In a significant move for the digital currency ecosystem, global cryptocurrency exchange OKEx has announced the listing of Hedera Hashgraph’s native token, HBAR. The token is scheduled to become available for trading on September 17, with deposit and withdrawal services opening a day earlier.
This development highlights the growing integration of enterprise-grade distributed ledger technologies into mainstream crypto trading platforms.
What Is Hedera Hashgraph?
Hedera Hashgraph is a public, open-source distributed ledger technology designed to provide high-speed, secure, and fair decentralized applications. Unlike traditional blockchains, it uses a directed acyclic graph (DAG) structure known as hashgraph to achieve consensus, enabling faster transaction speeds and lower energy consumption.
HBAR serves as the native cryptocurrency of the Hedera network. It is used for:
- Paying transaction fees
- Securing the network through proof-of-stake
- Enabling governance participation
The platform supports a range of services including cryptocurrency transactions, smart contracts, and file storage, making it a direct competitor to established networks like Ethereum.
The Role of the Hedera Governing Council
A standout feature of Hedera Hashgraph is its governance model. The network is operated and overseen by the Hedera Governing Council, which comprises up to 39 term-limited, globally recognized organizations across various industries.
Current members include tech giants like IBM, aerospace leader Boeing, and telecommunications firm Tata Communications. This council is designed to ensure decentralized and democratic network governance, preventing any single entity from gaining disproportionate control.
This enterprise-backed approach aims to foster trust and encourage institutional adoption of decentralized technologies.
Why OKEx Listed HBAR
OKEx, a major cryptocurrency exchange based in Malta, cited several reasons for listing HBAR. According to the exchange, listing decisions are based on a comprehensive evaluation of a project’s:
- Technological foundation and innovation
- Business model sustainability
- Regulatory compliance
- Potential to enhance community participation in the crypto space
Andy Cheung, Head of Operations at OKEx, emphasized the shared vision between the two organizations, stating, “Hedera and OKEx share the same goal of building a trusted, safe, and fair digital future for everyone through developing a neutral, open-access infrastructure.” He further described Hedera’s technology as a “powerful, enterprise-grade ledger” that represents a step toward mainstream decentralization.
Malta, where OKEx is headquartered, has established itself as a favorable jurisdiction for cryptocurrency businesses due to its clear regulatory framework. This has attracted numerous crypto firms, including Binance, reinforcing the island’s status as a “blockchain island.”
Timing With Hedera’s Mainnet Launch
The listing of HBAR on OKEx coincides strategically with Hedera’s own roadmap. The mainnet beta of Hedera Hashgraph is scheduled to open to the public on September 16. This open access will allow developers worldwide to begin building and deploying decentralized applications (dApps) on the network.
The availability of HBAR on a high-liquidity exchange like OKEx provides easier access for traders and investors, potentially increasing participation and network usage. It also offers improved liquidity and visibility for the HBAR token right as the network enters a new phase of growth.
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The Growing Crypto Exchange Landscape
The decision by OKEx to list HBAR reflects broader trends in the cryptocurrency exchange industry. Exchanges are increasingly competing to list promising and innovative tokens early, catering to user demand for access to new digital assets.
Listing criteria have also evolved, with major exchanges now considering:
- Technical merit and uniqueness of the project
- Level of community engagement and activity
- Regulatory clarity and compliance measures
- Strategic value to the crypto ecosystem
This careful curation helps exchanges maintain quality markets and protect their users from less credible projects.
Frequently Asked Questions
What is HBAR used for?
HBAR is the fuel of the Hedera Hashgraph network. It is used to pay for transactions, such as transferring cryptocurrencies, running smart contracts, or storing files. Additionally, users can stake HBAR to help secure the network and participate in governance.
How is Hedera Hashgraph different from Bitcoin or Ethereum?
While Bitcoin and Ethereum use blockchain structures with proof-of-work consensus, Hedera uses a hashgraph consensus algorithm. This allows it to process transactions much faster and with greater energy efficiency, making it suitable for enterprise-scale applications.
When can I trade HBAR on OKEx?
Trading for HBAR/USDT and HBAR/BTC trading pairs will commence on September 17. Users can start depositing HBAR into their OKEx wallets from 4:00 PM CEST on September 16.
Is Hedera Hashgraph decentralized?
Yes, Hedera is designed to be decentralized over time through its Governing Council model. The council is made up of diverse, independent organizations from around the world, no single one of which has control over the network.
What does OKEx look for when listing a new token?
OKEx evaluates tokens based on their technological soundness, business model, regulatory compliance, and their ability to drive positive growth and participation within the cryptocurrency community.
Can I stake HBAR on OKEx?
While OKEx has announced support for HBAR deposits, withdrawals, and trading, staking support has not been confirmed at this initial listing stage. Users should check the official OKEx announcements for any updates on staking features.
The listing of HBAR on OKEx marks an important milestone for the Hedera Hashgraph project, providing it with access to a wider investor base and increased market liquidity. As the network opens to the public and development activity grows, this partnership could play a significant role in Hedera’s adoption journey.