Hord, a provider of dynamic ETFs via decentralized smart contracts, has listed its eponymous native token on the MXC exchange on May 18.
The token is available as of 08:00 UTC, with users able to trade the HORD-USDT pair.
HORD was listed in MXC’s Innovation Zone, the exchange’s dedicated offshoot for exciting new projects.
Hord announced its token to the public last month and generated interest among the community via a triple Initial Exchange Offering (IEOs) on Kucoin, Gate, and Flybit, as well as an IDO on Uniswap.
To commemorate the MXC launch, the Hord team is hosting a Deposit and Trading Contest on the exchange with a total of 42,000 HORD tokens up for grabs.
Users who deposit HORD with a minimum net deposit of 200 tokens could potentially share a 8,000 HORD total prize pool in proportion to their deposit amount. Traders can also compete for rewards proportionate to their trading volume. Full details are provided here.
Hord’s new token is required to pay a 0.5% fee when a portfolio ETF is redeemed for its underlying value. A 0.25% fee also applies to trades of ETFs on the orderbook DEX if traders own HORD tokens.
50% of DEX fees reduce the HORD token supply while the remaining 50% replenish the platform’s development fund. The HORD token can also be used for the purpose of network staking and governance.
Established in April 2018 and licensed in countries such as the United States and Canada, MXC is one of the industry’s leading digital asset trading platforms, with a team composed of financial, enterprise and blockchain veterans.
Hord is a social defi protocol built on Ethereum, one that opens the gates to high-return crypto investments for novice traders. Within the Hord ecosystem, ‘Champions’ monetize profitable strategies while users get to follow their portfolios at the click of a button. Created by a team of committed crypto developers with an accumulated 40+ years of industry experience, Hord is also backed by a plethora of leading VC firms.