Autonomous stock exchange of digital assets Huobi (HADAX) will be transformed into Huobi NEXT, a new version of the standalone trading platform, and combined with the main trading platform Huobi Global on September 19, the announcement on the company’s website says.
Huobi Group launched HADAX in February this year with a focus on servicing investors and issuers of crypto-tokens, which are just beginning to develop their projects. At the same time, Huobi Global is one of the leading stock exchanges in the world and supports trade in more than 100 pairs.
“The merged Huobi NEXT will be displayed in the united interface of Huobi Global. Trading all coins HADAX will also be transferred to Huobi Global. Huobi Global will share the potential of its brand, leading user trade and other resources with Huobi NEXT. The voting and the project center will also be transferred to the main site together with Huobi NEXT,” the announcement on the website of the exchange says.
Since the launch of the HADAX standalone trading platform, a number of ambiguous moments have been associated, the most controversial of which has become the voting mechanism.
According to the previous rules of HADAX, users participated in voting using the Huobi Token (HT) own tokens, thus choosing the assets that subsequently fell on the platform. Some of the issuers of tokens preferred to allocate large sums to buy votes, thus provoking discontent not only among the voting participants, but also investors who were not satisfied with how the projects manage the money transferred to them.
Later, HADAX changed the rules and implemented the mechanism of voting super-nodes. These nodes were professional investment organizations with a solid reputation, which selected projects for voting.
CEO of Huobi Group Leon Li was disappointed with the manipulations and said that his company had to change about 10 different versions of voting rules for the last 4 months, but it was not possible to find a satisfactory option.