The price of Hive (HIVE), a difficult-fork of Steem (STEEM), has skyrocketed following its listing on Huobi.

The listing comes i month afterward Huobi and Binance mobilized client funds to vote against the Steem community in favor of an apparent hostile takeover of the network, led past Tron founder and recent owner of Steemit, Justin Sun.

Notwithstanding, the exchanges claimed that Sun had misrepresented the nature of the event that they were voting on, and quickly withdrew the votes.

Shortly after, Huobi announced it would be distributing HIVE tokens to STEEM holders after the hard fork.

Huobi listing sparks HIVE parabola, outperforming STEEM

With Huobi now comprising 83% of HIVE's total trading book, the substitution has flooded what was previously a small market traded on Bittrex and a handful of tiny exchanges with liquidity — driving gains of more than 600% in over 3 days aslope an increase in volume of more than twenty times.

HIVE is now the 31st-largest crypto asset with a marketplace cap of $285 1000000, and is trading for $0.fourscore as of this writing.

HIVE/USD

HIVE/USD: TradingView

By contrast, Steem is currently trading for nearly $0.18 and is the 68th-largest cryptocurrency with a market cap of $66 million.

Hive developer 'has no problem' with Huobi list

Andrew Levine, Steemit's former head of communications and current OpenOrchard CEO, recently discussed how he would experience well-nigh Huobi and Binance listing HIVE afterwards their role in Sun's attempted takeover of Steem.

"I have no problem with Hive being listed on those exchanges — yous always want your tokens on exchanges, there are customers there, at that place are people who want your token — you desire your users to have options," stated Levine.

"I approximate information technology plays into the question of what was the intent behind the actions? What was really going on there? Considering, if there'southward no malicious intent, then you merely become 'well, maybe they'll non practice it again, who cares,'" he added.

"This situation was a fairly rare event. I mean, I think the worst-instance scenario, which I'1000 not saying happened, is that Justin's Sun and the executives at these exchanges had too close of a relationship. And in this particular case, that closeness led to these poor behaviors."

"I call up virtually of united states of america got into the blockchain space because nosotros like this idea of an unregulated marketplace. And it'due south events similar this that made me think, you know. 'Well, this is kind of what you become,' said Levine, calculation:

"[The exchanges] are growing really fast. They're unregulated. They're unaccountable. I hateful, [they] misappropriated custom customer funds — this would be a crime. But the reality is that it's going to be years before regulators even empathise staking."

'Confusing' governance model may have allowed takeover

Ultimately, Levine considers that the governance model underpinning STEEM may have also been to blame for allowing the attack to have occurred.

"I think the biggest lesson that I've learned from this is you actually accept to think almost the complexity of your blockchain at the design phase, considering, really the assail vector here was probably that STEEM ability and the staking machinery of STEEM, and the connection between staked STEEM and governance is also esoteric, likewise complicated," he reflected.

"And then when you accept exchanges out there where the executives are overseeing hundreds of tokens, each with their own crazy governance models, it should have been taken into account at launch, 'hey, people aren't going to understand the nuances of this.'"

"So I think we can put aside whether at that place was malicious intent there or not and say, 'you know what, information technology'due south probably too confusing' — and that in and of itself is an attack vector that should be considered," he concluded.