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Huobi Runs Chainlink Node, Becomes First Major Exchange To Do So

Chainlink Leading Altcoins In On-Chain Activity

Huobi, one of the world’s biggest crypto exchanges, has recently integrated its price data with the Chainlink ecosystem. This was done in an effort to improve the integrity of the exchange’s data, as well as to provide price information with greater accuracy.

Standing As The New Chainlink Integration Leader

Prior to this move, Binance was at the head of Chainlink integration, being the first major exchange to provide their data to Chainlink oracles, all the way back in October of 2019. Now, however, Huobi has decided to one-up Binance, going a step further by running their own node on the system itself through Huobi Wallet. What this means for the exchange, is it allows Huobi to sign its own price data, which enables users to confirm the data from the Huobi Node as authentic and direct from the source.

Will Huang stands as the CEO of Huobi Wallet and gave a public statement about the matter at large. He explained that the DeFi industry offers a unique value proposition. This pertains to the fact that DeFi can provide transparent, programmable, and open financial products. Huang stated that Huobi stands eager to accelerate its involvement within the emerging DeFi space, and will do so through Chainlink. Huang explained that Chainlink users would be provided access to Huobi Global’s exchange data, and stated that Huobi will run its own Chainlink Node.

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Running Risks In Integrating Chainlink

As it stands now, the first batch of price pairs to have this integration be put in effect is BTC/USDT, BTC/ETH, LINK/ETH, and ETH/USDT. The plan is to have more integrations occur as time goes on.

Huobi stands quite adamant to try and improve the credibility of its exchange. This comes just after concerns were raised in regard to volume inflation back in 2019. Through the process of running this Chainlink node, the exchange will put its reputation on the line. Simply put, should any data shared to Chainlink prove inaccurate, it will be bad news for the exchange.

A Long March Back To Credibility

It was back in 2019 when Bitwise made a report that implied that Huobi was using inflated numbers when they reported trade volumes. This, in turn, caused an internal investigation within the exchange in a bid to remove any rogue elements in the market makers that were using wash trade strategies.

However, the exchange seems adamant to try and correct its mistakes, if nothing more, to get back into the good graces of the crypto trading community. What will happen now remains to be seen, but it’s already taking significant steps. Huobi stands as one of the top ten exchanges within Messari’s Real Volume List since then, showing that it’s committed to this choice.

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      A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.