Huobi HTX Year-End Report: A Comprehensive Review of 2023, Poised for Growth in the Year of the Dragon
TechFlow Selected TechFlow Selected
Huobi HTX Year-End Report: A Comprehensive Review of 2023, Poised for Growth in the Year of the Dragon
In 2024, HTX will maintain an open mindset, continuously learn from and adapt to market changes, and strive to build a people's exchange with dynamic momentum, continuing to create greater value for users and driving the vigorous development of the crypto industry.
Navigating Web3 tides with focused insightsOut with the old, in with the new—the cryptocurrency market made a strong start in 2024. The approval of Bitcoin spot ETFs sent BTC soaring to an all-time high of $64,000; Crypto+AI emerged as the first dark horse, leading the charge in the crypto market; and anticipation builds for Ethereum's upcoming Dencun upgrade, with Layer2 projects poised for explosive growth... Combined with favorable factors such as the halving and potential interest rate cuts, a new chapter has begun for the market.
As a leading cryptocurrency exchange, Huobi HTX has had the privilege of witnessing and actively participating in the transformative changes sweeping across the crypto landscape. At the beginning of 2024, HTX joined the ranks of HTX DAO ecosystem builders, launching the "People's Exchange" initiative aimed at disrupting the traditional CEX order and igniting a new wave across the industry. Looking back over the past year, a continuous narrative of innovation and breakthroughs has unfolded at Huobi HTX, creating milestone after milestone.
I. Platform Data
1. User Base
Huobi HTX has surpassed 46 million cumulative registered users, with 5 million new registrations added in 2023 alone. Dual-platform traffic reached nearly 54.3 billion visits.
2. Trading Volume
In 2023, Huobi HTX recorded a total trading volume of nearly $1.3 trillion, with spot trading contributing approximately 46.1%, or around $600 billion. According to The Block, by the end of 2023, Huobi HTX’s monthly spot trading volume had increased by nearly 324.4% compared to the beginning of the year, showing a consistent month-on-month upward trend.
3. Deposits and Withdrawals
P2P services showed robust growth, with Huobi HTX recording nearly $7.2 billion in P2P trading volume in 2023, comprising 6.43 million orders. By the end of 2023, the platform’s monthly P2P trading volume had grown by 278% compared to the start of the year, maintaining a steady month-on-month increase.
II. Asset Listings
1. New Asset Listings
* Data in the chart is as of December 25, 2023, and may differ slightly from current figures
In 2023, Huobi HTX launched 123 new cryptocurrencies, totaling 134 new spot trading pairs, covering all major trending sectors including new public chains, BRC20, Meme coins, Solana, and AI, leading market trends and meeting diverse investment demands.
For new public chains, Huobi HTX listed high-market-cap projects such as SUI, SEI, TIA, and ARB, attracting large user inflows. Market makers significantly boosted trading volume on the platform. Token performance was impressive—SUI and SEI surged 206x and 178x respectively, while TIA rose sixfold post-launch driven by its modular blockchain concept;
In the Meme coin space, Huobi HTX adopted a fast and efficient listing strategy, generating substantial wealth effects for users. For example, early listings of popular tokens like PEPE and BONK earned strong recognition from new traders, with PEPE achieving an extraordinary gain of nearly 2,000x;
Bitcoin ordinals became one of the hottest narratives in the second half of 2023. Huobi HTX proactively entered the BRC-20 space, listing SATS earlier than Binance and OKX, and being among the first to list ORDIs, which led the market with a 53x surge. These moves drove user growth to record highs.
Other trending sectors also saw strong performance. WLD in the AI sector surged 54x; exclusive launch asset UNIBOT rose from $16 to a peak of $240, delivering a 15x return.
2. PrimeVote
In 2023, Huobi HTX held nine rounds of PrimeVote, with over 500 projects applying. Ultimately, nine projects were selected by community voting from more than 100 candidates and listed on Huobi HTX, with over $2.3 million USDT distributed in rewards.
The 10th round of PrimeVote set a new participation record, exceeding 10,000 voters. Notably, Huobi HTX was the first centralized exchange to recognize the innovative momentum within the BRC community. In the fifth round, users voted to list ORDI, helping spark the ordinal token wave. Other PrimeVote-listed projects such as TOMI and CA demonstrated stable performance, posting strong gains relative to their first-day closing prices one week after listing.
3. PrimePool
Huobi HTX launched 11 PrimePool campaigns in 2023, distributing over $2.2 million USDT in rewards. The November campaign offering mining rewards for staking TRX attracted over 10,000 users.
III. Derivatives
◆ Futures Trading
1. Scale Metrics
1) Huobi HTX’s total futures trading volume reached $650 billion in 2023, with Q4 seeing over 40% growth compared to Q3. As of February 2024, the platform supports futures trading for over 140 cryptocurrencies, with both trading volume and scale showing consistent month-on-month growth;
2) Throughout 2023, Huobi HTX continuously listed new futures assets based on real-time market trends, adding 75 new contracts. Of these, 68 (over 90%) achieved price increases exceeding 200%.
2. Product Optimization
1) The Copy Trade module—a flagship user-friendly strategy trading tool—allows users to automatically follow professional traders to generate profits. As of February 2024, the number of qualified copy trade leaders on the platform has grown 500% compared to early 2023, and the overall user base served by copy trading has steadily expanded month by month;
2) Over 20 contract feature upgrades were completed in 2023, including real-time funding fee settlement and uninterrupted U-margined contract settlement during system maintenance.
◆ Huobi Earn
In 2023, Huobi Earn helped users earn over $10 million in interest, serving millions of users across more than 200 countries. The service offers three main product types: Simple Earn, Structured Products, and On-chain Earn. Additionally, features such as automatic earning on spot balances and dollar-cost averaging plans cater to diverse market cycles and risk preferences.
For users seeking stable returns, Simple Earn offers flexible, large-amount flexible, and fixed-term products that deliver solid yields with minimal risk and simple operations. Currently, this product line supports over 50 cryptocurrencies.
Structured products are innovative financial instruments combining fixed income and derivatives to meet advanced users’ higher yield expectations. Two offerings are currently available: Dual Currency and Shark Fin. During sideways markets, users can use Dual Currency to buy low or sell high at target prices for significant gains. In clear directional markets, Shark Fin allows users to boost returns by correctly predicting price movements.
Notably, the innovative structured product “Shark Fin,” launched in 2023, quickly became a star offering on Huobi HTX. Every release sold out rapidly, with the seven-day Shark Fin product achieving GMV exceeding $100 million shortly after launch.
For users interested in on-chain ecosystems, On-chain Earn provides options including ETH2.0 staking, node staking across 20+ networks, and various on-chain staking opportunities to meet diverse yield-generating needs. In 2024, the platform launched a Restaking campaign, allocating $50 million in staking share rewards to benefit users.
IV. Product Upgrades
1. APP Upgrade Enhancing User Experience
1) Login and registration enhancements:
Significant optimizations were made to the most frequently used login and registration processes, including integration of passkeys, third-party account sign-ups, and OTP-based login, enabling faster and smoother access. Year-end data shows a 14% improvement in login efficiency compared to the beginning of the year;
2) Homepage simplification:
To address user feedback about cluttered buttons, excessive modules, and redundant information on the previous homepage, major redesigns were implemented. The bottom navigation was streamlined from six to five tabs, and homepage modules were greatly simplified. Customized content delivery based on user profiles significantly improved user experience and satisfaction. Compared to the old design, the new homepage achieved a 27% increase in distribution efficiency.
2. Content Module Upgrade Supporting KOL Growth
For KOL users, enhanced exposure and recommendation strategies were deployed across various content sections, effectively increasing page traffic and supporting community growth. Exclusive KOL features such as external sharing and referral tools, live-streaming trade components, and community copy cards were introduced to drive traffic growth and simplify user engagement management.
3. Business Product Upgrades Meeting Diverse User Needs
◆ Futures Trading
1) The introduction of non-stop settlement functionality eliminated trading risks during maintenance windows, enabling 24/7 futures trading;
2) Funding rate mechanism upgraded—using predicted funding rates as actual settlement rates enhances sensitivity to market trends and accelerates the pegging of perpetual contract prices to spot markets, improving overall product mechanics. For cross-exchange arbitrageurs, the updated mechanism aligns Huobi HTX’s funding rates more closely with other major exchanges, significantly reducing basis risk;
3) Copy Trade 2.0 added key functionalities such as isolated margin adjustments, limit orders, and trailing stops, greatly enhancing lead traders’ experience. On the follower side, new features including customizable copy pairs and risk limits improve convenience and flexibility.
◆ Huobi Earn
1) Introduced automatic earning on spot balances, improving usability and convenience, serving over 100,000 users;
2) Launched an industry-first large-amount flexible product tailored for high-net-worth users, expanding the Huobi Earn product matrix to meet demand for large-scale, long-term stable investments;
3) Added recurring investment plans for users with frequent investment needs, providing automated periodic investment tools to save time and support portfolio growth;
4) Upgraded the product homepage with native rendering, simplified categorization, and optimized recommendation logic, reducing page load time to 150ms and significantly enhancing user experience.
4. Web Platform Activity Upgrade Optimizing Cross-Platform Functionality
To serve users who prefer web-based activities, full parity between app and web platforms was achieved, resulting in an overall upgrade in user experience. Users can now access all platform events via the web, including PrimeVote, PrimePool, trading competitions, deposit contests, and the rewards center.
V. Security & Compliance
1. Risk Management
Huobi HTX’s security team remains committed to prioritizing user asset safety, continuously strengthening its security framework across information security, business risk control, and on-chain security, while enhancing operational capabilities. To date, the team has tracked and resolved 85 on-chain incidents across 19 public chains, conducted systematic analysis of two types of on-chain security risks, and established corresponding protective measures. The security system is operating effectively, ensuring robust protection of user assets.
2. Licensing Applications
Huobi HTX remains committed to global compliance and secure operations, providing users with a transparent and trustworthy trading environment. To date, it has obtained regulatory licenses or operational qualifications in Australia, Argentina, Chile, Paraguay, and Uruguay in Latin America. Furthermore, to serve a broader global audience with compliant virtual asset services, Huobi HTX is expanding its compliance footprint into additional jurisdictions:
1) Lithuania: Huobi HTX registered a compliant exchange in Lithuania in 2022 and successfully commenced operations in 2023, entering the European market. It will actively cooperate with and apply for authorization under Europe’s MiCA regulations, embracing oversight and expanding international business.
2) Dubai FMP License: Huobi Dubai is applying for the Financial Market Participant (FMP) license regulated by Dubai’s Virtual Assets Regulatory Authority (VARA). This is the first independent, representative, and high-value virtual asset license in the Middle East. Huobi Dubai has received Principle Approval (AIP) from VARA and is now applying for formal licenses in Advisory and Broker-Dealer services. The company is in the final stage of submitting policy documents and expects to obtain the license within six months, enabling access to stablecoin, fiat, and virtual asset advisory services.
3) BVI VASP Licenses: The British Virgin Islands (BVI) introduced its Virtual Asset Service Provider (VASP) regulations in early 2023. That same year, Huobi HTX applied for relevant licenses and is expected to become one of the first approved VASPs. Once granted, the license will expand service offerings beyond existing contracts to include wallet custody, fiat gateways, and spot trading. Notably, Huobi HTX successfully joined the BVI Derivatives Sandbox in 2021 and obtained the world’s first BVI Derivatives Virtual Currency Trading Platform license in 2022, enabling compliant futures services.
3. Asset Security
Throughout 2023, reserve ratios remained above 100%, indicating that Huobi HTX’s wallet assets exceeded total user holdings, demonstrating ample reserve capacity.
As of February 2024, Huobi HTX has completed 16 asset audits. The latest Merkle Tree proof-of-reserves data shows: USDT at 101% (Huobi assets: 550,800,308), BTC at 100% (21,651 BTC), ETH at 102% (112,173 ETH), TRX at 103% (9,684,177,652 TRX). USDT and ETH figures include stUSDT, USDT-T-Bills, BETH, and stETH assets.
Moving forward, Huobi HTX will conduct regular asset audits and publicly demonstrate sufficient reserves through dedicated pages and tools to ensure user asset security.
VI. Community Development
1. Scale Growth
1) As of mid-February 2024, Huobi HTX’s community active followers surpassed 10 million. Nearly 2 million users browse crypto news and share trading insights within the Huobi HTX app’s built-in community;
2) Nearly 100 official communities have been established across various social platforms, serving over a million members—an increase of 48% compared to early 2023;
3) Nearly 300 trading discussion groups have been created within the Huobi HTX app, engaging close to a million active traders, a 29% year-on-year increase;
4) Official accounts across channels have amassed around 100,000 followers, with the Chinese-language X (Twitter) account nearing 90,000 followers, up 27% year-on-year;
5) Successfully partnered with over 200 well-known KOLs, including Justin Sun, reaching tens of millions of fans and driving brand awareness and engagement. Key promotional events achieved exposure at the hundreds of millions level.
2. Service Experience
1) Through diverse content operations, the Huobi HTX community covered 100% of annual market hotspots, with core trading KOLs achieving an 80% accuracy rate in market forecasts;
2) Official accounts on platforms such as X (Twitter) and Telegram publish around 10 important updates and event announcements daily, maintaining healthy interaction rates of approximately 5%;
3) Community KOLs and users post nearly 5,000 Huobi HTX-related messages daily across platforms, sustaining an overall engagement rate above 7%;
4) Hosted live streams featuring industry leaders such as Justin Sun, Kong Jianping, Chris, Han Feng, Xiao Feng, Shi Yanqiang, and Chen Anzhi to discuss the latest trends, averaging 80 live sessions per day, with over 1,000 viewers per session.
VII. Ecosystem Development
1. HTX DAO
HTX DAO was officially established on January 18 and launched at a successful event in Singapore on February 2. It is a leading decentralized autonomous organization in the blockchain ecosystem, focused on open finance and decentralized tokenized economies.
Regarding governance token $HTX, holders have the right to vote on listings, submit proposals, and participate in governance decisions. The governance model emphasizes transparency and community involvement, attracting numerous renowned entities to join as ecosystem builders. An increasing number of partners are choosing to stake to increase their influence in shaping HTX DAO.
Currently, 19 major contributors have joined the HTX DAO ecosystem, including Huobi HTX, TRON, Poloniex, BitTorrent, Spark Digital Capital, APENFT, Stratified Capital, JustLend DAO, OIG Group, Double Peak, stUSDT, Zebec, USDD, ANKR, Sun.io, Merkle 3s Capital, WINkLink, TUSD, and Owlit Finance. Platforms such as Huobi HTX and Poloniex will contribute a portion of their revenue to support HTX DAO’s liquidity.
2. HTX Ventures
In 2023, HTX Ventures pursued a dual strategy of direct and fund-based investments, backing over 200 projects across infrastructure, DeFi, RWA, L1&L2 ecosystems, SocialFi, NFTs, and education. It supported deep ecosystem development on Bitcoin, Ethereum, Tron, Arbitrum, Cosmos, Solana, Polygon, and Polkadot, invested in multi-chain infrastructure tools, and explored Web3 use cases bridging Web2 and multi-chain environments.
Additionally, HTX Ventures co-hosted its first hackathon with the Princeton Blockchain Club (PBC) and TRON, fostering collaboration between academia, enterprises, and innovators, while continuing to advance investment and project incubation to nurture the next generation of Web3 companies.
3. Strategic Partnerships
In 2023, Huobi HTX signed strategic cooperation agreements with over ten institutions across security, user experience, technology enhancement, and payment methods. Most collaborations focused on improving user trading experience, including a deep integration with AICoin to enable full API trading functionality; a partnership with TradingView to deliver seamless digital asset trading experiences; and integration with CertiK’s Skynet security scoring into the trading platform.
VIII. Brand Events
1. TOKEN2049: Global Rebrand to HTX, Hosting 1,000-Person Anniversary Afterparty
In September 2023, Asia’s premier crypto summit TOKEN2049 took place in Singapore. Huobi HTX attended as a Platinum Sponsor and co-hosted a 1,000-person Afterparty at Singapore’s largest club alongside top Web3 leaders including TRON, Enjin, SINOHOPE, and Meta Era. At the event, Sun Yuchen, member of the Huobi HTX Global Advisory Board, announced the global rebrand from Huobi to HTX and unveiled the “X Prize” to celebrate the platform’s 10th anniversary.
This rebrand marks Huobi HTX’s new identity in the crypto era—“Trade with Huobi.” Under the HTX brand, the platform will accelerate its global expansion, ecosystem growth, wealth creation, and compliance initiatives, advancing a new era of regulated innovation and setting the course for the next decade.
2. Blockchain Life 2023: Awarded #1 Cryptocurrency Exchange of the Year
In October 2023, the premier Blockchain Life 2023 summit was held in Dubai. Huobi HTX participated as a Platinum Sponsor and exclusive naming rights partner for the registration zone, showcasing prominently at the Platinum Exhibition. Viral influencer content on Instagram amplified visibility, drawing widespread industry attention.
During the summit, Huobi HTX was awarded first place in the “Cryptocurrency Exchange of the Year” category at Blockchain Life 2023. Sun Yuchen, Global Advisory Board member of Huobi HTX and founder of TRON, was honored as “Person of the Year.” Following its rebrand, this prestigious international recognition reaffirms Huobi HTX’s growing competitiveness and leadership in driving the global adoption of cryptocurrency.
3. Australian Crypto Convention 2023: Sun Yuchen’s Digital Avatar Debuts
In November 2023, during the Australian Crypto Convention, Sun Yuchen’s virtual digital avatar made its debut. The digital persona aligns closely with Huobi HTX’s image of technological innovation and will play a key role in future brand promotions. This launch signifies Huobi HTX’s full commitment to its “globalization” strategy, leveraging cutting-edge tech to bridge physical and virtual worlds, partnering with Sun Yuchen to build a Web3 gateway, exploring new cross-domain pathways, and promoting healthy growth in the crypto industry.
4. Mars Project: Six Successful Rounds with Over 380,000 Participants
To date, the Mars Project has successfully hosted six rounds, selecting six space mission candidates. Cumulative participation exceeded 380,000, with over 237,000 NFTs minted on-chain and more than $200,000 USDT in rewards distributed.
As the Mars Project progresses, its industry influence continues to grow, attracting participation from Web3 organizations such as DWF Labs, Dogelon Mars (ELON), and HTX DAO. The seventh round is currently in preparation. Going forward, Huobi HTX will collaborate with more partners to explore deeper integration between crypto and space exploration, pushing the boundaries of crypto applications.
5. Crypto Spring Festival Gala: Honoring Forces of Positive Change in Crypto
On January 24, the second Huobi HTX Crypto Spring Festival Gala & Awards Ceremony was grandly held, honoring outstanding individuals, projects, and events that positively impacted the crypto ecosystem in 2023. A total of nearly $35,000 worth of $HTX was awarded across nine categories: Top 10 Most Influential Events of 2023, Top 10 Most Promising Market Concepts, Top 10 Most Influential Web3 Media, Top 100 Favorite Content Creators, Top 200 Most Notable Web3 Social Influencers, Best Fire Partner Award, Best Partner Award, Top Client Excellence Award, and Top 10 User-Favorite Cryptocurrencies of the Year.
2024 Outlook: Breaking Centralized Constraints, Building the People’s Exchange
The crypto market kicked off 2024 with strong momentum. Improving macroeconomic conditions and the crypto innovation cycle are converging, fueling bullish sentiment.
Meanwhile, with Huobi HTX joining the HTX DAO ecosystem and the market warming up, the exchange is re-entering the competitive arena with renewed vigor—breaking free from centralized constraints through community autonomy and decentralization, adopting a “phoenix-rising” posture to showcase even stronger competitiveness.
Specifically, this includes:
Focusing on High-Potential Sectors to Generate Wealth Effects: Huobi HTX will closely monitor changes in asset size following the approval of Bitcoin spot ETFs, developments in derivative products, and regulatory policies across different countries toward this emerging asset class. This milestone not only signals the institutionalization of Bitcoin investment but also presents massive opportunities for Huobi HTX-listed assets. Therefore, BTC ecosystem development remains a top priority, especially emerging protocols beyond BRC-20 such as BRC-420, ARC-20, and BTC L2 solutions like RGB smart contracts and BitVM. The advancement and adoption of these technologies will enrich the BTC ecosystem and generate market excitement aligned with the halving event.
At the same time, Huobi HTX maintains strong confidence in Web3-AI integrated projects and pure AI projects utilizing token incentives for data contribution. The convergence of AI with DeFi, decentralized storage, and DePIN concepts will introduce novel project ideas, attracting capital from the tech sector and injecting fresh innovation and vitality into the crypto asset market.
Moreover, the “Dencun upgrade” will bring revolutionary improvements to Ethereum—significantly lowering gas fees and enhancing network throughput, profoundly impacting the entire ETH ecosystem. Innovations in Layer2 sequencers, parallel EVM development, and ZK technology will make Ethereum more efficient and scalable. These advances not only strengthen Ethereum’s competitiveness but also create new opportunities for investors and developers. Huobi HTX will closely monitor post-upgrade market dynamics and technological progress to capture innovation and growth in the ETH ecosystem.
In summary, in 2024, Huobi HTX will stay ahead of market trends, focus on high-potential sectors, select premium projects, offer diversified asset options, and lead the next bull market wealth effect!
Product Innovation and Technical Upgrades: Huobi HTX will continue to deepen user trading experience, constantly optimizing its trading systems with innovative architectures to enhance stability and throughput, ensuring secure trading. It will further refine copy trading features and expand strategy-based trading tools to make futures trading more efficient and convenient. The platform will continue offering diversified, high-yield earn products and conduct online/offline user education programs to improve market and product literacy. Additionally, it will enhance user experience through UI improvements and KOL empowerment, while upgrading risk management models to fully protect user assets.
Expansion of Diversified Services and Activities: Huobi HTX will continue developing the “Mars” traffic hub, expanding partnerships, refining activity designs, lowering task barriers, and offering greater rewards for users minting Mars NFTs. Additionally, comprehensive exclusive benefits will be rolled out for $HTX holders, including free participation in PrimeVote and PrimePool launchpad events, staking rewards, highest-APY flexible earn products, triple rocket value accrual, and trading fee discounts.
Compliant and Secure Operations: In 2024, Huobi HTX aims to secure three key licenses: Lithuania’s MiCA-related license, Dubai’s FMP license, and BVI’s VASP license. Additionally, the platform will continuously strengthen its security infrastructure, implementing effective measures against potential threats to ensure the safety and reliability of user digital assets.
Ecosystem Enrichment: HTX Ventures will continue driving Web3 infrastructure and ecosystem development, supporting next-generation Web3 startups and integrating them into Huobi HTX. Meanwhile, HTX Research will collaborate with partners on multidimensional market education to promote the convergence of Web2 and Web3.
Community Autonomy Development: Centered around HTX DAO, Huobi HTX will explore user-driven self-governance, establish multi-channel information sharing, and build a symbiotic ecosystem where platforms, projects, KOLs, and users serve each other. By harnessing community intelligence and strength, Huobi HTX aims to become a true “People’s Exchange.” It will also organize offline meetups globally, creating a tangible, interactive, enjoyable, and valuable crypto community.
Global Brand Strategy: Huobi HTX will pursue its long-term mission of “building a metaverse financial free port,” collaborating with more projects, blockchains, stablecoins, and industry partners to participate in global summits and host diverse events. It will strengthen its global brand reputation, perfect international market presence, and steadily advance its vision of “enabling financial freedom for all eight billion people worldwide.”
In 2024, Huobi HTX will maintain an open mindset, continuously learning and adapting to market changes, striving to build the People’s Exchange with dynamic momentum, creating greater value for users and driving the flourishing development of the crypto industry.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
@HTX_Global
