Cryptocurrencies are no longer a niche topic that only a few dedicated people understand and are involved in. The space has outgrown cypherpunks and early adopters and has already reached hundreds of millions of people.
At the time of writing, the cryptocurrency’s total market cap is just under $2 trillion, as daily trading volume often exceeds $100 billion.
Interest in trading cryptocurrencies is constantly growing, which is also the reason for the development of a number of trading platforms, including the crypto exchange Hoo.
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.
Rexy Wang, the exchange’s founder, outlines that some of its assets include the team’s focus on creating a state-of-the-art hub to facilitate trading services, as well as the reliability of the platform itself, which comes from the fact that it runs on decentralized servers.
Hoo OTC
One of Hoo’s features 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.
Earn hoo
Hoo Earn is by far the most intriguing offer for HODL users as it offers crypto owners the opportunity 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 innovation as users can withdraw them 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.
Staking funds in such contracts is vital to another part of Hoo’s ecosystem – collateral loans. 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 receive 20% of their friends’ trading fees as a reward, while in the second tier, users receive an additional 10% of 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.
The team has also encouraged users to hold and use the token by participating in HooPool mining, which means HOO token holders can use their HOO to participate in the first mining event of a new project, what grants 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 lending over 20 types of mainstream cryptocurrencies.
SPECIAL OFFER (sponsored)
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off Binance Futures fees for the first month (Terms).
PrimeXBT Special Offer: Use this link to register and enter the POTATO50 code to get up to $7,000 on top of your deposits.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.