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The Eighth Huobi Prime Event Will Kick off on August 27

Dear Valued Users,

Huobi Global is proud to offer you a new token on Huobi Prime, our exclusive token offering platform, at 12:00 on Aug. 27, 2021 (UTC). This is the eighth time Huobi Prime is holding such an event, and the event will take place in two separate rounds.

Huobi Prime allows users to place an order to receive allocations of a new token before it is listed on the exchange. Orders are to be made in Huobi Token (HT), and only users with a minimum 7-day average holding of 100 HT will be allowed to place orders for the new token.

I. General Distribution Mechanism:

1. Users can only place orders denominated in Huobi Token (HT)

2. Eligibility Criteria: Users are required to have a minimum 7-day average holding of 100 HT from 16:00:00 on Aug. 19, 2021

to 15:59:59 on Aug. 26, 2021 (UTC). 

A snapshot of each participant’s HT holding will be randomly taken every 24 hours (snapshots will be taken at any time between 16:00:00 on the current day and 15:59:59 on the next day)

7-day average HT holdings = total amount of HT seen in snapshots during the seven days /7 

Users can check their HT holdings on Aug. 21 by clicking the “marked” banner on the homepage, and see their ticket number.

3. The new token offering event will be held from 12:00:00 to 12:29:59 on Aug. 27, 2021 (UTC). There will be two rounds and each round will last 10 minutes, with a 10-minute period in between for clearance/settlement.

Order placement window for Round I: 12:00:00—12:09:59;

Clearance/Settlement: 12:10:00—12:19:59;

Order placement window for Round II: 12:20:00—12:29:59;

II. Distribution Mechanism for Round I

The distribution in the first round will be conducted as a random draw with two criteria to entry: the 7-day average holdings of HT and Order Size. 

Users who meet the basic eligibility criteria can place orders with HT on the Huobi Prime page during the Order placement window for Round I; An order worth less than 100 HT will not qualify for any tickets.

After the order number has been generated, tickets will be issued based on the user’s 7-day minimum holdings of HT and Order Size (Users will not receive tickets if their order number is not generated; Each user can receive 8 tickets at most)

The two qualifying criteria below will determine how many tickets are issued, e.g. If you have a minimum average holding of 200 HT but place an order worth 150 HT, you will be issued 1 ticket.

At the close of the Order placement window for Round I, the system will select 500 tickets at random and fulfill the orders placed by the holders of selected tickets.

All orders with selected tickets will be traded on a pro-rata basis with the following formulae:

         a. Probability of selection per ticket= 500/All valid tickets*100%

         b. Trading volume=Tokens released in this event*15%/500

Each selected ticket is counted as a separate share of the trading volume.

The system will automatically deduct the HT traded, allocate the tokens, and return any remaining HT from a pro-rated order.

The exchange ratio between HT and the new token will be announced on Aug. 27.

III. Distribution Mechanism for Round II

The distribution in the second round will be a proportionate allocation. 

Users can place orders worth up to their remaining order value cap in HT.

2nd round order value cap in HT = Order value cap in HT – the value of any HT traded in the 1st round;

For example: If a user’s order value cap is 1,800 HT, and 1 of 4 tickets issued to the user in the 1st Round is selected, with 50 HT worth of tokens traded, then the order limit for the user in the second round will be 1,750 HT. 

Users who have not used up their order value cap can place buy limit orders during the Order placement window for Round II. 

At the end of the Order placement window for Round II, the system will perform proportional matching transactions for all buy orders at the same price.

The system will automatically deduct the HT traded, allocate the tokens, and return any remaining HT from a pro-rated order.

After the second round, all partially traded orders will be automatically canceled by the system.

IV. Price Limit Period (12:00:00 to 12:29:59 on Aug. 27, 2021 UTC)

Both rounds have a tiered price-limit period, and each round has a price limit range (the highest tradable price) where users can fulfill orders.

There are two rounds in total, and each round will last 10 minutes, with a 10-minute period in between for clearance/settlement.

Price limit for Round I:12:00:00—12:09:59;

Clearance/Settlement:12:10:00—12:19:59;

Price limit for Round II:12:20:00—12:29:59;

V. Information about the new token will be revealed closer to the event date.

Terms & Conditions

This event applies to the Web and the App version of 6.4.3 and above. Users who use the IOS internal beta testing version need to download the latest App via our official website.

Users are required to complete ID verification to participate in this event.

Huobi Token (HT) held in all Huobi Global accounts is within the scope of the snapshot, while HT held on the Huobi ECO Chain (Heco) is excluded.

To avoid irrational operations, the platform will restrict the use of the market order when trading within 5 minutes after the opening of free trading. The price of pending orders shall not be higher than 10 times the price set in Round II. This price restriction will expire after 5 minutes.

Users from the following countries or regions will not be permitted to participate in this event: Japan, Cuba, Iran, Mainland China, Hong Kong (China), Macau (China), North Korea, Sudan, Syria, the United States, and its overseas territories (American Samoa, Guam, Northern Mariana Islands, Puerto Rico, and the U.S. Virgin Islands), Canada, and Singapore.

API orders for HT and the new token will not be available during the Prime event.

Huobi reserves the right of final interpretation for all aspects of this event and the right to disqualify any participants showing signs of fraudulent behavior.

AHuobi Global

Source:Crypto Daku