Huobi Becomes First Exchange To Operate Chainlink Node

Jyoti  |  Jul 3, 2020

Soon, the price data of Huobi would be linked to Chainlink’s ecosystem so that the crypto exchange could enhance its data integrity and then could provide more accurate price information.

Huobi Runs Node Via Huobi Wallet

In October 2019, Binance became the first major crypto exchange that shared its data with Chainlink oracles but recently, Huobi has taken a step forward, as the exchange would operate its own node through Houbi wallet on the Chainlink system.

By this way, the crypto exchange would be predicting its own price data and confirm its users that any of the exchange which has come from Houbi Node is authenticated.

While talking about the Houbi’s price data, the CEO of Huobi Wallet, Will Huang, has said, “DeFi offers a unique value proposition of providing financial products that are transparent, open, and programmable. We are very excited to accelerate our involvement in this emerging trend by providing Chainlink users access to Huobi Global exchange data, as well as running our own Chainlink Node”.

Huobi To Improve Its Credibility

According to the report, the first price batch would be of BTC/ETH, BTC/USDT, ETH/USDT and LINK/ETH.

In the year 2019, Houbi experienced volume inflation, so therefore, now it has been working on to improve its credibility.

Huobi has put its reputation on stake by running nodes on Chainlink. If by chance, while doing so, any of the shared data proves to be inaccurate then it would affect the exchange.

Last year a report by Bitwise stated that as Houbi was facing volume inflation, therefore, it decided to set an internal investigation to weaken market makers’ trading strategies.

While admitting about wash trading in the exchange, the CEO of Huobi Global, Livio Weng, said that the company suspected few of its market makers were involved in wash trading for marketing purposes.

Now, Huobi is among the top ten exchanges in Real Volume list of Messari.

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