Hi Community,
HBTC and HFIL have enabled users to seamlessly access decentralized protocols such as Uniswap, Curve, Nest, CoFix, and ForTube. And its growing use cases prove that the value has been recognized by the market. I am here to submit a proposal for adding HBTC and HFIL to Compound.
Overview
Category: Cross-chain assets
Backed by: BTC and FIL, 1:1 ratio
Audit: slow mist
Year of Issuance：2020
H-Tokens(HBTC, HFIL, HDOT…) are assets issued on Ethereum and backed by cryptocurrencies from other blockchains to bring more digital assets to the Ethereum DeFi ecosystem.
HBTC has enabled users to seamlessly access decentralized protocols such as Uniswap, Curve, Nest, CoFix, and ForTube. And its growing use cases prove that the value has been recognized by the market.
The amount of H-Tokens issued and assets reserved and relevant records are open and transparent. To ensure the 1:1 backing is maintained, the amount of H-Tokens issued and assets reserved and relevant records are open and transparent. All activities can be checked here: https://www.htokens.finance/en-us/assets
H-Tokens official website: https://www.htokens.finance/en-us/
HBTC & HFIL Liquidity Venues
Centralized Exchanges: Huobi Global will take the lead in supporting H-series. Users can choose HBTC (or HFIL) when withdrawing their BTC (or FIL). Read this article for A Step by Step Guide: HBTC Withdrawal Guide
Decentralized Exchanges: Curve, Uniswap
Protocols Connected: By now, HBTC and HFIL have been connected to key DeFi protocols like Curve, NEST, CoFiX, Uniswap, ForTube, and YFII. And many other high-quality smart contracts, including AAVE, dYdX and MakerDao, are in negotiation.
DeFi Cases
- CoFiX Mining with HBTC: https://medium.com/cofix/we-are-launching-cofix-95d7c056ec63
- HBTC and HFIL supported in Fortube (https://for.tube/home ) as collateral and loan asset.
- Juan Benet, the founder of Filecoin, praised HFIL on Twitter, thinking that using HFIL and DeFi, anyone can migrate FIL to Ethereum and use smart contracts to handle various things. Miners can rely on DeFi infrastructure and loan market. https://mobile.twitter.com/juanbenet/status/1318217566473445376
- HBTC pool is available on Curve since Sep 10th and liquidity providers can then deposit HBTC there to earn trading fee reward and CRV reward. https://www.curve.fi/hbtc/deposit
- NEST’s Oracle currently support HBTC. Users can quote and gain nTokens on it. https://nestdapp.io/
Marketcap Ranking
HBTC: ≈ $117M marketcap
HFIL: ≈ $20k marketcap
Advantages
- 100% Reserve: Make sure that the amount of mortgage assets is always greater than the number of H-Tokens
Multi-Acceptor System - HBTC and HFIL support multi-acceptor acceptance, so users can choose acceptor to transfer in (out) assets more conveniently
- More users from Asia Pacific for compound. As H-Tokens gets more users in Asia market, this will bring new users for compound if it is supported
Risks & Weekness
- The market cap and liquidity of HBTC and HFIl are relatively low
- HBTC is not well-know as WBTC in western countries
Let’s discuss and see if there are questions or concerns about HBTC and HFIL on-borading.