Huobi’s Crypto Derivatives Market Has Already Passed $20 Billion in Trades

Huobi Global CEO Livio Weng

Launched in November, Huobi’s crypto derivatives market is growing at a rapid pace. Fifteen days ago they revealed they had hit $10 billion in total volume, and today they announced they’ve seen $20 billion. In a note provided first to CCN, Huobi describes the timeline of the Derivatives Market in this way:

  • November 21: Huobi DM launches in beta mode with BTC contract trading
  • December 5: Huobi DM launches ETH contract trading
  • December 10: Huobi DM exits beta mode and is integrated with Huobi Global, Huobi’s flagship cryptocurrency exchange. Huobi DM’s daily trading volume reaches $195 million for the first time
  •  December 25: Huobi DM’s 24-hour trading volume breaks through $1 billion for the first time
  • December 28: EOS contract trading added. Reaches $10 billion in cumulative trading volume
  • December 31: Huobi DM’s first-month cumulative trading volume reaches $12 billion
  • January 12: Huobi DM’s total cumulative trading volume breaks through $20 billion

Futures Trading for the Crypto Industry currently offers derivatives on three major cryptocurrencies: Bitcoin, Ethereum, and EOS. Each has weekly, bi-weekly, and monthly markets. It works like any other derivatives market, except the assets are based on cryptocurrency rather than traditional commodities. According to the trading guide, positions can be closed before they’re filled, similar to other markets.

Huobi Global CEO Livio Weng said:

This reinforces our belief that Huobi DM truly caters to our user’s needs. We’ve been getting positive feedback from our clients on our lack of clawbacks as well as Huobi DM’s capacity to help sophisticated traders manage the risk of spot market fluctuations. I believe this explains our platform’s exploding growth, even in the midst of the ongoing bear market.

The positive response will likely lead to the addition of other markets. As a whole, Huobi is one of the largest crypto exchanges in the world by volume. At the time of writing, Huobi had done over $290 million over the 24-hour period.

All of these metrics come amid an overall down cryptocurrency market. Huobi’s US partner, HBUS, recently took over as part of its strategic marketing push. Huobi volume is representative of its trading pairs. Despite desktop clients and innovative trading platforms, those who capture the most of the crypto market are those with the most listings. This is fundamental to the success of Binance.

Author: P.H. Madore 
Image Credit

Zilliqa Becomes Latest Crypto to Break $1 Billion Market Cap

Zilliqa has become one of just 28 cryptocurrencies to boast a market capitalization over $1 billion.

According to CoinMarketCap, Zilliqa passed the $1 billion threshold late Monday and is worth nearly $1.2 billion at the time of writing, making it the world’s 23rd-most valuable cryptocurrency. The rise coincided with the announcement that Zilliqa is available to trade on OKEx, the third-highest volume cryptocurrency exchange tracked by CoinMarketCap.



The coin is also available to trade on Binance, Huobi and, among others.

The Singapore-based project presents itself as solving the scalability problems endemic to blockchain technology through sharding, an efficiency-boosting technique that predates bitcoin but has yet to prove its viability in big permissionless networks. First introduced last year, the team’s white paper claims that “at ethereum’s present network size of 30,000 miners, Zilliqa would expect to process about [1,000] times the transaction rates of ethereum.”

The ethereum network plans to introduce sharding in the future, perhaps undercutting Zilliqa’s value proposition.

Zilliqa’s market cap has more than tripled in the past 30 days, from $295 million on April 9. The coin is worth just over $0.16 at the time of writing, and is up 16.9 percent over the past 24 hours.

Here at Dollar Destruction, we endeavour to bring to you the latest, most important news from around the globe. We scan the web looking for the most valuable content and dish it right up for you! The content of this article was provided by the source referenced. Dollar Destruction does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products or other materials on this page. As always, we encourage you to perform your own research!

Author: David Floyd
Image Credit 1
Image Credit 2