Due to Huobi's exchange's rapidly declining trading volume, Pionex, a Singaporean cryptocurrency exchange, said that Huobi's market-making funds have been removed off its platform.
A Pionex employee named Dave Yeh posted the news to the Facebook swap group.
Popular assets will be filtered for off-the-shelf and off-the-shelf agglomeration exchanges on a regular basis, and the platform's assets will also update things like on-chain and global rankings. According to the release, as Huobi Exchange's trading popularity on the platform has gradually dropped in recent months, the security team has systematically reduced the pooled market-making funds on the platform to protect the security of the funds of the many Pionex users.
The security team has been improving the deployment network's financial products and bots in addition to improving the API design over the past year. As a result, the Pionex network's reliance on Binance and Huobi has decreased, third-party market makers have been introduced, and transaction depth has improved.
Third-party market maker partners provide the transaction depth of the relevant currency pair, and the capital that was used to launch Huobi's market has been completely withdrawn from the distribution network today.
The "cautious" and "solid" market strategy and product development strategy that Pionex has been pursuing have prevented numerous black swan events in the industry and have had no effect on the platform during these events, which have included the Luna death spiral, FTX's misappropriation of customer funds, and the recent escalation of borrower interests related to Genesis.
In the first quarter of this year, Pionex's one-year-old derivatives contract platform will also become live. In order to meet the expectations of investors, Pionex will expand on its three years of experience and offer new cutting-edge solutions, regardless of how the market evolves in the upcoming year.
Pionex, the biggest quantitative trading exchange in the world, was formally launched in 2019 to provide foreign currency investors with an improved trading experience thanks to Binance and Huobi's depth of trading. Additionally, Pionex has been committed to creating a variety of trading robots and tools to help foreign exchange investors make wise investments in crypto assets.