Thanks a lot for actively participating in the Huobi AMA held on 26th December 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with Huobi
We have with us Ciara Sun
I am Ciara Sun and I’m the VP of Global Business at Huobi Group. Even if you don’t know me, you’re probably familiar with our spot exchange Huobi Global and our derivatives exchange Huobi Futures, which was recently rebranded from Huobi DM.
I’ve been in the financial sector for quite some time. Prior to getting into the digital asset space, I worked with multinational consulting companies like Boston Consulting Group, Deloitte Consulting, and Ernst & Young advising Banking and Capital Markets groups for major banks, hedge funds, private equity firms, and investment management corporations. I sat on the sidelines watching the cryptocurrency ecosystem evolve but being at Huobi put me at the forefront of the digital economy.
Huobi is the world's leading blockchain and cryptocurrency infrastructure provider with a financial product suite that includes the trustworthy and leading digital asset exchange by liquidity and real-trading volume. Trusted by users over 170 countries, the Huobi platform is committed to providing customers with safe, professional services based on the core principle of putting the customer first , and features an unmatched portfolio of crypto products and offerings, including: trading and finance, cryptocurrency finance infrastructure solutions, education, data and research, social welfare, investment and incubation, and many more. For more information, visit https://blog.hbg.com/
Q1. Huobi has maintained a zero callbacks rate so far. What exactly is zero callbacks? What does it mean for users? And what’s Huobi’s future goals in 2021?
As the hidden contracts trading cost, the clawback occurs when the insurance fund fails to cover the system's total margin call losses. Since Huobi Futures started the operation in 2018, the platform has been able to provide users with a safe, stable, and low-cost trading experience. And it has been the only platform that holds the zero claw-back record since its launch. With over 500 security technicians and developers on board, Huobi can keep this record through sophisticated risk control system and robust market depth.
Q2. Huobi announced the official launch of the ecological chain Huobi ECO Chain. What is the significance of the Huobi ecological chain Heco? What kind of dividends and opportunities does it bring?
Heco is the first product launched on Huobi Open Platform, a unified blockchain infrastructure platform independently developed by Huobi's technical team. As a fully decentralized, high-efficiency chain, Heco was purpose-designed to support high-performance transactions and provide smart contract compatibility, enabling high throughput, low latency, security, and stability.
By introducing our own technical blockchain infrastructure, we want to bring together technology partners and developer communities to further drive and promote blockchain development globally. With Huobi Open platform and Heco, we're leveraging our technical resources and global reach to make blockchain services cheaper, more efficient, and much more scalable.
In addition to lowering development and maintenance costs for developers, Heco links users, assets, and dApps in an open and decentralized network that supports EVM programmability and smart contract compatibility. Heco utilizes the Hybrid Proof of Stake (HPOS) consensus mechanism to secure assets and on-chain transitions. Heco uses Huobi Token (HT) as its native asset, giving users immediate access to liquidity and token utility as part of Huobi's growing ecosystem. In the future, Heco will integrate with Ethereum as a Layer 2 solution to bring greater efficiency to the Ethereum network.
Q3. Can you talk about your own experience about the journey of growth of Huobi and what still excites you working for Huobi?
As a brand rooted in trust, safety, and compliance, Huobi’s business has evolved as rapidly as the cryptocurrency space itself and it is no longer simply about providing a basic exchange service. And, we at Huobi have known this for a long time and have been working to provide a holistic and all-encompassing blockchain and cryptocurrency service that fits the entire disruptive ecosystem.
This is not an easy task, but a very necessary one as the technology has the power to impact and disrupt so many different sectors, but it needs help doing so. We have taken it upon ourselves to be an exchange for the future that is involved in more than just helping customers buy and sell Bitcoin.
At Huobi, I sit at the centre of the decentralized digital economy and I saw record growth across all our business units as crypto adoption rises at an increasing pace. Amid all this growth and with 7 years of operation in the business, Huobi has some big updates planned across Huobi Group, including our spot exchange Huobi Global, our derivatives exchange Huobi Futures, our institutional arm Huobi Brokerage, our mining pool Huobi Pool, and Huobi Wallet. Recently, Huobi Trust Company has gained a trust license approved by the Nevada Financial Institutions Division.
We are committed to our users and till this day, I am excited and proud to be a part of a team, a group that can provide a wide range of safe and secure digital asset products and services.
Q4. There are many projects that are considered big competitors of Huobi. Why should users choose Huobi for the best choice? In your opinion, what are the biggest differences and advantages that Huobi brings when compared to others?
We have many of the protocols and procedures in place that you'd expect from a multinational organization. This is the very essence of Huobi, and we place a high value on compliance, security, and user safety. The honest trading Volume, user centered, honesty and security driven are the most important aspect and the key strength of Huobi vis-à-vis other exchanges.
Let's start with Honest Trading Volume,
over 908 million in average daily trading on our spot exchange, 26.54% increase compared to the same time last year.
Coinmarketcap's liquidity ranking index shows that Huobi Global's average liquidity index score is 536 points, ranking first among the average liquidity index of global exchanges.
In the 7 years Huobi has been around, the exchange hasn't been affected by a major security breach. It has launched an on-chain analysis tool to monitor for illicit transactions.
With over 500 Huobi in-house developers, the technical team can collaborate globally to support the technical development and guarantee the platform safety
Q5. Many DeFi projects are controversial today. How is Huobi participating in the development of the DeFi space and what innovations has Huobi brought to the DeFi space?
On Aug. 3, we have announced the establishment of Huobi DeFi Labs, which is led by Huobi's Chief Investment Officer Sharlyn Wu, who was a Wall Street veteran, ex UBS and have been leading blockchain investment at China Merchant Bank International.
Huobi DeFi Labs is the platform for DeFi (Decentralized Finance) research, investment, and incubation and eco system building in DeFi space.
It aims to build a better financial system in collaborations with the global crypto and DeFi community for the future and Huobi Group will allocate tens of millions of dollars to an initial investment fund, which will be managed by Huobi DeFi Labs.
As of now, Huobi DeFi Labs has launched a global alliance to expand the decentralized financial ecosystem with cross-border collaboration and launched a Filecoin incubator backed by $10 million fund.
Q6. As you know, Covid-19 has a huge impact on the crypto market, so how can you maintain Huobi and also the team that is working hard during this pandemic?
It has been difficult for everyone. But we have been able to cope up and get back strongly due to our robust structure and involvement. Lets hope 2021 brings relief and prosperity to everyone.
Q7. What yield farming opportunities are available on Huobi platform. What other assets can I farm by staking Huobi Token? What are the other ways to earn $HT?
Yield farm with HT/HPT/USDT/ and enjoy these benefits:
Zero gas cost + APY up to 225% or more
Maximized gains with projects already listed on Huobi
A one-stop shop without having to send your crypto elsewhere Check out the past project:https://www.huobi.com/en-us/topic/defi-list/
Q8. A ton of derivatives exchanges have seen problems during volatile movements, especially when their index price is based on only 2 or 3 exchanges. How will Houbi Futures protect traders & ensure they are safe?
Good Question
Almost everybody understands that top volume and good market depth are of great importance though this can be fake. As a derivative exchange which requires demanding liquidity, risk control and security protection, every tiny element can bring about huge potential risks.
It is well known, Huobi including Huobi Futures is renowned for its strong risk control with over 6 years’ experience in risk management. We can write a long article on it but I’d like to mention four typical features that play most important roles with regard to security.
1. Robust Risk Management
We have multiple Limits in the purpose of risk management (Price limit, order limit and position limit) to prohibit from manipulation; Real-time Surveillance such as real-time monitoring index prices and abnormal deals is also one of the measurements to ensure secure trading, etc.
2. Tiered Adjustment Factor & Partial Liquidation Mechanism combined with Lowest Adjustment Factors
As mentioned above, investors are most vulnerable to liquidation risks in derivatives sphere. As an exchange, we have been working hard to offer safe trading environments and less unnecessary liquidation risks by introducing policies like tiered adjustment factors, partial liquidation without additional liquidation fees, lowering the tired adjustment factors, etc.
3. 2+1 Investors Protection
On Huobi Futures, we have 2+1 investor protections to minimize investors losses
Huobi Security Insurance Fund: Huobi takes 20,000 BTC as the special security insurance fund to cope with extreme security incidents.
Risk Management Insurance Fund: Each trading pair has a corresponding risk management insurance fund to cope with unfilled liquidation orders losses.
$2 Million clawback bet to cope with potential clawback losses. Currently we have been keeping “ZERO Clawback” world record pledging no default losses to users since launch.
4. Well-performed system with high concurrency and low latency.
System performance is vital to our users especially when the Bitcoin halving and our perpetual swaps is up to come which requires higher system load and faster speed due to the potentially high transaction. We’d prefer to have everything prepared to cater for users’ needs. That’s why devoted so much time and effort to upgrade system to V3.3.0 which is now increased by at least 50% in throughput and system response speed become at least 1 times faster.
There are too many to mention, join dm.huobi.vc now to explore by yourself !
Q9. Huobi has recently Launched a " 100,000 USDT " Prize-Pool Campaign, How can new users join this, is there any requirement?
PC: Log in to https://futures.huobi.be and click the banner “Trade USDT-margined Swaps to Win $1 Million Lucky Draw” on the homepage.
APP: Open Huobi APP and click “Futures Lucky Draw” or banner “Trade USDT-margined Swaps to Win $1 Million Lucky Draw”.
During the activity, users could log in to the activity page and complete the tasks to get the chances of lucky draw. There are iPhone 12 Pro, countless USDT and customized luggage waiting for you!
You can find more details here https://support.hbfile.net/hc/en-us/articles/900004383643
Q10. Futures trading is complex and difficult for many users. There are still inexperienced users in this regard and do not know the risks. What are your suggestions for low experience users to join Huobi futures trading?
Good question. I would recommend watching our blockchain 101 videos to get updated with knowledge within the crypto industry. Next make sure to ask all the questions you have in our telegram community. We are here to support each other especially with any questions about Huobi. As far as the welcome bonus its pretty simple just click the link and follow the directions. If you have any questions our community is very active and ready to assist you.
Blockchain 101 video:https://www.youtube.com/playlist?list=PLVIIuyYBVSwb9HPGLNo9K3KILJd9gR_LE
Q11. Tell us how to join the ongoing Huobi pioneer program, What requirements do I need to merit to become one of HUOBI pioneers?
Huobi-Official Announcement Channel, [21.12.20 15:24]
Those who are willing to join could [click to register (https://forms.gle/iqbiHXBGWBjdApZe9)] now.
Pioneers have rights to enjoy:
✅Tiered basic rewards: 200-500USDT per month
✅Special rebate: lifetime 40% transaction fee rebate
✅Quarterly bonus: join to share $10,000 bonus.
you can get more info https://support.hbfile.net/hc/en-us/articles/900004489583
Q12. About the Competitors. Every exchange has its own position in the market, how does Huobi plan to stay competitive compared to other projects such as Binance, FTX, Okex ?
We have so many advantages over other exchanges
Huobi Futures has seen nearly 80% growth average daily trading volume compared to the same time last year. Derivatives markets are most active during times of extreme volatility and we were able to use it to further improve our user experience. In an effort to protect user assets, Huobi Futures rolled out a new partial liquidation mechanism to prevent unnecessary losses in times of extreme volatility. But we also know traders don’t just want to hedge risk; they want ways to create arbitrage. So, we followed up with the launch of coin-margined perpetual swaps, which recently topped the market in 24h trading volume, and bi-quarterly futures contracts.
Huobi Futures has launched Huobi Options in early September, and launched USDT-margined Swaps a few weeks ago. It’s always evolving in accordance with the market and what the community are looking for.
Q13. The future is crypto and bitcoin is ATH! What the market needs to do to get cryptocurrencies into the mass market? What should be the killer service/product you are waiting for?
Crypto is seeing mass adoption already, we have been seeing institutional investors jumping in numbers.
Q14. Some Exchanges offer "academies" on their platforms as a source of dissemination of awareness specifically For Beginners, Do the HUOBI teams have plans for the Academy Program? if so, please tell us!
Yes we have, Blockchain 101 video:https://www.youtube.com/playlist?list=PLVIIuyYBVSwb9HPGLNo9K3KILJd9gR_LE
