Crypto exchange OKX is set to offer pre-market futures trading for HMSTR, the native token for the popular Telegram game Hamster Kombat. The announcement follows the project surpassing 300 million users.
According to a July 30 X post, OKX users will be able to trade pre-market futures for HMSTR/USDT.
HMSTR pre-listed on several platforms
Pre-market trading allows investors to buy and sell tokens before they are listed. Typically, users reserve the tokens at their desired prices. These transactions would be converted into orders when the cryptocurrency token is listed.
The trading is handled over the counter, and users are not allowed to cancel the orders they placed. The Sellers, in this system, use their collateral to sell the upcoming tokens. In the event a seller refuses to complete the transaction, they are fined by the crypto exchange.
OKX initially announced its intentions to list HMSTR on July 29. The token’s listing came alongside the launch of OKX’s Premarket Futures product, making HMSTR the first token to be listed under this new offering.
According to OKX Chief Commercial Officer Lennix Lai, the new platform was launched to aid in the “price discovery process for early-stage tokens.”
However, the announcement did not mention why HMSTR was selected as the first offering was not mentioned.
The crypto exchange joins a notable list of exchanges that have already started offering HMSTR in their premarket trading platforms.
One of the first in line was Bybit, which listed the token on its premarket trading platform on July 8. Soon after, KuCon joined the hype, with users on X confirming the offering on July 11.
Bitget opted for a different approach and launched the Hamster Future Coins with the HMSTRBG ticker.
New whitepaper details token allocations
Hamster Kombat also published a new whitepaper on July 30, stating that 60% of its upcoming tokens would be allocated to players. The remainder would be delegated to maintain market liquidity and invest in “partnerships and grants.”
The project clarified that it is not backed by any entities, and as such, no selling pressure is expected once HMSTR is launched. The tokens Token Generation Event was initially announced in May and is currently slated for July. At the time of publication, no official date has been disclosed.
Hamster Kombat is already a “profitable business,” the whitepaper said, adding:
There is no need to sell team token allocations to pay the bills, as any average project does.
The whitepaper also announced that the project now has a user base of over 300 million users. The project amassed its massive following fairly quickly, hitting the first 200 million in three months.
Hamster Kombat’s upcoming airdrop looks to mimic the success of Notcoin, another popular web3 clicker game. On May 16, Notcoin airdropped over 80 billion of its tokens to its players, which amounted to close to $1 billion at the time.
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