Bye Bye HADAX: Huobi Combines Its HADAX With the Leading Crypto Exchange Huobi Global
Huobi’s Autonomous Digital Asset Exchange (HADAX) has been upgraded to Huobi NEXT, a new version of the autonomous trading platform, and will be merged with Huobi Global on September 19, according to the company’s announcement released Tuesday.
Huobi group launched HADAX in February which focuses on providing service for professional digital assets investors and issuers of early-stage innovative digital assets. And Huobi Global is one of the world’s leading cryptocurrency exchanges where users can trade over 100 different trading pairs.
HADAX’s merger with Huobi Global means that HADAX’s users can share the resources of mainboard, and lower the token listing threshold for early-stage crypto projects.
“The merged Huobi NEXT will be displayed in a unified interface with Huobi Global, where trading of all coins on the HADAX will be moved to Huobi Global. Huobi Global will share the brand potential, the trading users and other resources of Huobi Global with Huobi NEXT. The voting and Project Center will also be merged to the main website together with Huobi NEXT,” the announcement said.
Since the launching, HADAX has experienced many twists and turns. The most controversial issue is its voting mechanism.
According to HADAX’s previous token listing rules, users can vote through using native Huobi tokens (HT) to select digital assets that will be listed and traded on the platform.And tokens with top votes will have the chance to get listed on HADAX. Some token issuers usually chose to spend a lot of money to buy votes, and someone even spent half of the funds they raised via ICO in this initiative.
In wake of this controversial voting rules, HADAX changed the rule and rolled out Super Voting Nodes mechanism. Those super voting nodes are professional investment organizations with an excellent reputation who will first select projects worth voting from a pool and then the projects which are endorsed by all super-nodes will enter the verification process.
Huobi Group CEO Li Lin once disappointedly said that HADAX had changed roughly ten versions of the rule over the past four months, but its mechanism was still unsatisfactory. Therefore, HADAX has suspended operation for over 2 months.