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Huobi Prime IEO: All you need to know
Huobi Global is a Singapore based cryptocurrency exchange of global renown. Founded in 2013, the digital assets platform is regarded as one of the top ten most significant exchanges by trade volume. Huobi means currency in Mandarin, and it is part of the Big 3 digital asset trading platforms in China, alongside BTCC and OKCoin.
These three platforms at one time handled over 90% of all Bitcoin price trades in the region before the Chinese government’s crackdown against exchanges. Huobi nonetheless survived the event, launching its services in the States and innovating with newer peer-to-peer as well as decentralized trading models. The exchange has a broad international clientele, but it is more focused on the Asian markets. Huobi has offices in Korea, Japan, and Hong Kong.
What is Huobi Prime?
Huobi Prime trading platform is Huobi Global’s Binance Launchpad equivalent. Launched in the Q1 of 2019, Huobi Prime is a Direct Premium Offering platform. The top-notch quality initial exchange offering projects offered on it can be traded with the exchange’s token pairs straight after the project’s launch on the exchange. All projects listed on Huobi Prime automatically get their world premier listing on the main exchange.
Launched on the 26th of Match, Huobi Prime gave professional and individual retail investors a chance to invest in innovative blockchain based projects. The platform favored projects that had received funding and support from the Huobi Global Ecosystem Fund and Huobi Capital.
Every project that would feature on the platform had a promise of a thorough background review. There were to be also no listing fees, and the price limit mechanism would be unique. The platform hosted several IEOs, the very first being the TOP IEO, TOP Network’s native token. TOP Network is an open communication public blockchain network that is designed to handle real-world business. The platform runs atop a DAG-based blockchain network to ensure its high performance.
Problems with Huobi Prime
The TOP Network “selective token sale” on Huobi Prime had three price limit rounds, with each round concluding in seconds. The Top token hard cap was achieved in seconds, leaving the community very dissatisfied with the whole token sale procedure. The top complain was Huobi Prime’s inability to handle the great demand for IEO effectively, a problem that the platform’s predecessor Binance Launchpad had also faced.
Data shows that a record 1.5 billion TOP tokens, selling at ranges of $0.00177, $0.00213 and $0.00255 were completely sold out in the seconds-long event. The tokens were listed against the Huobi Token immediately, and their price catapulted to $0.0065, a 250% rise from their value during the first round of sales. Most participants, however, did not get a chance to purchase the tokens. In the end, the exchange was accused of scamming and horrible user experience due to random glitches that made purchases impossible.
Huobi Prime Lite
To address these challenges, Huobi launched its advanced initial exchange offering IEO platform, called Prime Lite. The services on Prime Lite are improved, and the platform’s process is designed to satisfy the demands of listing services and project teams. The platform was launched on May 9, with the ThunderCore (TT) IEO as its very first project.
The listing requirements on Prime Lite are more stringent enforcing a Smartchain v2.0 evaluation model threshold. The new platform also has a shorter but more flexible listing schedule. The trading allocations meant for users are also more flexible. Huobi also decided to burn the Huobi tokens exchanged on the new platform to enhance the token’s growth. ThunderCore is a high capacity scalable blockchain platform that can process 1,200 transactions each second. The Huobi Token (HT) is the Huobi Group native token.
The ThunderCore token sale was concluded in one 30-minute long round, selling 33 million tokens. After the TT token sale, Huobi Prime Lite rebranded to Huobi FastTrack. On FastTrack, investors can vote on the projects that they would rather have hosted on the platform using their HT.