Huobi Exchange FastTrack Phase 2 Launches: Two Project Announced In The Voting Competition
- The Phase 2 of the Fast Track event on Huobi Global exchange is set to launch on July 10th 2019.
- Crypto.com (COM) and Egretia (EGT) become the first two token project to battle it out.
In an announcement released on all their official pages, Huobi Global confirms the second phase of FastTrack will launch on June 10th 2019. FastTrack allows token projects to gain listing on Huobi exchange in a voting competition for Huobi token (HT) holders. FastTrack Phase 2 comprises of several rounds – this particular round is the candidates announcements – with 2 candidates announced each week.
The exchange set out the rules to the highly anticipated voting period set to begin this Wednesday including the projects willingness to distribute 250,000 USDT worth of their tokens at a 50% discount. The project should have a healthy trading volume in the market, a strong community support and a stable secondary market price on major exchanges.
Huobi will also form a partnership with the projects looking to list through the FastTrack Phase 2 voting. The partnership will allow all the HT exchanged during the distribution period to be burned.
Huobi Global FastTrack Phase 2 launches (Source: Twitter/ Huobi Global)
First stage: FastTrack Phase 2 Voting
This stage is the announcement period of the projects that have applied to be on the exchange. This week pits Crypto.com (COM) against Egretia (EGT) whereby 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.
In the Phase One of the FastTrack voting competition, voting members with $3,000 worth of HT were allowed in the voting process. This time the holder with more than 1,000 HT will be included in the voting process. The weighting of the votes increase with the amount of HT held up to a ceiling of 5,000 HT. Details on the voting process and details can be found here.
Voting period extends for an hour starting on Wednesday July 10, 2019 20:00:00 – 20:59:59 (GMT+8).
Second Stage: Fast Track Phase 2 Listing
Once the voting period is closed and the winner announced, listing will take place the same day with the runner up to be listed on Friday the same week.
The winning project deposits and withdrawal services will be open on the exchange starting 21:15:00 July 10, 2019 (GMT+8) with the listing happening forty five minutes later. Notwithstanding trading on Bitcoin (BTC), Tether (USDT) and Huobi Token (HT) will be free at time of listing.
The Runner-up project’s deposit and withdrawal services will be launched on Friday, July 2, 2019 09:15:00 (GMT+8). Free trading on the BTC, USDT and HT pairs will also be launched.
Once the voting and listing periods are done, Huobi exchange will burn the remaining HT tokens collected during this voting process.
The holding period of tokens 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) with daily random snapshots of HT taken regularly.