Business

Erik Gibbs

BSV contracts going live on Huobi’s derivative market

Bitcoin SV (BSV), the only cryptocurrency that can rightfully be defined as the true Bitcoin, continues to take its place in the crypto ecosystem. Already having proven that large blocks are possible on a blockchain, contrary to the belief laid out by SegWitCoin (BTC) developers and supporters, more support for the digital currency is being added across the globe. The latest example comes via the Huobi exchange, which has announced that it will add a BSV contract to its derivatives platform.

In a post from the company last Friday, Huobi explains that it will launch BSV derivatives contracts starting this Friday. The contract will be introduced with a multiplier of one U.S. dollar per point with a minimum price change of just 0.001 point. Contracts are offered through weekly, bi-weekly and quarterly solutions and offer a face value of 10 U.S. dollars.

The contracts are settled in the price difference of BSV and delivered each Friday before the expiration week of the contract. Open position maker fees are 0.02% and taker fees are 0.03%. Close position fees for makers and takers are the same at 0.02% and 0.03%, respectively, and all deliveries have a fee of 0.015%.

The derivatives are weighted evenly between an index comprised of Huobi, Bittrex and OKEx. They are based on BSV/BTC comparisons with each exchange providing 33% of the index.

Huobi recently introduced “tiered adjustment factors” to its derivatives platform. They went live on July 19 and are “designed to prevent users from system’s margin call losses.” The tiers are based on three net open interest amount groups that vary based on the digital asset being purchased or traded and Huobi’s explanation of the breakdown can be found here.

The expansion of Huobi’s derivatives coverage to include BSV shows the strength of the digital currency. Despite attempts by other crypto projects to undermine the success of BSV — with several media outlets showing they have no true knowledge of how crypto works — and prevent BSV from gaining additional support, the original Bitcoin is once again proving that BTC and other projects were completely misguided in their belief of how crypto was designed to work.

BSV’s Quasar upgrade to enable 2-gigabyte (GB) blocks is a further example of the singular solution to offer businesses and entities a blockchain platform that is capable of running all systems and why alternatives such as BTC’s Lightning Network are inherently flawed. When Genesis is introduced to the BSV network next February, block size limits will be completely removed, allowing for a commercial-grade solution rivaled by no one.

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