At the outset of its development, exchange Hoo aimed to be the easiest exchange for users, with the theme “making training easier.” Hoo has invested a significant amount of people, material, and economic ability in this endeavor. Up to this point, Hoo has not stopped iterating and consistently adding new features. The initial objective has not altered, and there is still a considerable distance to travel.
However, cryptocurrency exchange Hoo is experiencing a gap in its cash flow as a direct result of the recent quick changes in market conditions, which have caused several external investment institutions, chains, lending initiatives, and platforms to consecutively run into difficulty. Its team is actively interacting with other groups in an effort to reclaim the cash that has been strewn about outside as quickly as they can. It is true that Hoo is experiencing difficulties at the moment; nonetheless, the platform hopes that everyone will be able to provide Hoo with trust and understanding during this time because exchange Hoo needs everyone’s support more than ever.
Hoo To Launch New Plans & Operations
To fix the issue of cash withdrawal as quickly as possible, crypto exchange Hoo guarantees that user assets are not lost to the maximum extent feasible and resumes platform operations. This allows the problem to be solved as quickly as possible. In addition, exchange Hoo will develop a Debt-to-token conversion plan and a partner investment plan, as well as optimize futures trading on financial derivatives. The particular strategies are as follows:
1. Debt-to-Token Conversion Plan
The Debt-to-token conversion strategy aims to convert part of the existing crypto assets of platform users into tokens, enabling them to freely trade in the Innovation zone and immediately swap at equal market rates. On the platform, the user’s crypto assets will be changed into the equivalent amount of debt tokens. For instance, 1 USDT = 1 HUSDT (Hoo USDT), and the debt token is freely tradable in the Innovation Zone.
Cryptocurrency exchange Hoo will launch the stablecoin IUSD (Investment USD), where 1 IUSD = 1 USD and IUSD is the unit of account for partner investments. Users who own debt tokens have the ability, in addition to trading, to use the swap feature to exchange their debt tokens for IUSD and engage in the investment business of partner organizations. The debt token exchange rate is pegged to the market price. Users using IUSD can transfer funds amongst other platform users.
On August 1, 2022, Hoo will formally commence the Debt-to-Token conversion plan. Every user transaction will be terminated as soon as the plan to convert debt into tokens is put into action. It is imperative that you promptly cancel any pending orders for your company and move all of your assets to the wallet in order to protect your company from financial damage. All of the user’s pending orders will be automatically canceled, and their assets will be transferred to their wallet. The Innovation zone is scheduled to open on August 5, and the user’s debt token can be openly traded.
2. Partner Investment
The Partner Investment solution enables customers to take part in Hoo Earn using their existing IUSD assets, unlock those holdings on a regular basis, and receive an additional 200% of additional income. Users have the ability to make IUSD investments through the Futures investment product that is offered in the Hoo Earn Zone.
After the user IUSD engages in Hoo Earn company, the assets will be locked, and the timer will begin the following day; 0.01% (basic ratio) of the invested amount will be unlocked to the associated wallet account every day (the unlocking ratio will be dynamically adjusted according to the actual situation). The additional 200% will be unlocked sequentially. Hoo will debut the Debt-to-IUSD and partner investment functions on August 8 and 15, respectively.
3. Futures Business Optimization
On August 15th, exchange Hoo will bring the Futures system upgrade to a successful conclusion. Its development is continually being driven in the direction of making things more convenient for users. With this optimization plan, Hoo aims to solve all of its current issues and come out as a user-friendly trading platform. It is expected that after the successful implementation of this plan on August 15th, Hoo users will be able to use the platform without any severe issues.
The Way Forward
Hoo has now issued an official apology to its devoted users. Hoo has high hopes that its plan to convert debt into tokens, along with the other improvements it is implementing, will allow it to compensate for everyone’s time loss and deliver advantages to everyone through long-term investments. Hoo also has the goal that in the next few days, it will be able to collaborate with the community in order to address the challenges that they face together.