Cryptocurrencies are no longer a niche subject that only the dedicated few 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 this writing, the total cryptocurrency market capitalization sits just shy of $2 trillion as daily trading volume oftentimes exceeds $100 billion.
The interest in cryptocurrency trading is only growing, which is also the reason for the development of a range of trading platforms, among which is the Hoo crypto exchange.
Hoo started out its journey as a crypto wallet in 2018 and quickly evolved into a well-reputed crypto exchange, offering a vast array of products, including an OTC platform, Spot and Futures trading, Collateral Loan, 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 merits include the team’s focus to bring a cutting-edge hub for facilitating trading services, as well as the reliability of the platform itself stemming from the fact that it runs on decentralized servers.
One of the features of Hoo is the OTC platform, currently supporting transactions in more than 100 nations globally and serving more than 200,000 users. Hoo users can choose between various 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.
Furthermore, Hoo added futures trading, with leverage starting from 5x all the way up to 100x the relevant amount of funds.
Hoo Earn is by far the most intriguing offer for HODL-ers since it provides an opportunity for crypto owners to earn passively by locking their funds in a specific contract. When users lock funds in the corresponding contract, they begin receiving interest for the number of funds locked up in each contract.
Some currencies have the option either to be locked in a fixed, 30-day contract or in a flexible contract, which grants users the ability to withdraw their funds without having to wait for the 30-day period to end. Locking funds in flexible contracts is yet another innovation since users can withdraw them at any given time and use them as they wish.
The fixed contracts, on the other hand, have a higher annualized yield, reaching as high as 12% with Tether, 9% for Ethereum, and 8.65% for Bitcoin. When the crypto funds are locked, the interest rate is being paid within one business day after the lockup period has ended, while all of their principal and interest will be returned to their wallet account, which can be viewed in the wallet balance.
Staking funds in such contracts is vital for another part of Hoo’s ecosystem – Collateral Loaning. The loaning service allows users to put their funds in exchange for others, with a daily interest as low as 0.005%.
Together, all of Hoo’s products create an entire ecosystem, which is expanding exponentially. By the end of 2022, Hoo’s team is expecting their user base to jump over 5 million users. A big part of the ecosystem growth would come from the state-of-the-art mobile apps, both for iOS and Android. The mobile app functionalities bring crypto trading and custody right into users’ smartphones.
Hoo AMM Pool
Furthermore, the mobile app clients have the chance to take part in Hoo’s Automated Market Maker (AMM) liquidity pool, included in the latest app update. The functionality upgrades the HooSwap mechanism, allowing users to deposit crypto assets in liquidity pools and share yields by providing liquidity.
The AMM system is completely automated and relies on smart contracts, which gather the provided liquidity in the pools, while also distributing earnings for the fund provisioning. Entering a pool happens easily – users just need to put their funds in the corresponding pool and start earning. However, in order for liquidity providers to join the AMM network, they have to provide both types of cryptos in the pool – e.g., Bitcoin (BTC) and Tether (USDT).
For users that are seeking more passive income options, there is also a two level-referral program. In the first stage of the referral program, users get 20% of their friends’ trading fees as a reward, while in the second stage, users receive an extra 10% of the trading fees if the referrals bring other users to Hoo.
In order to have a working Smart Chain, Hoo added the HOO governance token into circulation, ensuring community action in the project’s development. The token also acts as a gas fee-paying medium on the Smart Chain.
The team has also incentivized users to hold and use the token through participation in HooPool mining, which means HOO token holders can use their HOO to take part in the initial mining event of a new project, which grants them the privilege to preempt into the pool earlier than other users who do not hold HOO.
Furthermore, HOO holders can benefit from doubled income from liquidity mining and fee share, discounted handling fees with VIP benefits, commission rebates by referring new users, as well as borrowing over 20 kinds of mainstream cryptocurrencies.