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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