Huobi Global will launch FastTrack on July 10 2019, commencing with Phase 2 voting round. We have factored feedback received from the Phase 1, and have made changes to the FastTrack rules.
FastTrack aims to attract qualified projects that have already been listed on other exchanges. These include but not limited to new projects recently listed on major exchanges, popular projects on well-known exchanges and projects with active community support.
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 250,000 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.
First Stage: FastTrack Voting
After upgrade, Huobi Global will announce 2 FastTrack project candidates each week. Order of listing depends on voting results.
The winning project for the week will be listed on Huobi’s main board the same day, and the project that lost the vote (Runner-up) will list on Huobi’s main board by Friday within the week.
1. Voting form: Users are going to vote between two projects each week using HT, and the votes will be uncovered during voting period.
2. Voting period: Voting will begin at 20:00:00 every Wednesday for 60 minutes;
3. Voter Eligibility: 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（holding period are as follows）, 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.
4. After the voting session is over, the system will convert the corresponding proportion of tokens to the voters according to the discount price. Remaining HT arising from the token exchange will be returned to the user after the voting stage.
5. As there will be two candidate projects each week, it is estimated that a total of 500,000 USDT worth of HT will be burnt weekly. All HTs exchanged from this purchase will be burnt the same day.
6. FastTrack Voting Details:
- If two projects receive the same vote count, the project with the largest number of voter head counts win.
- In order to encourage the participation of the candidate’s community users, the candidate will have a quota to invite new registered users to vote. Within a limited number of votes, the invited users can participate directly in this round of voting. Each candidate project has 1000 limited quotas, and each quota has 1000 HT voting amount;
- The HT holding period for this phase will start from FastTrack Phase 1 Round 4, and run till the upcoming FastTrack voting date. (00:00:00 July 4, 2019-23:59:59 July 9,2019)（HT holding based on random daily snapshot）
- 15 lucky users will be selected among all participants, and they are going to share 20% of the voting token proportionally (Rules for luck draw can be seen from the announcement of FastTrack specific trading regulations). The other users will be able to allocate remaining 80% tokens in proportion to their HT votes;
- Users can only vote one project per week.
- There is no cap on the total number of votes for HT a project can receive;
Second Stage: FastTrack Listing
1. Voting Stage: 20:00:00 – 20:59:59 July 10, 2019(GMT+8) (1 hour in total);
2. Token Exchange: 21:00:00 – 21:09:59 July 10, 2019 (GMT+8);
3. Winning Project’s Deposit/Withdrawal services: 21:15:00 July 10, 2019 (GMT+8);
4. Winning Project’s Listing Stage: 22:00:00 July 10, 2019(GMT+8); Winning Project will be eligible for listing. free trading of USDT, BTC and HT trading pairs will be subsequently launched.
5. Runner-up project’s Deposit/Withdrawal services: 09:15:00 July 12,2019(GMT+8). Deposit/Withdrawal services and free trading of USDT, BTC and HT trading pairs will be subsequently launched.
6. Runner-up project’s Listing Stage: 10:00:00 July 12,2019(GMT+8). free trading of USDT, BTC and HT trading pairs will be subsequently launched.
Third Stage: Huobi Token Burn
All HTs exchanged from this purchase will be burnt (destroyed).
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 are 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.
July 4, 2019
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