Traders are apathetic as Huobi launches two new assets wrapped on Ethereum


Following the success of HBTC – the Ethereum tradable wrapped Bitcoin that currently insures nearly $ 70 million in BTC – Huobi Global has released the latest in its “H-token” series: Litecoin and Bitcoin SV.

However, traders and developers so far don’t seem interested.

First announced in September, the H-token series has promised to bring a wide range of assets to Ethereum. Huobi’s CIO and Huobi DeFi Labs chief Sharlyn Wu said in a press release that the offerings would be aimed at empowering the decentralized finance (DeFi) ecosystem with a wide range of secured assets.

“Huobi’s mission at DeFi is to provide the community with high-quality resources, make DeFi more inclusive, improve the global financial system and fulfill the vision of enabling hundreds of millions of people around the world to benefit from DeFi development. “he said.

It remains an open question whether DeFi traders and developers have any interest in some of the new assets Huobi is bringing to Ethereum.

The last two offers had little traffic. HBSV, Huobi’s wrapped version of Bitcoin SV, launched more than a week ago, but metrics on the chain show that only 12 wallets currently hold the token, including the Huobi exchange wallet. The last time an HBSV was transferred – 35 transactions in total – was 5 days ago.

Meanwhile, HLTC, the wrapped Litecoin that launched on Friday, sports a measly 7 holders and 21 total transactions.

However, there is a possibility that interest in wrapped coins may increase in the future.

Allen Scott, head of Cointelegraph Markets, explained that the tepid response to assets could be due to current market conditions:

“Investors are probably not willing to hold on to them as there is little incentive to hold a ‘wrapped’ asset whose market cap is much smaller than the wrapper itself, or in this case Ether. Furthermore, altcoins have underperformed compared to BTC in recent months. “