By
Tolu Ajiboye
April 18th, 2024
Huobi Global is getting ready to launch its new ultra-fast IEO platform Prime Lite that will be an enhanced version of its Huobi Prime.
Though the concept of Initial Exchange Offering is still considered to be a rather new one, Singapore-based cryptocurrency exchange Huobi Global is already not a new player in this sphere. And now it is going to launch its second IEO platform – Prime Lite.
Huobi Prime
As Coinspeaker has reported earlier, a month ago, on March 26, the exchange launched its selective new coin launch platform dubbed Huobi Prime.
The platform was built to provide its users with wide cost-efficient trading opportunities. The platform promised to conduct attentive project review and filtration before listing, introduce zero trading fees and apply a unique price limit mechanism.
Since its launch, the platform has even hosted several IEOs. The first token listed on Prime was was TOP, the native token of TOP Network that is a public blockchain platform built for real-world business of any volume and size.
Nevertheless, the activity of the platform is being criticized due to the fact that rounds were closed practically instantly and many participants didn’t manage to get tokens. As a result, the exchange was accused of scamming.
Ultra-Fast Prime Lite
But it doesn’t mean that Huobi is going to give up. Now it’s actively working on the launch of an advanced IEO platform that will be called Prime Lite.
The main idea of launching a new platform is to improve the listing service and satisfy the practical demands of different project teams. In other words, Prime Lite can be viewed as an ultra-fast version of the Huobi Prime.
The launch of the platform is scheduled for May 9.
“Get ready to get even more primed! BIG NEWS! Huobi Global will launch a streamlined version of Huobi Prime soon. We call it Prime Lite! ThunderCore will be our first project,” Huobi told its followers via a Twitter post.
Prime Lite will have rather strict listing requirements, nevertheless, they will be similar to those that have been applied by Huobi Prime. Projects that are seeking listing through Prime Lite need to meet all the thresholds for Smartchain v2.0 evaluation model.
However, it doesn’t mean that there won’t be any differences between these two platforms. If we compare these both platforms we will see the following differences.
Prime Lite will have a shorter listing cycle and more flexible listing schedule. Users will have the possibility to enjoy more flexible trading allocations.
But maybe the most important peculiarity about the new platform is its plans to burn all exchanged Huobi tokens to ensure the development of HT.
As the company has already announced the first project to be on the Prime Lite platform will be ThunderCore (TT) that is working on the development of high-capacity blockchain. Total trading allocation reserved for the project is said to be roughly 500,000 USDT.
According to the exchange, further details about the project as well as trading rules will be revealed later.