Tuesday, October 19, 2021
Home Latest News Defi Traders apathetic as Huobi launches two new wrapped assets on Ethereum

Traders apathetic as Huobi launches two new wrapped assets on Ethereum

Ethereum-based traders turn their noses up at Huobi’s latest wrapped assets, including BSV and LTC

Huobi Global has launched the new “H-token” series, Litecoin and Bitcoin SV as a result of success in HBTC, the wrapped Bitcoin tradable on Ethereum currently securing almost $70 million in BTC. Though, traders and developers do not appear to be interested so far.

The H-token series was first released in September and pledged to offer a wide range of assets to Ethereum. In a press release, Huobi CIO and the head of Huobi DeFi Labs, Sharlyn Wu, said that the offerings would be aimed at empowering the decentralized finance (DeFi) ecosystem with a broad range of collateralized wrapped assets.

“Huobi’s mission in DeFi is to provide the community with more high-quality assets, to make DeFi more inclusive, to make the global financial system better, and to realize the vision of enabling hundreds of millions of people around the world to truly benefit from the development of DeFi,” she said.

According to the Cointelegraph.com The two latest offerings have seen scant traffic. HBSV, Huobi’s wrapped version of Bitcoin SV, launched over a week ago, but on-chain metrics show that only 12 wallets currently hold the token, including the Huobi exchange wallet. The last time any HBSV was transferred, of 35 transactions in total, was 5 days ago. 

However, there is a chance interest in the wrapped coins could pick up in the future. Allen Scott, head of Cointelegraph Markets, explained that the tepid response to the assets could be due to current market conditions:“Investors are likely unwilling to hold these since there’s little incentive to hold a ‘wrapped’ asset whose market cap is a lot smaller than the wrapper itself, or in this case Ether. Moreover, altcoins have been underperforming vs. BTC in recent months.”

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