Huobi cryptocurrency market launches blockchain dedicated to DeFi

Huobi launched the testnet of his news blockchain. baptized Huobi Chain, it aims to provide an application development infrastructure Challenge for financial institutions.

The Singaporean giant Huobi, a major player in the cryptocurrency industry, has just announced the launch of the beta version of its blockchain Huobi Chain.

Developed with the help of the startup nervos, Huobi Chain offers a "user-friendly blockchain framework" for financial institutions to deploy services and applications Decentralized Finance (DeFi), including their own blockchains, tokenized assets or decentralized exchange platforms.

The Challenge has become one of the most promising applications of technology blockchain, but its future requires that the two parties – regulators and businesses – work together to set standards. With Huobi Chain, we want to provide the decentralized framework that facilitates industry-wide collaboration, "said Ciara Sun, vice president of the Huobi Group, in a statement.

To encourage collaboration between regulatory bodies and businesses, Huobi Chain uses a “flexible” governance model based on a modified version of the consensus mechanism DPOs.

We also learn that Huobi Token (HT), the company's native digital coin, will be the only utility token compatible with the blockchain.

The total value engaged in the Decentralized Finance has now exceeded billion dollars. Maker, Synthetix and Compound are the 3 DeFi projects that have mobilized the most funds so far.

In January, the Singapore-based group announced the launch of Huobi Brokerage, a crypto-trading service dedicated to institutional investors. More recently, he joined the governance council of Klaytn, the blockchain organization created by the South Korean Kakao.