Huobi’s HADAX Autonomous Token Exchange Delays Voting for New Listings
HADAX, Huobi’s independent token listing exchange, has declared that it is shelving its next round of polling for new token listings on the platform. The announcement is based on the new procedures introduced by the company.
HADAX is a subdivision of Huobi, a key cryptocurrency exchange on which users vote by making use of natural Huobi tokens (HT) to choose virtual properties that will be listed and transacted on the platform.
Huobi’s last week statement of the updates to the guidelines overriding the polling procedure resulted in the postponement of the polling. Following the launch of HADAX sometime in February this year, the company introduced a polling system where by submitted projects have to undergo introductory assessment by the team.
Assessments are also followed by a peer review known as ‘Super Nodes’. The Super Nodes is simply a panel of highly acclaimed venture companies from conventional as well as crypto-specific backgrounds. The company also introduced some form of ranking into the balance of power between diverse companies which act as Super Nodes for its poling system.
In this regard, two sets of super nodes were introduced, named ‘standing nodes’ and ‘selected nodes’. According to the new regulations presented by Huobi, any of the ventures that is not supported a minimum of a single standing node will be eliminated from the polling ballot. This effectively gives standing nodes more control in selecting which tokens can be itemized on the HADAX platform.
Huobi also stated that it will request key conventional venture capital companies like Unity Ventures, Dragon, and ZheFund among others to join. Also invited are Bitmain and Hashed, a Korean crypto fund. According to the company’s statement, selected nodes will be made up of crypto venture companies like Node Capital and BlockVC.