What it was
HADAX was a Huobi-operated exchange focused on community-voted token listings using HT staking. It leveraged trading fees and governance to let HT holders influence which tokens were listed. It launched with fanfare among talent-backed projects and early adopters.Token governance model
Users cast votes for token listings using Huobi Token (HT). Voting power and listing influence were tightly controlled by selected nodes (standing nodes), including larger venture funds - this sparked controversy when some felt sidelined by the new rules.Trading volume and status
HADAX carried zero trading volume by late 2023 and is now marked as untracked. All pairs have vanished and no active markets remain, indicating the exchange is effectively retired.Fees and features when active
At its peak, HADAX offered a flat 0.2 percent trading fee and allowed HT integration for reduced fees. It supported both spot and perpetual trading, though user numbers remained niche compared to Huobi Global.Community feedback
The switch to standing-node voting alienated several crypto funds, who accused HADAX governance of being authoritarian. Prominent groups withdrew their support, sparking public friction.Strengths and weaknesses
Here's a summary of what made HADAX notable:
Strengths:- Interactive HT-based token listing governance
- Flat-fee model with potential HT discounts
- Backed by Huobi’s tech and reputation
- Governance model centralized over time - crowding out broader voting
- No active trading volume or liquidity - now defunct
- No mobile app and very limited global presence
Who it was for
- HT holders interested in governance and early token voting
- Speculators tracking new Huobi token launches
Who it’s irrelevant for
- Anyone seeking active trading or viable liquidity
- Traders needing mobile access, fiat rails, or diversified tokens