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The IEO Craze: Huobi Prime’s TOP Network Listing Starts Tomorrow – How to Participate?

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Huobi’s internal exchange offering (IEO) platform – Huobi Prime, is set to launch its very first fundraising event tomorrow, March 26th.

Unlike Binance Launchpad, Huobi Prime boasts a rather different launching and participation mechanism, so let’s have a closer look at Huobi’s IEO.

Selective Token Listings

As per the official release, the main intention behind the platform is to “explore potential blockchain applications, gather industry resources, and promote the development of the blockchain ecosystem.”

Unlike Binance’s Launchpad, Huobi won’t “issue” tokens per se, but would list them directly via Huobi Prime for trading. According to the announcement, the exchange will source non-security blockchain assets and list them directly against Huobi Token (HT) for public trading.

In order to foster price discovery and to avoid risks associated with high volatility, the platform introduces so-called “Price Limit” rounds. There will be a total of three of these rounds, each one lasting 30 minutes. Throughout those rounds, the tokens will be traded in a predetermined price range, meaning that the highest tradable price will be capped in those rounds. Only regular market orders will be around throughout the time of these three rounds.  

In addition, Huobi has set up an eligibility threshold. In order to participate in these selective token listings, users need to have a daily average holding of 500 HT throughout the last 30 days prior to the trading session (TOP Network skipped this rule as the first sale). However, the release also disclaims that these holding requirements might be altered based on HT price movement.

About TOP Network’s Listing: How to Participate?

TOP Network will be the first project launched via Huobi Prime, and it will include the following three rounds:

Price Limit Round 1: It will take place from 21:00 to 21:29:59 (GMT +8). During this period, the highest tradable price for 1 TOP will be $0.00177.

Price Limit Round 2: It will take place from 21:30 to 21:59:59 (GMT+8). The highest tradable price for 1 TOP will be $0.00213.

Price Limit Round 3: It will take place from 22:00:00 to 22:29:59 (GMT +8). The highest tradable price for 1 TOP will be $0.00255.

There is also an individual cap, meaning that no account can trade more than the equivalent of $1000.

It appears that users who are able to purchase tokens in the earliest rounds will be able to profit off the increased price limit of each subsequent round, provided there is enough demand.

It’s important to note that the TOP Network listing, being the first one on Huobi Prime, won’t require users to have held 500 HT for 30 consecutive days before the sale.

On the 26th, Huobi will enable a live link to Huobi Prime, allowing users to access the selective token listing. In general, however, the platform has made sure that the process will be roughly the same as it is to trade regularly on Huobi. There is a detailed guide on what to do found on the official website.

The post The IEO Craze: Huobi Prime’s TOP Network Listing Starts Tomorrow – How to Participate? appeared first on CryptoPotato.

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