Last week Binance was on the DeFi hunt, this week it was Huobi with the launch of its own liquidity mining platform.
Centralized exchanges face the harsh reality of losing the DeFi Protocol which doesn’t have a lot of costs involved in transacting. The only way to get back into the game is to launch their own DeFi product to lure customers back in, and liquidity farming is the most popular activity in the industry today.
Huobi Hunting DeFi
Singapore-based crypto exchange Huobi Global has just announced a DeFi liquidity mining campaign starting today, 7 September. The first phase of the campaign allows users to stake Huobi Token, HT.
The announcement adds that there will be an allocation of 5 million USDT worth of ‘blockchain assets’ for DeFi liquidity mining. More rounds will be held afterwards, with a projected total of 10 million USDT worth of blockchain assets, he added.
Rewards will be allocated to those who have shares in the HP / HPT pool, with HPT being the Huobi Pool Token. The stake cycle will run for 14 days with rewards generated from the Curve Finance pool appearing;
Depending on the popularity of this first venture into DeFi, Huobi plans to expand its offerings and may follow in the footsteps of rival exchange, and market leader, Binance.