Cryptocurrency exchange Huobi has shared the latest burn data for its local altcoin HT with users.
The circulating deflation rate for the period was 0.9066%, meaning the HT supply was reduced by almost 1% due to burning.
Huobi's incineration mechanism relies on allocating 20% of its revenue to repurchase HT from the open market and burn it. Huobi's sources of income include trading fees, interest, withdrawal fees, and various other businesses and services.
This means Huobi's revenue in Q2 was approximately US$26.91 million. Huobi's revenue in the first quarter was $16.55 million.
After the burn, the total amount of HT tokens in circulation was 159,153,756.
Huobi Token (HT) is known as an ERC-20 token that was launched in January 2018 as a loyalty program for Huobi users.
In December of last year, the platform had made an innovation in the combustion mechanism. Huobi chose to publish quarterly HT data on the 15th of the first month of the next quarter, rather than revealing monthly HT burn data. The first quarterly report was published on April 15, 2023 and covered HT combustion data from January to March 2023. Now, the second report has been published in the new system.
*Not investment advice.