Huobi Global Weekly (06/06-06/12): Revival of Algorithmic Stablecoin: 4 Things to be Done

1. Last Week’s Wrap-UpPrimelist

Huobi PrimeList to List SIGN on June 16

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Pioneer Zone New Launch

Listed Date Projects Maximum Gain Since Launch
2022/06/07 SWAP 35%
2022/06/07 HSF 45%
2022/06/08 OLAND 875%
2022/06/08 JOY 245%
2022/06/08 ROUTE 33%
2022/06/10 SHIT 44%

 

2. What to Watch Out for This Week

>Derivatives Trading<

Launch of UNFI/USDT Swaps on Huobi Global

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>Spot Trading< 

Brand-New Event: Trade JOY to Share 40,000 USDT Prize Pool!

Period: 12:00 (UTC) on June 10 - 12:00 (UTC) on June 17, 2022

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Brand-New Event: Trade EVER to Share 40,000 USDT Prize Pool!

Period: 13:00 (UTC) on June 8 - 13:00 (UTC) on June 15, 2022

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Brand-New Event: Trade HSF to Share 40,000 USDT Prize Pool!

Period: 12:00 (UTC) on June 7 - 12:00 (UTC) on June 14, 2022

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Brand-New Event: Trade BWO to Share 100,000 USDT Prize Pool!

Period: 13:00 (UTC) on June 6 - 13:00 (UTC) on June 13, 2022

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>Huobi Earn<

Enjoy Up to 500% APY on CUBE with Huobi Earn

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Enjoy Up to 500% APY on HSF with Huobi Earn

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Enjoy Up to 300% APY on SWAP with Huobi Earn

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Enjoy Up to 500% APY on OLAND with Huobi Earn

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Enjoy Up to 500% APY on JOY with Huobi Earn

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Enjoy Up to 200% APY on ROUTE with Huobi Earn

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Enjoy Up to 300% APY on WWY with Huobi Earn

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3. Market Movers

Cryptocurrency Last Week’s Closing Price (USDT) Weekly Change (%)
cube 5.60350000 1768
tos 0.00034086 432
gtc 0.00105100 361
unfi 6.90000000 163
ptc 0.00031246 112
blz 0.16150000 74
fil3s 0.00011258 64
ltc3s 0.00000423 57
unb 0.00268800 56
eth3s 0.00000548 52

 

4. Operating Metrics

Security incidents 0
# Of launched products 7
Futures trading volumes 3.61($billion)
Spot trading volumes   23.53($billion)
On-chain user balances 1.72($billion)

Trading Volumes & On-chain Balances Chart

Huobi Research Institute Analysis

Revival of Algorithmic Stablecoin: 4 Things to be Done

Since May 10, UST, the prestigious algorithmic stablecoin with the largest volume, encountered its waterloo: an intense depeg from US dollar. This upheaval triggered massive depegs to various extents for other algorithmic stablecoins. The market is shrouded in panic, and all eyes are on the stablecoin industry.

The collapse of UST decimated a considerable portion of the market cap. According to CoinGecko, the market cap of the top 5 algorithmic stablecoins have seen a sharp 82.6% decrease in less than two weeks: from US$23 billion on May 8 to less than US$4 billion on May 22. 

                    
The top 30 stablecoins accounted for US$162.5 billion dollars in market cap. Specifically, 11 are stablecoins with fiat as collateral, 11 are stablecoins with over-collateralized crypto assets, and eight are algorithmic stablecoins. The market cap of algorithmic stablecoins is roughly US$4.2 billion, accounting for 3% of the total stablecoin market cap.

Through close scrutiny and in-depth analysis, this article has identified 4 essential elements for stablecoins to achieve success:

1. Full-backing assets

2. Robust stabilization scheme

3. Flexible asset management strategy

4. Abundant application scenarios.

 

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Huobi Global reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and Huobi Global makes no recommendations or guarantees in respect of any digital asset, product, or promotion on Huobi Global. Prices of digital assets are highly volatile and trading digital assets involves risk. Please read our Risk Reminder text here.

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