HTX has concluded the second phase of its 'TradFi Trade to Earn' campaign, distributing approximately 59,000 USDT in rewards to participants. The exchange reported significant growth in futures trading volume and user acquisition, underscoring the efficacy of incentive-based programs in attracting professional traders from traditional finance backgrounds. This initiative is part of HTX's broader effort to solidify its standing as a top-tier derivatives hub in an increasingly crowded global market.
From a market perspective, HTX’s focus on bridging TradFi and crypto comes at a time when offshore exchanges are under pressure to prove transparency and legitimate volume. By targeting the TradFi segment, HTX is positioning itself to benefit from the growing institutional interest in digital assets, even as it navigates the complex optics surrounding its leadership and operational structure. This move suggests a shift toward more sophisticated user bases that prioritize liquidity and structured incentives.
Market participants should watch for the retention rate of this new volume now that the rewards have been paid out. While these campaigns are excellent for short-term visibility, the ultimate test lies in whether these TradFi-aligned traders remain on the platform without the carrot of USDT rewards. If volumes remain elevated, it could signal a successful pivot for the exchange; if they crater, it may indicate that the growth was transient and driven by reward-seeking behavior rather than fundamental platform preference.