Huobi Global lists Ergo's ERG for spot trading

Huobi Global has listed Ergo's ERG token for deposits, withdrawals, and spot trading. Deposits were enabled on September 7th while withdrawals will commence on September 9th.

In its announcement, Huobi indicated that spot trading would be possible once there's enough volume to prevent volatile slippage. In this regard, users are advised to be patient as the exchange works to attain an optimal ERG liquidity threshold.

This addition makes Huobi one of the major exchanges to support ERG. Other exchanges that offer trading opportunities for ERG include Gate.io, Kucoin, and CoinEX. Coinbase, Binance, and Gemini are yet to list the Ergo token.

Huobi Global has a large presence in Asian crypto markets i.e China and Singapore. It has a high trust score and half the daily volume of FTX. Listing ERG, Huobi will most certainly contribute to more Ergo trading volume.

As a layer 1 token, ERG isn't an ERC-20 token so it might take time for larger CEX to list it. So far, the Ergo team has refrained from getting ERG listed as a wrapped ERC-20 token. Their rationale is that such a measure has user-experience pitfalls that often lead to some users losing their funds. Still, they are constantly engaging with exchanges to fast-track ERG's listing.

ERG price has been on a pump recently; in the last 30 days, it has registered gains of at least 125%. This rally has seen the token rise from position 180 to 140 in market size. At the moment, Ergo has a market cap of $288 million.

Among Ergo's community, this market capitalization is seen as too low and many believe that it holds insane potential. Here are some of the reasons cited:

1. Ergo is seen as the real successor to Bitcoin

   Like Bitcoin, Ergo uses a proof of work consensus mechanism. It has a modest maximum supply cap set at 97 million ERG tokens which will be released over time. However, unlike Bitcoin, Ergo is architectured to evolve over time and support a robust DeFi ecosystem.

   Ergo also differs from Ethereum in that it utilizes eUTXO, instead of the latter's accounting model.

2. A sizeable number of Ethereum miners are expected to move to ERG mining once the merge happens.

3. Ergo's market will grow exponentially once Binance and other major crypto exchange lists ERG.

   A listing by Binance or inside the United States (Coinbase, Gemini, FTX) will tremendously expose ERG to a wider market.

4. The larger crypto community is waiting to discover the young Ergo community.

5. Ergo has a growing DeFi ecosystem which will buoy the value of its layer 1

   At the moment, Ergo developers are working on primary infrastructure e.g wallets, DEXs, APIs e.t.c.

6. Ergo will benefit from its close partnership with the Cardano community.

Following Huobi's lead, ONUS finance will list ERG on September 14th. ONUS has over 2.5 million users, which provides considerable exposure to the ERG token.