Following the success of HBTC – the packaged Bitcoin tradable on Ethereum, which currently secures nearly $ 70 million in BTC – Huobi Global has released the latest in its “H-token” series: Litecoin and Bitcoin SV.
However, traders and developers do not seem interested so far.
The H token series was first announced in September, promising to bring a wide variety of assets to Ethereum. Huobi CIO and head of Huobi DeFi Labs, Sharlyn Wu, said in a press release that the offering would aim to strengthen the decentralized financial (DeFi) ecosystem with a wide variety of collateral-packed assets.
Huobi’s mission in DeFi is to provide the community with more high-quality assets, to make DeFi more inclusive, to improve the global financial system, and to realize the vision of truly benefiting hundreds of millions of people around the world from the development. from DeFi, ” she said.
It remains an open question whether traders and DeFi developers have any interest in some of the new assets that Huobi is bringing to Ethereum.
The two latest offerings have received little traffic. HBSV, Huobi’s wrapped version of Bitcoin SV, was launched over a week ago, but on-chain statistics show that currently only 12 wallets contain the token, including the Huobi exchange wallet. The last time an HBSV was transferred – out of a total of 35 transactions – was 5 days ago.
Meanwhile, HLTC, the packed Litecoin that launched Friday, has a meager 7 holders and 21 trades in total.
However, there is a chance that interest in the wrapped coins could increase in the future.
Allen Scott, Head of Cointelegraph Markets, explained that the lukewarm response to the assets could be due to current market conditions:
“Investors are probably unwilling to hold it, as there is little incentive to hold a ‘boxed’ asset whose market capitalization is much smaller than the package itself, or in this case, Ether. Additionally, altcoins have underperformed against BTC in recent months. “