Huobi launches two wrapped assets but traders do not show interest

By: Ali Raza
Ali Raza
Ali plays a key role in the cryptocurrency news team. He loves travelling during his spare time and enjoys… read more.
on Nov 2, 2020
  • Crypto exchange Huobi launched wrapped Bitcoin (HBTC) which performed rather well.
  • Encouraged by this, the exchange decided to launch two more wrapped assets — HBSV and HLTC.
  • So far, the coins have only seen a handful of transactions and holders, as traders do not show interest.

A while ago, crypto exchange Huobi launched HBTC — a wrapped version of Bitcoin, which can be traded on Ethereum. The coin saw quite a bit of success, and Huobi believed that it had found a formula for success.

The exchange decided to launch two more wrapped crypto assets — Litecoin and Bitcoin SV — but this time, things did not go that well.

Huobi brought two more wrapped coins, but there’s a twist

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After Huobi’s hard work, the exchange finally managed to launch HLTC and HBSV. However, its traders simply did not seem to care that much.

The exchange originally announced its H-token series back in September, when it said that it plans to bring a wide range of new assets to Ethereum. Sharlyn Wu, who acts as the exchange’s CIO and head of Huobi DeFi Labs, stated that the goal behind the launch of new offerings was to empower the DeFi sector even further.

The exchange believed that it would be a good move to bring more collateralized wrapped assets to DeFi, as its mission is to make DeFi more inclusive, and help make the global financial system better. Eventually, Huobi was hoping to enable hundreds of millions of people to benefit from DeFi, according to Wu.

But, as it was witnessed, traders and DeFi developers do not seem to have a particular interest in every new asset that Huobi is bringing to Ethereum’s network.

How did the coins perform?

HBSV, for example, went live about a week ago. However, only 12 wallets in total currently hold this token, and that includes Huobi’s own exchange wallet.

The coin did not see a single new transaction over the last 5 days, and it has only 35 transactions in total.

HLTC performed even worse, although it was launched only a few days ago, last Friday. Since then, the coin saw only 21 transactions, with a total of 7 holders.

Of course, this might still change, and interest in wrapped assets might grow later on. For now, however, the response to new assets could not even be described as tepid. Some believe that the reason for this is the lack of incentive. Meanwhile, most of the attention recently has been going to Bitcoin once more, which also may have had an impact.

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