Hong Kong-based cryptocurrency exchange Huobi recently expressed gratitude to loyal users for their unwavering support and confidence in Huobi Token (HT). In a newly released report, Huobi highlighted significant developments, including a groundbreaking token burn in the second quarter of 2023.
A remarkable 298,940,224 HT has been burnt by Huobi as of July 15th, 2023, with 1,950,555 HT burned in Q2 2023 alone. This relentless token combustion strategy has contributed to a noteworthy quarterly deflation rate of 0.9066% in circulation. Presently, are 201,050,000 HT available, with a circulating supply of 159,153,756 HT.
The HT community has overwhelmingly approved of the token-burning process, recognizing its positive impact on the value and scarcity of the token. Responding to user feedback, Huobi has decided to enhance transparency by transitioning from monthly to quarterly burning cycles. Going forward, Huobi will disclose the total amount of HT burnt in the previous quarter on the 15th of the first month of the subsequent quarter, aligning with industry standards.
The token-burning mechanism adopted by Huobi involves allocating 20% of the exchange’s income to destroy tokens. This income includes trading fees from spot, futures, over-the-counter (OTC) transactions, interest on margin loans, withdrawal fees, and revenue from other services.
Furthermore, Huobi has forged a promising partnership with the Hong Kong Virtual Assets Consortium (HKVAC), aiming to bolster the city’s position as a global leader in virtual assets and digital finance. HKVAC is actively enhancing security risk management skills, further strengthening Huobi’s operations and instilling confidence in its users.
To expand its reach and improve on-chain technology, Huobi has joined forces with Gala Games to create a Web3 environment. This collaboration aims to integrate Gala’s layer-1 blockchain with major exchanges like Huobi, paving the way for widespread adoption of this innovative technology.
Huobi remains confident in the future of HT and its position within the crypto industry, thanks to the unwavering support of its community. With a steadfast commitment to transparency, improvement, and expansion, Huobi continues to prioritize meeting its customers’ evolving demands and expectations.
The remarkable achievements of Huobi Token, including the record-breaking token burn in Q2 2023 and its commitment to transparency, have significantly boosted user confidence in the platform. Huobi’s strategic partnerships and dedication to innovation position it well for the future as it continues to garner support from the crypto community.
