The Dutch tulip bulb market bubble and subsequent crash that occurred in the 17th century left the Netherlands in limbo for three years and often serves as a parable for greed and excess; more recently, the crash of Luna, where losses totalled in the tens of millions has resulted in increased levels of depression among the multitude investors who believed in Do Kwon’s vision of an algorithmic stablecoin.
The Luna tragedy unfolded despite being backed by a vast Bitcoin reserve, and consequences were far-reaching – the entire crypto market, worth an approximate US$2 trillion, was brought to its knees and listed firms, the likes of Tesla and Meitu, were negatively impacted.
One of the reasons behind Luna’s failure was its failure to form a resilient enough ecology, resulting in a lack of confidence from the masses that, over time, led to its massive downfall. However, not all crypto industry firms are cut from the same cloth.
As the world’s leading exchange, Huobi Global did not rush headfirst into reckless decisions during the ups and downs of the global cryptocurrency market. Instead, the exchange has been steadily focused on building and enriching its ecosystem, with the aim to ensure users gain profits despite unfavorable market conditions. Giving out 31 million dollars worth of rewards in a month, Huobi Global has rolled out attractive products tailored to the strategies of different user types and risk profiles, and the outcome of such a strategy has been largely positive.
1. Global exchange
The collapse of UST shocked the entire crypto space, and the industry was littered with complaints from disillusioned investors. In an interview with Cointelegraph, Huobi co-founder Du Jun said, “Crypto as a technology and asset class introduces value and innovation that are unique and irreplaceable, and we believe that one bad apple in the short run will not affect long-term demand for crypto assets and the industry as a whole.” No truer words.
As a world-leading digital asset exchange that has operated for the past nine years, Huobi Global is one of the cryptocurrency exchanges that rank among the top ten globally for both spot and derivatives trading. Its perpetual swaps, futures, and options trading products enable users to hedge risks or gain profits even when the spot market is on a downtrend. Serving tens of millions of users across 160 countries worldwide, Huobi Global offers services for spot trading, derivatives, NFTs, fixed deposit products and more. Together, these elements contribute to a sound and healthy ecosystem which benefits both users and project parties.
To encourage users to engage with and understand cryptocurrencies, Huobi Global launched the Candydrop campaign in March this year, enabling users who have never been exposed to cryptocurrencies to win FREE token airdrops.
By launching CandyDrop campaigns daily, Huobi Global not only opens the door for users to enter the exciting cryptocurrency world but also provides users with an alternative investment option during a period of extreme market volatility. According to data released by Huobi Global, a total of 1.05 million people participated in the CandyDrop events in the recent month, which offered a shared 4.34 million USDT prize pool; of these, more than 314,000 participants successfully obtained airdrop rewards. The events saw an individual user win rewards worth 2,470 USDT based on the highest price at listing day.
2. Metaverse
2021 has widely been termed the founding year of the Metaverse. With the Metaverse, many internet activities are expected to shift from 2D experiences, like reading text or viewing pictures and videos on a screen, to 3D experiences. This transition has had a global impact: entrepreneurs have been forced to think out of the box, corporate strategies have adjusted to fit employees’ needs and industries and governments are pondering the implications the Metaverse could have on their operations.
Huobi defines the metaverse as comprising Defi, NFT, Gamify, and Virtual Reality (VR) technology, with the blockchain serving as the metaverse’s economic layer. GameFi and Metaverse projects have long been supported by Huobi through investments and token listings. September 2021 saw Huobi launched a US$10 million fund to invest in emerging GameFi projects. Huobi also built a virtual identity system recently, enabling users to register a decentralized identifier (DID), which can serve as a bridge for Huobi users to access the Web3 world.
Launched last year, Huobi Primelist is a program that provides a safe and convenient way for users to purchase newly listed NFT, Gamefi and Mateverse tokens at their listing price without participating in a project’s initial exchange offering.
In the past month, more than 390,000 users participated in the six PrimeList events, among which nearly 90,000 users were qualified to purchase tokens at the listing price. The events saw an individual user win US$1700 worth of token rewards, and the total token pool shared by winners stands at 23.5 million USDT.
3. Financial management
Financial management has long been an essential part of a user’s financial education, but cryptocurrency financial management remains a novel concept for many. The adage – “One day in the currency space, 10 years in man’s world” has discouraged many from entering the crypto world. In order to encourage crypto adoption despite the depressed market, Huobi Global introduced PrimeEarn last year, a high-yield suite of financial management products for depositing mainstream assets, enabling investors to earn stable, guaranteed returns even during a sluggish bear market.
Launched every Tuesday, Huobi PrimeEarn is seeing increasing popularity among users, with all of the products at its most recent event sold out within one minute. Investors stand to gain up to 30% APY for staking mainstream assets such as BTC, ETH and USDT for 14 days, with no cap on the amount deposited. Users can either form teams with others or deposit independently to win up to 30% APY offered for USDT and ETH deposits, which are the highest rates in the market today.
The total deposit pool accumulated by PrimeEarn in the past month (five events) stands at 540 million USDT, and the total interest given out hits 3 million USDT. The 13th PrimeEarn saw all of its products sold out within 53 seconds.
Bottom Line
A sound stance to adopt during the tumultuous market conditions would be to enrich one’s knowledge in investment, financial management and trading skills. As a veteran exchange established in 2013, Huobi Global has experienced several bulls and bears alongside its users. Having seen people revel in the excitement of a bull market and lose positivity during bear market runs, in addition to reckless decisions on the part of users who bought in at the peak and suffered losses shortly after, Huobi does its best to point traders in the right direction with its rich experience.
Fortune favors those who plan rationally with the long-term goal in mind. Huobi Global is committed to staying true to its original aim of strengthening its ecosystem and providing professional services for investment, enabling traders to obtain stable, guaranteed returns regardless of market conditions.
Source: https://coinpedia.org/press-release/the-colossal-crypto-crash-but-fortune-favors-a-resilient-ecosystem/