Huobi FastTrack Allows Users Holding Over $3,000 in HT Tokens to Vote as Platform Incentive
The Huobi, which is a Singapore based crypto exchange, has officially gone ahead to rebrand themselves from the Prime Lite token platform to FastTrack. The rebranding took place just a few days after the company made its public debut on 9th May.
It has been said the rebranding has been coupled with the revamped and business model. With the new model in place, they have made the rules to be a little bit more favorable to their users.
Additionally, the new rules that the model comes with have been able to set a few incentives when the Huobi Tokens, HT, have been used. This is the native token for the system.
‘The decision to convert to FastTrack really grew out of a desire to be responsive to customers’ needs,” said Ross Zhang, Head of Marketing for Huobi Global.
Having more than 3000 tokens will give you some voting rights
The business model for the platform has changed in several ways. The system will be able to offer about five projects to the users, which could be used for potential listing every given month. From here, the user will be able to use the HT to vote for the tokens that hope to see listed on the FastTrack system; this will be done every week.
Once a project gets successfully listed the users who voted for it will be given about 50% discount on tokens on the associated project. This is with the HT used when voting.
Additionally, within this group of users, there will be ten lucky winners who will be selected and be able to go ahead and exchange all there HT votes and acquire a winning token. As for the rest, they will be allowed to buy the discounted tokens; it has been based on the remaining supply of tokens. This will be calculated in proportion to the vote made.
Now to motivate users to keep the HT in the system, they will need to hold at least 1,000 HT on a daily. This should be a week just before the Huobi FastTrack launch if they would like to qualify for voting.
At press time, the 1,000 HT was valued to be about $3,362. It has been noted that the rebranding and possible the crypto bull might have contributed to the 20% increase in the price of the HT.