OKEx Announces 10th IEO – HyperDAO
- OKEx and HyperDAO share a common belief in decentralized finance, which led to this partnership.
- Users can participate from both the OKEx app and OKEx website, but have to complete their KYC2 verification before that.
The cryptocurrency exchange OKEx’s token sale platform OKEx Jumpstart just announced that on February 25, 2020, it will launch its 10th token sale with HyperDAO (HDAO). HyperDAO is devoted to creating a decentralized financial (DeFi) services ecosystem that is transparent and reliable. The company wants to provide a one-stop financial service platform to users from all over the world.
HyperDAO and OKEx share some common stances when it comes to decentralized finance. As stated in the press release, HyperDAO aims to “gradually transform its existing centralized business model into one that is decentralized and governed by community members”.
HyperDAO is backed by blockchain technology and works on apps on both micro and macro levels, such as crowdfunding, wallets, stablecoins, development of microfinance, market forecast, and e-citizen information platforms.
Jay Hao, CEO of OKEx noted what attracted them to this strategic move with HyperDAO:
“OKEx believes in Decentralized Finance (DeFi), and this is what we are endeavoring to develop. We are glad to partner with HyperDAO who share same belief with us.”
Hao added:
“HyperDAO brings the industry a new series of real-life applications. I am always surprised by the many innovations out there and it is our pleasure to help the creators realize them. We hope other market players to join hands in bringing blockchain innovations to everyone’s life.”
The press release included valuable information on how the IEO is going to happen. With a total supply of 5,000,000,000 HDAO, OKEx Jumpstart will offer 200,000,000 HDAO at $0.01 a piece. As a comparison, HyperDAO’s private sale price is $0.02 per HDAO with a 32,000 HDAO minimum subscription amount. The token accepted for the subscription and settlement is OKB but the OKB/USD exchange rate will be revealed on the day when the sale starts.
Two subscription sessions will happen on February 25:
- OKBelievers Exclusive Allotment Session will start at 04:00 (UTC) with an individual cap of 400,000 HDAO, which does not have an over-subscription limit.
- OKTraders Privilege Allotment Session will start at 05:00 (UTC) and also has an individual cap of 400,000 HDAO and does not have an over-subscription limit.
The HDAO/USDT and HDAO/USDK spot trading pairs will be accessible on February 25, after the token sale starts, at 07:00 and 09:00 respectively.
- The newly introduced DeFi Hub ecosystem supports two core products, an NFT Marketplace and a DeFi Dashboard.
- The new marketplace aims to accelerate the adoption of NFTs by enabling users to buy, sell and trade non-fungible tokens “with zero fees paid out to OKEx”.
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- The layer-2 scaling solution is currently available on the OKEx desktop website and is yet to go mobile.
- The integration will benefit the entire Bitcoin ecosystem, as it will increase the number of participating lightning network nodes.
- OKEx’s open-source public network has added six new partners this quarter.
- OKExChain will enable Ethereum developers to migrate their apps to the network.