HT Spikes 15% After Huobi Launches Its First Huobi Prime Project
Major Singapore-based exchange Huobi has officially announced its own token launching platform Huobi Prime along with the first listing project TOP Network is set to launch on Mar 26, 2019 (GMT+8).
This initiative has been considered as a direct competition to the Binance Launchpad. However, despite Binance Launchpad’s surprising success, Huobi clarified that the Huobi Prime is a “selective token listing channel based on its native token Huobi Token (HT)”, it is also an adoption of a so-called direct premium offering (DPO) rather than serving as a crowdfunding and or initial exchange offering (IEO) platform.
According to Huobi, selected users will be able to purchase select coins at a discount through Huobi Prime before they are released onto the open market. The listing rules highlighted the three “Price Limit” rounds, each having 30 minutes for users to trade a specified allocation of the token with a settled price range in order to foster fair price discovery and to avoid potential risks due to severe volatility.
As the first project to be listed upon Huobi Prime, the TOP Network will also apply the “Prime Trading” method, 1,500,000,000 TOP tokens will be able to trade in three “Price Limit” rounds which account for 7.5% of the total token supply.
The exchange indicated that this method may ensure both the retail investors, as well as whales to participate in the ‘30% off sale’.
“We want to ensure that those that do take part in Prime are legitimate users who are actively involved and invested in our ecosystem,” said Ross Zhang, Huobi’s head of marketing.
In addition, similar to Binance Launchpad, Huobi Prime will sell the listed tokens for the exchange’s native currency Huobi Token (HT). As thus, Huobi’s announcement boosted the HT token price to a great extent: the HT surged by roughly 15 percent over the past 24 hours according to Coinmarketcap.