Huobi Adds EOS To Derivative Offerings, Volume Crosses $1bn.
Huobi, a cryptocurrency exchange based in Singapore, closes 2018 with the addition of its offerings on the Huobi Derivatives Market –EOS agreements. The news of the addition of EOS to Huobi DM was accompanied by the announcement that the trading volume of Huobi DM had exceeded $1 billion on Tuesday, 25 December.
In combination with Huobi Global’s trading volume, more than $2 billion in trade was processed that day. According to a recent exchange announcement, on 28 December, EOS will be added to Huobi DM. The addition comes about a month after the launch of Huobi DM, announced on 28 November at the Cryptofrontiers conference in New York City.
Traders will be able to open both long and short position on EOS. The decision to create a derivative contract is part of the “continuous efforts to meet customer demand” of the exchange. According to the press release, the contract supports price limit, order limit and position limit orders with a leverage of up to 20 times.
The fee for the trading of the EOS derivative in the Huobi Derivative Market is 0.02% for manufacturers and 0.03% for open and closed positions. Livio Weng, CEO of Huobi, said at the time that “sophisticated traders are increasingly looking for a wider range of instruments. The integration of Huobi DM with Huobi Global enables us to better serve the needs of these users by offering them our full range of trading services in one convenient location.”
Currently, Huobi DM supports Bitcoin and Ethereum contracts that offer options for “arbitration, speculation and hedging.” The addition of EOS to Huobi DM is expected to have a positive effect on the valuation of EOS, which currently has a total market capitalization of approximately $2.32 billion. This addition marks the conclusion of an eventful year for EOS.
The coin migrated away from the Ethereum network and to its own mainnet in June and managed to exceed Bitcoin Cash as the fourth-largest cryptocurrency in the world in terms of market cap in November (since then it has fallen to the sixth – largest position).
Huobi DM, our #cryptocurrency contract trading service, will add #EOS (EOS) on Friday. Users will be to place both long and short positions on EOS, allowing for #arbitrage , #speculation, and #hedging. For more information visit: https://t.co/U52F5PLyOZ pic.twitter.com/aMbReAvoa9
— Huobi Global (@HuobiGlobal) December 26, 2018
EOS has not gone without its share of criticism, despite its rise as one of the top ten cryptocurrencies in terms of market cap. The Delegated Stake Proof algorithm of the EOS network has led many people in the cryptocurrency community to accuse the network of being too centralized.
In addition, the Chinese cybersecurity firm Qihoo 360 published a report detailing how hackers could exploit vulnerabilities in the EOS code in early June. EOS responded quickly to the report by monitoring and remedying the vulnerabilities.