Huobi Names TOP Network as Inaugural Huobi Prime Project
World-renowned cryptocurrency exchange Huobi Global has revealed on Wednesday it will officially launch its Huobi Prime selective token listing channel on March 26th at 21:00 (GMT+8). Supplementing the news of the upcoming launch was the selection of the inaugural Huobi Prime project: TOP Network (TOP), a distributed communication network designed for safe, high-quality, and cost-effective cloud communication services.
In a blog post published late-morning on Wednesday, Huobi Global explained to readers the aim of Huobi Prime is to identify promising blockchain projects and help expedite their development; offering each team the ability to leverage Huobi’s invaluable suite of resources accrued in its five-year-long history.
Huobi Prime to Run Direct Premium Offering (DPO)
One of the distinguishing features of Huobi Prime will be its adoption of a so-called Direct Premium Offering (DPO) model. The innovative price discovery method will see Huobi run – at least in the case of TOP Network – three 30-minute long “Price Limit” rounds collectively referred to as a “Prime Trading” session. Each round will see a specified allocation of tokens become tradable for a progressively larger HT-denominated value.
Huobi to Unlock Prime Liquidity from Get-Go
In detailing the listing rules of Huobi Prime, Wednesday’s announcement revealed associated projects “can enjoy support from” Huobi Global, Huobi Korea, and HBUS, who will each list the project’s token against Huobi Token (HT), bitcoin (BTC), ether (ETH), USDT (USDT), and the relevant fiat currency. Notably, the U.S.-based HBUS will firstly require the token to pass an additional compliance review.
Prime Launch = TOP News for HT
Wednesday’s announcement from Huobi Global appears partly responsible for the fact Huobi Token (HT) – the token native to Huobi’s exchange – jumped by roughly 20 percent in USD value over the past 24 hours, according to OnChainFX; the continuation of a run that has seen HT soar by almost 150 percent since the beginning of February.
The Huobi Prime announcement appears to be generating tailwinds for the value of HT because a “daily average holding of 500 HT” is required in order to be deemed eligible to participate in any given Prime Trading session. This average is based on the 30-day period preceding the commencement of a Prime Trading session. Given TOP Network’s Prime Trading gets under way in a week’s time, this threshold will not be enforced, Huobi Global went on to state in Wednesday’s blog post.
Announcement: We’re happy to announce that on Tuesday, March 26,Huobi Prime, a better path to #premium coins, will go live. Among other benefits, Huobi Prime lets you #trade your coins immediately. We call it the #DPO (Direct Premium Offering) Model. Info:https://t.co/O7z2rlINK2 pic.twitter.com/lWTyjjSQo4
— HuobiGlobal (@HuobiGlobal) March 20, 2019