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Huobi Global Begins Layoffs, Cutting Over 30% of Staff Due to Revenue Drop in China

Daily Market Wrap

  • Crypto market cap: 0.91 trillion, down 1.39%

  • BTC price stands at USD 20,318, down 1.39%

  • ETH price stands at USD 1,148, down 2.14%

  • Top gainer: TerraClassicUSD (USTC), up 42.00%

  • Top loser: Chiliz (CHZ), down 10.58%

News of the Day

Why it matters:

  • Cryptocurrency exchange Huobi Global plans experienced a sharp drop in revenue after the removal of all Chinese users last year

  • Huobi gradually stopped serving Chinese customers last September amid China’s crypto trading ban

  • Last week, Bybit also announced similar cost-cutting measures, laying off 30% of its staff

  • Coinbase, BlockFi, and have fired a total of over 1400 employees, preparing for a potential recession

Crypto Daily Spotlight

Brief introduction: The Open Network (TON) is a layer-1 (L1) proof-of-stake (PoS) blockchain compatible with messaging service Telegram (TG). It plans to integrate its native token Toncoin into Telegram to make it available and accessible to TG’s 500M monthly active users (MAUs).

Why it matters:

  • The final TON was mined on June 28; new TON tokens will only enter circulation through a proof-of-stake (PoS) consensus mechanism, which will result in a ~75% decrease of new TON entering the network to (roughly 200,000 TON tokens daily)

  • “In proof-of-work consensus mechanisms, anyone with the appropriate equipment can become a miner, creating an honest and even distribution of tokens amongst participants in a network,” the TON Foundation said on Tuesday

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