Dear Respected Users:
The details of our market-making fund pool on October 23rd, 2018
The details of our market-making fund pool on October 24th, 2018
1,000,000HTB are repurchased by the market-making fund pool to transfer to 0x36B85AeA5F54761E09f687dD6642b4Cf07b607cA, the address of the lock-up program on October 20th, 2018 Click here for more details.
The mechanism that triggers the repurchase of HTB from the market-making fund pool: By adopting a special hidden repurchase scheme, we manage to repurchase HTB in a hidden way. The special mechanism works by depositing the three basic types of tokens (ETH, BTC and USDT) into the market-making fund pool of the relevant three transaction pairs (HTB/ETH, HTB/BTC and HTB/USDT) to trigger the disequilibrium of the market-making funds and increase the trading depth of the order book for the HTB to be repurchased in a hidden way. The main features of the mechanism are that: 1. The mechanism doesn’t require human intervention and can be conducted completely by automatic algorithm, which acts similar to the role as a permanent long-term buyer in the market. 2. The effect of the repurchase scheme is the same as conducting the repurchase manually in the long run. However, the repurchase scheme allows the repurchase to be conducted in a smooth and steady way, which helps to support the price of the token to be increased in a relatively steady trend and is thus beneficial for long-term investors.
Regarding the actual amount of HTB that are repurchased by the market-making fund pool, considering the fact that the repurchase is completely conducted by automatic algorithm, the market-making fund pool will maintain the same market-making volume in both directions after the new equilibrium is reached, which can thus be considered similarly as a lock-up. Hotbit Foundation promise that the use of this amount of repurchased HTB will be transparent under the announcements of our community and will be distributed to relevant organizations or individuals that make contributions to Hotbit ecosystem in the future.
October 24th, 2018