Huobi as a Major Exchange for Chainlink NodeDavid Kemp
Crypto analysts announce that Huobi is ready to become the first and major exchange for a Chainlink node. Their team is dedicated to making improvements in integrity. Additionally, they will work on data authenticity.
The entire crypto community feels excited to find out that the developers of the crypto exchange is planning to make key changes and integrate price data. To perform this operation, they will employ the ecosystem of Chainlink. This approach will help the company provide more correct and precise information related to prices.
Binance is another popular exchange that provided information to the brand’s oracles a year ago. Huobi has achieved greater goals and now they’re willing to run their own node. They'll utilize the system via their feature known as Huobi Wallet. Also, as the team claims, this approach permits the platform to display its authentic information and lets participants confirm that the information they receive is authentic since it comes directly from the primary source.
The exchange's official representatives state that DeFi can offer a number of products for financial purposes – they're programmable and. Analysts appreciate their openness and full transparency. Of course, the company is looking forward to speeding up its active involvement. Many realize that the trend is full of potential and gives participants access to the information available on the exchange. Additionally, the company will be running its own node.
Market Integrity Needs More Improvement
According to the latest reports, the very first batch of price pairs is likely to include all the top-ranked cryptocurrencies like BTC, ETH, and a few others. Another important step for Huobi will be to boost its credibility. All remember numerous concerns related to volume inflation in 2019.
Running an individual node means that the exchange's team will significantly strengthen its reputation even if the information shared via Chainlink shows to be not accurate enough. Professionals pay great attention to the reduction of manipulation that the market has been experiencing from crypto companies for the past months. In 2019 Huobi established a partnership with Global Digital Finance and, thanks to this collaboration, has managed to get ahead.
Market manipulation provokes too many concerns. For instance, last year Bitwise published a report claiming that Huobi was displaying trading volumes that looked inflated. This caused the group to accomplish an internal investigation to remove any suspicious trading approaches by market makers.
Wash trading has always been one of the possible issues. Luckily, the company’s executives identified several market makers who conducted wash trading. This strategy is popular among those who wish to increase performance and influence marketing purposes. Also, the team has already talked with those participants and, as a result, they decided to quit the strategies that cause many concerns and suspicions.
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