Dear Users,
Deployed on the Ethereum blockchain network, Huobi DOT (HDOT) has now launched on Huobi Global, accompanied by opening of HDOT deposits and withdrawal services.
1. HDOT Summary
DOT is the native token of Polkadot, and its goal is to perform the key functions of the platform. DOT plays four key functions in Polkadot, namely, providing management for the network, operating the network, creating parachains by binding DOT, and acting as a cost for transmitting messages across parachains.
Launched by Huobi Global and deployed on the Ethereum network, Huobi DOT (HDOT) token aims to promote the growth of the decentralized marketplace by injecting Polkadot (DOT), the largest and most liquid asset, into the decentralized finance (DeFi) eco-system. HDOT maintains a strict, asset-backed 1:1 peg to DOT. Every 1HDOT issued will be fully backed by the same DOT asset quantity to ensure users can perform a 1:1 exchange between HDOT and DOT at any time.
2. Key Features Of HDOT
(1) Pegged Value: HDOT is strictly pegged to DOT, with a strict 1HDOT:1DOT exchange ratio.
(2) High Liquidity: DOT has the largest market capitalization across the cryptocurrency market and is the most well-known digital asset. As a token deployed on the Ethereum network, HDOT is anticipated to inject liquidity in the decentralized marketplace.
(3) Efficient Trading: Use of HDOT as a DOT on-chain asset transfer mechanism reduces the transaction confirmation period from 1hour to 5 minutes.
(4) Reduction in Trading Fees: Use of HDOT to effect on-chain DOT transfers between platforms incurs the same fee rates as other ERC20 tokens, which is relatively cheaper than DOT charges.
(5) Transparent & Verifiable: Users can verify HDOT assets on both the DOT and Ethereum side. Details of all asset transfers will be published on the official HDOT website. Users can freely verify chain HDOT assets online.
(6) Supports Distributed Services: HDOT will support distributed third-party agents exchange services.
3. HDOT Exchange Services
Users can exchange HDOT for DOT and vice versa on Huobi Global (HBG) and/or HDOT official website.
Converting to HDOT: Deposit DOT to HBG. On the withdrawal page, select option to withdraw to HDOT, or deposit DOT onto the HDOT official website to convert to HDOT.
Converting to DOT: Deposit HDOT to Huobi Global. On the withdrawal page, select option to withdraw to DOT, or deposit HDOT onto the HDOT official website to convert to DOT.
4. Relevant HDOT Links:
Official website: https://www.htokens.finance/en-us/
Contract Address: https://etherscan.io/address/0x9ffc3bCDe7B68C46a6dC34f0718009925c1867cB
HDOT project team aims to integrate centralized markets with the DeFi marketplace via the injection of DOT liquidity to the Ethereum DeFi eco-system, increasing the efficiency of digital asset servicing, and thus reducing the cost of entry into DeFi. Huobi work towards development of HDOT via partner collaboration, to provide users with a better user experience.
Huobi Global
October 1, 2020