of autonomous exchange - HADAX, the problem of lack of token variety and low liquidity is solved.
So, how does it work and what benefits can it offer?
What is HADAX?
Huobi is a Chinese cryptocurrency exchange, which has been operating since 2013. The average daily trading volume on the exchange reaches 127,000 BTC, which is the third indicator in the sphere.
HADAX is a sub-brand of Huobi.pro, a cryptocurrency exchange where users can trade over 190 currency pairs. Huobi Autonomous Digital Asset Exchange is, as the name implies, a digital asset exchange where customers using Huobi Tokens can vote for the currencies they want to be included in the list of exchange. This approach is intended to achieve two main goals: to provide professional traders with more options to choose from and to enable digital asset startups to be able to connect to professional investors.
How Does It Work?
The process for listing or voting for a token on HADAX is following:
Digital asset startups register in order to have their token included to HADAX.
HADAX confirms the authenticity and legitimacy of projects but does not assess their investment value.
Users vote for the tokens on HADAX using Huobi Tokens (HT). The cost of one vote is 0.1 HT. Each user can collect up to 100,000 votes for one project.
Then the tokens with the most votes at the end of the voting stage will be listed on HADAX. If case tokens meet the listing standards of Huobi.pro, they will be listed in the “New Zone” section on the Huobi.pro exchange. You can deposit funds into your HADAX account only via cryptocurrency transfer, for example by sending bitcoin or Ether. The fees for makers and takers are 0.2%
Convenience and Security of Using the Platform
Huobi.pro has developed a multi-level security system against DDoS attacks. More than 98% of all digital assets on the stock exchange are stored offline, which minimizes the possibility of hacking the system. For greater security, platform wallets use a multi-signature and two-factor authentication system as well. The interface of the platform is not complicated and understandable offering 9 languages to choose from. Customer support provides users with 24-hour assistance via live chat or email.
The Advantages of the Platform:
The platform is trustworthy as it was developed by an established cryptocurrency exchange.
Users can choose which tokens to list on the exchange.
It allows customers to invest in projects in the early stages of their development.
Competitive trading fees.
Round-the-clock customer support.
What is Huobi Token Cryptocurrency
Huobi Token cryptocurrency is a digital token created by the developers of the Huobi exchange as an additional tool for paying commissions for transactions. In addition, Huobi Tokens will be available for trading and will participate in trades with BTC, ETH, and USDT. The Huobi Exchange has released 500 million HT tokens that work on the ERC20 protocol. As expected, HT tokens can only be purchased on the Huobi exchange for BTC, BTH, ETH, ETC, LTC, and USDT.
Conclusion
HADAX is suitable both for users who are not engaged in active trade, and for those who want to try their luck in trading with digital currencies. This crypto exchange has a lot of advantages: an extensive selection of cryptocurrencies, increased security, margin trading, a simple and clear system for charging a trade commission. The platform is constantly developing. Moreover, it is easily able to solve crisis situations, like the prohibition of work in China. HADAX will adopt a completely new model that will change the review process to a registration procedure.