Disclaimer: This is a sponsored press release. Readers should do their own research before taking any action related to the content mentioned in this article. Learn more >
The rapid development of crypto projects worldwide has led to the development of many crypto trading platforms, one of which is the Hoo crypto exchange.
Hoo started its journey in 2018 as a crypto wallet and quickly grew into a reputable crypto exchange offering a wide range of products including an OTC platform, spot and futures trading, collateral lending, Hoo Smart Chain, Hoo Custody, Hoo Research, Hoo Cub Fund, Hoo Labs, HooSwap and HooPool.
According to founder Rexy Wang, the benefits of Hoo are that the team is focused on providing a state-of-the-art hub to facilitate secure trading services. The platform runs on decentralized servers, which improves the reliability of the platform.
Hoo OTC
One of Hoo’s greatest advantages is its OTC platform, which currently supports transactions in more than 100 countries worldwide and serves more than 200,000 users. Hoo users can choose from a variety of mainstream assets, including Tether (USDT), Bitcoin (BTC), and Ethereum (ETH), with free trading and zero transaction fees.
Hoo also offers spot trading with more than 400 trading pairs to choose from and a TPS of 10,000 per second.
In addition, Hoo added futures trading, with leverage ranging from 5x to 100x the relevant cash amount. Trading perpetual futures (with no expiry date) is a wonderful tool to bet on the future price of crypto assets and profit from their volatility.
Earn hoo
Hoo Earn is by far the most intriguing offer for HODL users as it presents a wonderful opportunity for crypto owners to earn passively by locking their funds in a specific contract. When users lock funds in the relevant contract, they earn interest for the number of funds locked in each contract.
Some currencies have the option to be locked in either a fixed 30-day contract or a flexible contract that gives users the ability to withdraw their funds without having to wait for the 30-day period to end. Locking funds in flexible contracts is another novelty as users can withdraw their funds at any time and use them as they please.
The fixed contracts, on the other hand, have a higher annualized return, reaching up to 12% for Tether, 9% for Ethereum and 8.65% for Bitcoin. If the crypto funds are blocked, the interest rate will be paid within 1 business day after the blocking period expires, while all principal and interest payments will be returned to their wallet account, which can be viewed in the wallet balance.
Putting funds into such contracts is vital for another part Hoo’s ecosystem – Loan Collateral. The lending service allows users to exchange their money for others with a daily interest rate of just 0.005%.
Together, all of Hoo’s products form a whole ecosystem that is growing exponentially. By the end of 2022, Hoo’s team expects its user base to grow to over 5 million users. A large part of the growth of the ecosystem would come from the cutting-edge mobile apps for both iOS and Android. The mobile app features bring crypto trading and custody right to users’ smartphones.
Hoo AMM pool
Additionally, mobile app customers have the opportunity to participate in Hoo’s Automated Market Maker (AMM) liquidity pool included in the latest app update. The functionality enhances the HooSwap mechanism, allowing users to deposit crypto assets into liquidity pools and share earnings by providing liquidity.
The AMM system is fully automated and based on smart contracts that collect the provided liquidity in the pools while at the same time distributing the income for fund provisioning. Joining a pool is easy – users just need to deposit their money into the appropriate pool and start earning. However, for liquidity providers to join the AMM network, they must provide both types of cryptos in the pool – e.g. B. Bitcoin (BTC) and Tether (USDT).
There is also a two-tiered referral program for users looking for more passive income opportunities. In the first tier of the referral program, users get 20% of their friends’ trading fees as a reward, while in the second tier, users get an additional 10% of the trading fees if the referrals bring other users to Hoo.
Hoo token
In order to have a working smart chain, Hoo floated the HOO governance token to ensure community action in the development of the project. The token also acts as a billable medium in the smart chain.
Other benefits of holding and using the token include participating in HooPool mining, ie HOO token Holders can use their HOO to participate in the first mining event of a new project, giving them the privilege of entering the pool earlier than other users who do not own a HOO.
In addition, HOO holders can enjoy double earnings from liquidity mining and fee sharing, discounted processing fees with VIP benefits, commission discounts by referring new users, as well as borrowing over 20 types of mainstream cryptocurrencies.
Share this post
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.