Huobi has launched two more wrapped cryptocurrency assets Bitcoin SV and Litecoin, following the successful release of HBTC, a wrapped Bitcoin tradable on Ethereum. HBTC was a significant success raising $70 million in BTC, and Huobi believed to have found a successful formula, but traders seem disinterested with the new wrapped assets.
Empowering DeFi ecosystem with wrapped assets
In September, the H-Token series touted the introduction of a variety of assets on Ethereum. Sharlyn Wu, the Head of Huobi DeFi Labs and Huobi CIO, stated in a press release that these offerings aim at empowering DeFi ecosystem with a variety of collateralized wrapped digital assets. She said that the mission of Huobi on DeFi is to offer the community enhanced assets, thus making DeFi more inclusive and better the global financial system. As a result, this will enable the realization of empowering millions across the globe to benefit from the development of DeFi.
After putting in a lot of hard work, the exchange managed to release HLTC and HBSV. Interestingly DeFi developers and traders seem not to care much about the recent additions to the Ethereum network.
Wrapped assets perform underwhelmingly
For instance, HBSV, which went live almost a week ago, has performed underwhelming with only around 12 wallets currently holding the token, and this includes the Huobi exchange wallet.in the last five days, the coin has not seen a single transaction, and so far has only been transacted 35 times in total.
On the other hand, HLTC is also witnessi9ng scanty traffic, and since its launch on Friday, it has seen 21 transactions, and it is held in 7 wallets only. However, interest in the wrapped assets could increase, but the response can’t even be tepid for now. For some, this is the lack of incentive as traders are unwilling to hold wrapped assets whose market capitalization is smaller than the wrapper itself. But in recent times, attention has shifted to Bitcoin, and this could have played a part.