What is HADAX?
HADAX, or the Huobi Autonomous Digital Asset Exchange, is an autonomous digital asset exchange where customers of the platform can propose via voting which tokens are to be listed.
This approach was implemented to provide more options for professional traders and to serve as a connecting platform between digital asset startups and professional investors.
It currently lists only ERC-20 tokens, and for its governance and voting system, it has developed HT tokens (Huobi Token). By using the HT token, its holders can vote which token they want to list for trading on HADAX.
HADAX is a subsidiary of Huobi, a popular cryptocurrency exchange which allows users to trade with more than 190 currency pairs. The platform is under the management of Huobi Global Limited, a cryptocurrency financial services group founded in China in 2013 but which is currently based in the Republic of Seychelles.
Huobi Global has its trading services available in over 130 countries, having offices in Singapore, the United States, Japan, Korea, and Hong Kong.
What Are the Available Cryptocurrencies?
At the time of writing, HADAX has over 40 cryptocurrencies listed, all of which can be traded against Bitcoin (BTC) or Ether (ETH):
- Aeternity
- BeeKan
- BitUP
- LITEX
- Commerce Data Connection
- U Network
- Acute Angle Cloud
- Content Neutrality Network
- UnlimitedIP
- YouLive Coin
- Global Social Chain
- Intelligent Investment Chain
- MEX
- Engine
- ShineChain
- Yuan Chain Coin
- XMax
- DATx
- Tripio
- ThingsOperatingSystem
- Themis
- Smartshare
- Seele
- CVCoin
- Republic Protocol
- Davinci Coin
- EDUCare
- Engine
- FairGame
- com
- FansTime
- Global Social Chain
- Globalvillage Ecosystem
- Hydro Protocol
- Intelligent Investment Chain
- InvestDigital
- Kcash
- Lympo
- Matrix AI Network
- MyToken
- NeuroChain
- Penta
Available Countries
Users from more than 130 countries around the world, including Australia, can access HADAX and its services. And like Huobi, it has trading offices and operation centers in Singapore, the United States, Japan, Korea, Hong Kong in addition to other countries. It also offers support in 13 languages for its customers from the aforementioned countries. To see if your country is among the supported ones, contact the Huobi team for more information.
Fee Structure
HADAX charges the same fees as the Huobi exchange: 0.2% for its maker fees and 0.2% for its taker fees
However, VIP users can have their fees discounted by buying membership plans with Huobi Tokens (HT). Depending on what monthly subscription they buy, they can have from 10% up to 50% taken off from their transaction fee.
There are no fees for account crypto deposits, but withdrawal fees are charged. For instance, Bitcoin withdrawals will incur a 0.001 BTC fee, while Ether withdrawals will have a 0.01 ETH fee.
HADAX Security
Being a Huobi subsidiary, HADAX has the same services and security features as its parent company. If you already have a Huobi account, you can use the same login credentials to login into HADAX.
To register for an account on HADAX, you are required to:
- Provide a valid email address
- Specify your nationality
- Link your phone number
- Activate two-factor authentication through Google Authenticator
- To have your account fully verified you will have to provide a photo of your passport.
Huobi claims that it keeps more than 98% of digital assets in multi-signature offline wallets.
HADAX Token Voting
The process for listing or voting for a token on HADAX involves digital asset startups registering on the platform. Afterward, the HADAX team confirms the authenticity and legitimacy of projects but does not evaluate their investment potential.
HADAX
The users use their HT tokens to vote for their preferred coin. One vote is equivalent to 0.1 HT. Each user can vote up to 100,000 times for one project.
Super nodes (professional investment organizations) are also able to vote on projects but are spared from paying HTs.
At the end of the voting phase, the tokens with the most votes will be listed on HADAX. If those tokens also conform to Huobi’s listing standards, they will be featured as well in the “New Zone” section of the Huobi exchange.
Customer Support
The platform provides 24/7 customer support to users. The support team can be contacted via live chat or email, while the answers to a handful of important FAQs can also be found on their site.
Verdict
HADAX features a novel approach which has never been implemented before in the world of crypto exchanges. Even though the platform is relatively new, it is backed up and managed by a company that has years of experience in the field.
