Final Draft of the Voting Rules of HADAX 2nd Phase
The final draft of the voting rules of 2nd phase finally is released after the hustles and discussions these days. We want to express our gratitude to the project teams, users and partners who helped us. Thank you for your understanding and support. Voting for Token Listing on HADAX is the first attempt for Huobi Pro to start business on decentralized trading platform services and autonomous community. We believe that every attempt or stumble will be our guidelines. This is where the charms of community lies.
To show our gratitude to the users who have given us precious suggestions to our rules, we will reward them 5 HTs per user. Please keep supporting us in the future. Rewards will be distributed in the next 5 working days.
Here are our voting rules of the 2nd phase.
1. Phase of Voting
(1) The 2nd phase of voting starts at: 13:00, March 12th, 2018 (GMT+8).
(2) Each phase contains several rounds. Each round of voting will last for 72 hours and 3 projects will enter the final list. Each round will have an interval of 1 to 3 working days for our system preparation and return visits.
2. Super Voting Node – First Review
(1) We will introduce professional investment organizations with excellent reputation to vote for projects. This is to help HADAX pick up quality projects. The first list of super nodes will be published soon.
(2) Super nodes will vote under real name. They do not need to pay any HTs for voting and their votes represent their recommendations for HADAX listing.
(3) Projects that receive 100% of votes from super nodes will be recommended to be listed on Huobi Pro. They must pass the audit process of Huobi Pro.
(4) We will sort the projects that enter the public vote from high to low according to the votes from super nodes.
(5) Projects that are recommended by the super nodes will have the priority in the first review.
(6) Because the limited development cycle, the voting and commenting process of this phase will be carried out offline but will be published in the public vote page. After the development is complete, this process will be carried out online.
3. Security Deposit
(1) Teams are required to pay the deposit according to their needs and the deposit is paid by HTs. The deposit will be returned to teams regularly month by month in the next 12 months. This return starts from the second month when the voting is live.
(2) What does security deposit do: if the team are eligible for the delisting conditions (e.g. team is dismissed; team asks for being delisted; there is not enough liquidity; the token is suddenly chain split; the team violates the law or regulations), this deposit will be paid to users as compensation.
(3) The amount of security deposit will be shown in the vote page. Once submitted, the amount can not be changed until the next round begins.
4. Votes from Users
To encourage more users to vote and find the real community supporters of the projects, we want to set up the voting incentives.
(1) Teams can set up their own incentive rules. For example, they can give a user 0.2 token for each vote they cast.
(2) Teams can increase the incentives during the voting process. The incentives can only be increased but can not be decreased.
For example, in the first day, the team promises to give a user 0.2 token for each vote they cast. In the second day, if the team wants to change the incentives, he can only give more than 0.2 tokens, e.g. 0.3 tokens.
(3) The project team can change the amount of reward tokens 2 hours before the voting ends.
(4) The net value of the voted user’s balances is required to be 100 USDT or above. Each person can vote for 3 projects maximum in 30 days.
(5) 1 vote costs 0.1 HT. Each user can cast 100,000 votes maximum.
(6) The reward tokens from project teams will not be sent to users at one time, instead, they will be sent in 4 times. When the token is live on HADAX, voted users will get the first quarter of tokens. Later, they will get each quarter in each week that follows.
(7) Votes from users can be refunded to users anytime they want.
5. Conditions of Entering the Final List
(1) Final score = votes from users * 70% + the number of HTs as the security deposit * 30%. For example, if the final votes of a project is 1 million and his deposit is 200,000 HTs, then his score = 1 million * 0.1 HT * 70% + 200,000 * 30% = 130,000 score.
(2) Projects which will be listed are the projects with the most votes. If two projects have the same number of votes, the one with more voted users will win.
(3) When each round concludes, HADAX will analyze the vote data and pay return visits to the voted users to make sure the authenticity of the votes. Our results will be published via announcement. Once we find any scalping, we will disqualify the projects. If the projects are confirmed to be listed in our announcements, its BTC and ETH pairs will be live in the future.
6. Newly Added Projects
(1) Newly Added Projects: in each round, we will update the list of candidate projects according to the recommendations from super nodes and the applications from teams.
7. To Prevent False Users and Scalpers, We Now Make the Following Changes:
(1) The voted users must have passed the advanced verification.
(2) From the 2nd phase, HADAX will clean and analyze the data and pay return visits to ensure the authenticity of votes before publishing any results.
(3) Once we find any cheating, we will disqualify the projects.
8. How we deal with the vote income
(1) The deposit is not part of HADAX’s income and will be kept at a certain address. It will returned to teams regularly month by month in the next 12 months.
(2) The vote income from users, similar to trading fee income, is the operation income of Huobi. All of the vote income will be transferred to the Investor Protection Fund in the format of HTs. Because we see a bullish trend of HT, we will hold HTs in the long term and will not sell them in the secondary market. If we want to sell them, we will publish via announcement one month in advance. We also are looking for partners for long-term cooperation to build HT ecosystem. If you are interested, please feel free to contact us.
9. What about the unlisted projects of the 1st phase?
(1) Project teams can contact our business staff to decide whether to continue or quit.
(2) If they choose to go on, they must gain the support of super nodes before entering public vote. Secondly, the votes that they got in the 1st phase will be included in the votes and scores of the 2nd phase according to a certain formula.
(3) If they choose to quit, we will refund the HTs (votes) that everyone casted.
Thank you for your support and understanding. We are trying our best to provide quality services to teams and users. Any suggestions for the rules of 2nd phase will be welcomed. Once your suggestion is taken, we will reward you with HTs. You can give your suggestions here:
March 7, 2018