Hoo's first stage of token-repurchase program completed with over 400,000 HOO Token added to its AMM liquidity Pool
DUBAI, UAE, Feb. 21, 2022 /PRNewswire/ — On February 17th, 2022, Hoo announced the completion of the first-stage token-repurchase plan on HOO Token with a cumulative total of 423,982.18 HOO repurchased from the secondary market.
From January 2022, Hoo had imposed the strategic plan on generating 30% of the income revenue from spot trading (Spot Zone + Innovation Zone) of Hoo Exchange for enhancing the liquidity of the AMM pool. 15% of the income revenue would be used to repurchase HOO from the secondary market, and all the repurchased HOO would be placed into AMM liquidity pool. The remaining 15% income revenue would also be transferred to the AMM liquidity pool for optimizing the depth and activation of the secondary market continuously.
According to the announcement, Hoo’s accumulated spot transaction income is 3,385,520 USDT in January 2022. Thus, 1,015,656 USDT will be imposed into token-repurchase agreement, and half of which will be used to repurchase HOO from the secondary market and the remaining half of the USDT from income revenue will be added to the Hoo AMM liquidity pool together with the repurchased HOO.
In addition, contributing to the support of a strong user base of Hoo Exchange, Hoo’s market share has further increased with steady growth in the past few months. According to Coingecko, HOO’s market capitalisation reached $92,427,436 on 31st January 2022, which has reached a 22.73% year-on-year growth on the total market capitalisation.
HOO is an important element for the development of Hoo’s global ecology. During the past periods, the Hoo team has visualized plenty of enriched application scenarios for HOO based on the users’ needs.
1. Acting as GAS fee on HSC.
2. Participating in HooPool mining:
HOO holders can use their HOO to participate in the initial mining event of a new project. The token holders can pledge the HOO or other crypto assets to participate in the HooPool event in a privileged position where they could preempt into the pool earlier than other users who do not hold HOO.
3. Doubled income from liquidity mining and fee share by pledging HOO on HSC.
4. Discounted handling fees with VIP benefits:
E.g., Users who hold 10,000 HOO can enjoy VIP1 level benefits and holding 500,000 HOO can enjoy VIP4 level benefits.
5. Receiving a commission rebate by referring new users.
6. Participating in the Right to Gain program:
The opportunity to enjoy benefits such as an increase in the maximum amount of participation and an increase in base earnings.
7. To borrow over 20 kinds of mainstream cryptocurrencies by pledging HOO to meet users’ daily capital needs.
8. Participating in the Hoo exchange’s new crypto launch for investing in other projects with high potential.
9. Entitled to special benefits for Hoo marketing campaigns, including AMA, gift cards, blind boxes, prize draws, etc.
10. Redeeming HOO for small amounts of currencies:
Some users who hold small amounts of currencies that cannot be traded directly can enjoy the benefit of redeeming HOO once within 6 hours.
Hoo was founded in 2018. After 3 years of development, in addition to operating the world’s leading cryptocurrency exchange, Hoo’s business covers the entire blockchain ecosystem with over 2.4 million total users covering more than 120 countries and regions worldwide.
So far, Hoo has established a complete product business matrix with better ecological services. The core businesses include OTC, Spot, Futures, HOO, Collateral Loan, Hoo Earn, HooPool, HooSwap, Hoo Custody, Hoo Cub Fund, Hoo Mining, etc.