Hong Kong-based cryptocurrency exchange, Huobi, expressed gratitude for the continuous support and trust in Huobi Token (HT) in a recent report. The report highlighted significant updates on HT, including a record-breaking token burn in the second quarter of 2023.
Huobi’s Token Burn
During Q2 2023, Huobi burned an impressive 1,950,555 HT, marking a total of 298,940,224 HT burned as of July 15, 2023. This steady burning mechanism contributed to a circulating deflation rate of 0.9066% for the quarter. The current circulating supply stands at 159,153,756 HT, with an existing supply of 201,050,000 HT.
The token burning mechanism has been well-received by the HT community, and Huobi aims to increase transparency by transitioning from monthly to quarterly burning practices. Huobi initiated this upgrade in response to community feedback and will announce the number of HT burned in the previous quarter on the 15th of the first month of the next quarter. This adjustment aligns Huobi with common practices followed by leading crypto exchanges. The HT burning mechanism involves allocating 20% of Huobi’s revenue towards burning tokens. The revenue includes trading fees from various activities such as spot, futures, and OTC trading, interest on margin loans, withdrawal fees, and revenue from other products and services.
Huobi’s collaboration with the Hong Kong Virtual Assets Consortium (HKVAC) further bolsters its position in the industry. HKVAC aims to enhance security risk management capabilities and support Hong Kong in becoming a world-leading hub for virtual assets and digital finance.
Additionally, Huobi partnered with Gala Games to develop the Web3 ecosystem. The collaboration aims to integrate the Gala layer-1 blockchain with major exchanges like Huobi, fostering mass adoption and improving on-chain technology. With the community’s continued support, Huobi is confident in building a stronger future for HT and solidifying its position in the crypto space. The exchange remains committed to transparency, refinement, and growth, aligning itself with the evolving needs and aspirations of its users.