On February 17, 2022, Hoo announced the completion of the buyback of HOO in January 2022 with a cumulative total of 423,982.18 HOO repurchased from the secondary market.
On 25 January, Hoo had announced that starting from January 2022, Hoo would take out 30% of the fees for spot trading (Spot Zone + Innovation Zone), of which 15% of the fees would be used to buy back HOO in the secondary market, and then transferred to the AMM liquidity pool with the remaining 15% of the fees for continuous optimization of the secondary market depth.
According to the announcement, Hoo’s spot transaction fees in January 2022 accumulated 3,385,520 USDT. 1,015,656 USDT will be taken out in accordance with the buyback agreement, half of which will be used to repurchase HOO from the secondary market and the remaining half USDT will be added to the Hoo AMM liquidity pool along with the repurchased HOO.
In addition, based on the support of a large number of users, Hoo’s market share has further increased in the past month. According to Coingecko, HOO’s market capitalisation reached $92,427,436 as at 31 January 2022, an increase of 22.73% year-on-year, and has been growing steadily over the past period.
HOO is an important part in the development of Hoo’s global ecology. Over the past period of time, the Hoo team has continuously enriched many application scenarios for HOO according to users needs.
- Acting as GAS fee on HSC .
- Participate in HooPool mining: Not only can HOO holders use their HOO to participate in the first mining event of a new project, but they can also pledge HOO or other crypto assets to participate in the HooPool event in advance after the HooPool event is opened but before the opening time is reached.
- Double income from liquidity mining and fee share by pledging HOO on HSC.
- Discount on handling fee： Hoo’s VIP benefits are linked to HOO. Users holding 10,000 HOO can enjoy VIP1 level benefits, and holding 500,000 HOO can enjoy VIP4 level benefits.
- HOO holders can receive a commission rebate by inviting friends.
- Holders of certain HOO can participate in the Right to Gain program, with the opportunity to enjoy benefits such as an increase in the maximum amount of participation and an increase in base earnings.
- HOO holders are able to borrow 20 mainstream currencies by pledging HOO, thus meeting users’ daily working capital needs.
- Holding HOO entitles users to participate in the Hoo’s new currency rush for participation in other quality projects.
- HOO holders are entitled to special benefits for Hoo marketing campaigns, including AMA, gift cards, blind boxes, prize draws, etc.
- Redeem HOO for small amounts of currencies. Some users who hold small amounts of currencies that cannot be traded directly can enjoy the benefit of redeeming HOO once within 6 hours.
About Hoo
Hoo was founded in 2018. After 3 years of development, in addition to operating the world’s leading cryptocurrency exchange, Hoo’s business covers the entire blockchain ecosystem with over 2.4 million total users covering more than 120 countries and regions worldwide.
So far, Hoo has established a complete product business matrix with better ecological services. The core businesses include OTC, Spot, Futures, HOO, Collateral Loan, Hoo Earn, HooPool, HooSwap, Hoo Custody, Hoo Cub Fund, Hoo Mining, etc.
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