Huobi Token Earns #1 Spot After Huobi Changes Ownership—Top 3 Coins to Watch for Oct 17—Oct 23

Even though crypto traders and investors are now primarily paying attention to macroeconomic factors, there’s still plenty of interesting things happening inside of the cryptocurrency and blockchain space. Let’s take a look at 3 projects that will be worth watching in the next few days.

3. Uniswap (UNI)

Uniswap is a decentralized finance (DeFi) protocol that allows users to swap between different tokens in a non-custodial manner. Uniswap popularized the AMM (automated market maker) design, where token swaps are performed through liquidity pools where users deposit cryptocurrencies. The transaction fees collected by liquidity pools are distributed to liquidity providers. 

AMMs like Uniswap use the constant product formula, which determines the price of tokens in a given liquidity pool. For example, if a pool consists of ETH and USDC, the total value of ETH in the pool is equal to the total value of the USDC in the pool. If a user swaps their ETH to receive USDC from the pool, the price of ETH will decrease since the pool now has more ETH and less USDC.

Uniswap has a governance token called UNI, which is used to vote on governance proposals. The token was introduced in 2020 through an airdrop that distributed tokens to past users of the Uniswap protocol.

Why Uniswap? Uniswap Labs  hits $1.66 billion valuation in funding round

Uniswap Labs, the company that’s leading the development of Uniswap and its most popular front-end interface, has raised $165 million in a Series B round that values the company at $1.66 billion.

While the UNI token is a governance token for the Uniswap protocol and technically isn’t related to Uniswap Labs, the fact that investors were prepared to pour $165 million into the company in the middle of a deep bear market certainly inspires some confidence in the future of the Uniswap protocol. 

The funding will allow Uniswap to expand and improve key infrastructure related to Uniswap, such as web and mobile applications for accessing the protocol and tools for developers. The company also plans to launch NFT functionality.

2. BNB (BNB)

BNB is a token that was launched by the Binance cryptocurrency exchange in 2017. BNB serves two primary functions. Holders of the token get access to special benefits when using Binance – this includes lower trading fees, access the exchange’s Launchpad and Launchpool programs, cashback on Binance Visa card purchases, and more. 

The token is also used as the native asset of the BNB Chain blockchain. BNB Chain is a variant of Ethereum that offers significantly lower transaction fees to users, and it allows developers to easily deploy EVM-compatible decentralized applications. Previously known as Binance Coin, BNB has now gone through an extensive rebranding. 

Why BNB? 21st BNB burn comes after major exploit

On October 6, an attacker exploited a vulnerability of the bridge used to transfer tokens between BNB Beacon Chain and BNB Chain. Through the exploit, the attacker essentially managed to trick the system into issuing 2 million new BNB tokens that were sent into addresses under the attacker’s control. The BNB Chain ecosystem was temporarily halted while developers worked on a software update to fix the vulnerability. 

Ultimately, the attacker(s) got away with about $100 million worth of crypto by transferring funds to  other blockchains. If all the exploited funds were transferred the damage would have been around $570 million.

For better or worse, the attack has brought increased attention to BNB, which is sitting fairly comfortably as the 5th largest crypto asset by market capitalization. At the time of writing, BNB is posting a similar 7-day change to both Bitcoin and Ethereum, which is impressive given the context of the exploit.

On October 13, the 21st quarterly BNB burn removed 2.065 million BNB ($574 million at the time of the burn) from circulation. This amount practically mirrors the amount of BNB that the attacker minted through the exploit.

1. Huobi Token (HT)

Huobi Token is the exchange token issued by Huobi, one of the biggest exchanges in the cryptocurrency industry. HT is based on the Ethereum blockchain, and its supply is capped at 500 million tokens. 

As an exchange token, holding HT provides numerous benefits for users of the Huobi exchange. Examples of these benefits include fee discounts, rebates, token rewards and the ability to vote on token listings and participate in Initial Exchange Offerings (IEOs). Huobi uses a portion of its revenues to buy and burn HT, which is reducing the token’s supply over time.

HT is also used as the native asset of the HECO Chain blockchain platform, where it is required for paying transaction fees. Users can also pledge their HT tokens to run validator nodes and earn a portion of the transaction fees collected by the network.

Why Huobi Token? Huobi founder selling his stake triggered a rally in the HT markets

Huobi founder Leon Li recently sold his stake in the company to About Capital, an investment firm based in Hong Kong. Leon Li reportedly owned a 60% stake in Huobi.

About Capital says that they plan to launch international brand promotion and business expansion initiatives to elevate Huobi’s status in the crypto markets. Following the acquisition of the controlling stake in Huobi, Huobi will also have a new strategic advisory board. One of the members of the advisory board is TRON founder Justin Sun, who said on his Twitter account that there are plans for »big moves« related to HT, and that HT is the most important area to focus on in order to revitalize Huobi’s business.

The markets have responded to the acquisition and Justin Sun’s statements very positively, as HT surged from about $4.10 on October 10 to a peak of $8.11 on October 14. At the time of writing, HT is posting a +86.8% 7-day change against the US dollar, easily outperforming all other assets in the cryptocurrency top 100.

In the coming days, it will be interesting to see if HT can build upon the momentum and keep outperforming the market, or if the rally will fizzle out. 

This news is republished from another source. You can check the original article here.

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