Huobi (HTX), a leading cryptocurrency exchange, announced that it will burn a total of 2,062,217 Huobi Tokens (HT) in the 3rd quarter of 2023.
HTX Exchange Continues Burning Its Native Token
The exchange devoted 20% of its revenue to burning HT; This means Huobi's revenue in Q3 was approximately US$24.75 million. In the first two quarters of 2023, Huobi's revenue was $16.55 million and $26.91 million, respectively.
1,950,555 HT was burned in HTX in the second quarter of 2023. As HTX accelerates the burning mechanism, a total of 298,940,224 HTs have been burned as of July 15, 2023.
This move is part of Huobi's efforts to reduce the total supply of HT in circulation and increase its value. The exchange has been burning HT since 2018 and as of October 15, 2023, it has burned a total of 301,002,441 HT. The circulating deflation rate for the third quarter was 0.9718%.
Huobi's burn mechanism involves allocating 20% of its revenue to burn HT. Revenue includes transaction fees from spot, futures and OTC transactions, interest on isolated margin loans, cross margin loans and OTC loans, withdrawal fees, and revenue from various services such as margin trading.
*This is not investment advice.