Huobi Global officially announces the rebranding of its Prime Lite product offering, renaming it to FastTrack.
Target FastTrack Projects
FastTrack aims to attract quality projects that are already listed on other exchanges. These include popular projects with active community support globally.
Project Listing Criteria:
1. Project token enjoys healthy trading volume in the market and strong community support.
2. Project token has a stable secondary market price on major exchanges.
3. Project is willing to distribute at minimum 500,000 USDT equivalent of tokens at a 50% discount.
4. Project is willing to develop jointly with Huobi, allowing for all exchanged HT tokens during Price Limit Rounds to be destroyed.
Projects that meet the above-mentioned listing criteria can submit their project for listing to our dedicated FastTrack Business Support team via Listing@huobi.com. Our Business Support personnel will respond within 2 business days.
1. Huobi Global will announce 5 FastTrack project candidates each month. Order of listing depends on voting results.
2. Users will vote using HT on these projects each week to determine the project to be listed. Users can only vote 1 project at a time.
3. The sole winning project (i.e. only one winner) for the week will be listed on Huobi’s main board the same day.
4. Remaining projects will rollover to the next week and the votes are recast.
First Stage: FastTrack Voting
FastTrack Voter Eligibility
1. The HT holding period is defined as the one(1) week period between each voting session.
2. The number of HT votes a qualified user can exercise in the upcoming voting session depends on the minimum HT holdings held during the holding period, subject to a floor limit of 1,000HT and ceiling cap of 5,000HT. For example: A user with a minimum HT holding of 6,500HT during the holding period will receive 5,000HT equivalent voting rights.
3. Users can only vote one(1) project per week.
4. Factoring that FastTrack is an upgraded version of Prime Lite, the HT holding period for the upcoming FastTrack launch will start from the last Prime Lite (ThunderCore) launch on 9 May 2019, and run till the upcoming FastTrack voting date.（HT holding based on random daily snapshot）
FastTrack Voting Details
1. Voting sessions commence every Thursday and runs for 30 minutes. Huobi Global users who are qualified to vote on FastTrack will vote with the HT in each session.
2. The project token with the highest vote count wins and will qualify for listing. There is no cap applied to the number of votes a project can receive.
3. If 2 projects receive the same vote count, the project with the largest number of voter head counts win.
4. Voting sessions will be carried out weekly, with a total of 4 voting sessions per month.
5. Projects that have failed to be voted in by end of month, will rollover to the next month. If the project is still not voted in by the 2nd month, it cannot participate in future FastTrack voting sessions.
Second Stage: FastTrack Listing
Free trading of the winning project token will open upon completion of the HT voting session, with simultaneous launch of USDT, BTC and HT trading pairs.
Third Stage: Huobi Token Burn
All participating HT voters who have voted for the winning project token for the week will be eligible to purchase the tokens at the discounted price. All HTs exchanged from this purchase will be burnt (destroyed).
FastTrack Voting Reward
1. All participating HT voters who have voted for the winning project token for the week will be eligible to purchase the tokens at the discounted price. Remaining HT arising from the token exchange will be returned to the user after the voting stage.
2. 10 lucky users amongst the participating HT voters who voted for the winning project will be able to exchange all their HT votes for the project token. Remaining users will be allocated fills on the remaining token quantity in proportion to their HT votes;
3. The system will automatically return all HT used in the voting session to HT voters who failed to vote for the winning project after the voting session is over.
1. FastTrack will inherit the Prime Lite Trading Protection: In order to avoid extreme price volatility due to exuberance, we will restrict the use of market orders within 5 mins after official trading opens and users are unable to place orders at prices 5 times higher than the highest tradable price during Price Limit Round;
2. Huobi reserves the right to void a project’s vote count, or eliminate FastTrack voting eligibility if signs of cheating is discovered.
Trading digital assets comes with high risks due to huge price fluctuations. Before investing, please have full understanding of all the risks in investing in digital assets and be prudent of your own decisions. Huobi does not take responsibility for any resulting direct or indirect losses;
Huobi reserves the right for final interpretation.
May 22, 2019