Cryptocurrency exchange Huobi has announced the public testnet launch of its own decentralized network, dubbed Huobi Chain. In doing so, it’s following in the footsteps of its larger, more successful, rival: Binance.
According to the official press release, Huobi Chain is an open-source public blockchain designed to provide a “global, blockchain-based, digital asset financial infrastructure.”
Unsurprisingly, on paper, the project sounds quite similar to the Binance Coin (BNB) initiative. Per the announcement, Huobi Chain’s main focus will be decentralized finance (DeFi) services and applications while the exchange’s internal Huobi Token (HT) is also being employed as the network’s sole utility token.
Binance Coin (BNB) is one of crypto’s most surprising success stories. The token, which started as a means of paying fees on the exchange, now has its own blockchain, runs decentralized apps, a non-custodial exchange, supports other tokens and operates at the heart of the Binance community. Employees get paid in the coin and community members hold the coin—and sometimes work for free—hoping that they can make Binance a success, and along with it, BNB.
And it’s working. As Decrypt reported previously, Binance Coin rose 22,000% in the first six months after it was issued, surpassing Bitcoin (BTC) and Ethereum (ETH). Although these gains were largely driven by regular coin burns, designed to artificially boost the price of BNB.
But if it worked for