Popular digital currency exchange, Huobi has recently launched the Ethereum version of Polkadot (DOT), Litecoin (LTC), and Bitcoin Cash (BCH) under its H-token series assets. This comes amidst the exchange’s broader plan to include popular cryptos issued on different blockchains to Ethereum, especially for the decentralized finance (DeFi) industry.
Huobi exchange debuts DOT, LTC, and BCH H-tokens
While commenting on the development, Sharlyn Wu, the head of Huobi DeFi Labs, said in the announcement:
“Huobi’s mission in DeFi is to provide the community with more high-quality assets, to make DeFi more inclusive, to make the global financial system better, and to realize the vision of enabling hundreds of millions of people around the world to truly benefit from the development of DeFi.”
Huobi exchange has been on the move to enable the use of popular cryptocurrencies – existing on a separate blockchain – on Ethereum via its DeFi Labs. Notably, the three cryptocurrencies would sum up to about $1.1 billion in their market capitalization combined. By launching Polkadot, Litecoin, and Bitcoin Cash as H-tokens (i.e., the Ethereum version of the cryptos) Huobi exchange intends to expand their use-cases to also include DeFi.
Meanwhile, the cryptocurrencies won’t be the first to be available for DeFi under the H-token series. Huobi exchange has already launched an Ethereum version of Bitcoin, which is also seeing significant demand, as confirmed in the announcement.
HBTC – an Ethereum Bitcoin token
It is safe to say that the launching of three cryptos as H-tokens follows the notable growth of HBTC in the DeFi space. Launched in February, HBTC is pegged 1:1 to the pure Bitcoin, ensuring that users can still hold the actual value of their Bitcoin when trading or locking them in DeFi protocols. The token can be used on the DeFi protocol, MakerDAO, as DAI collateral.
In addition, the Bitcoin token can be traded and used on protocols like Balancer, Curve, Uniswap, Nest, and ForTube.