Huobi Burns 827,226 HT In Q1 2023
Leading cryptocurrency exchange Huobi has announced its HT burn data for the first quarter of 2023, revealing that 827,226 HT were burned during that period. This is part of the exchange’s efforts to adjust its burning mechanism, with a total of 296,989,226 HT burned as of April 15, 2023. The quarterly circulating deflation rate was reported to be 0.3826%, and the current circulating supply is 161,362,774 HT, with an existing supply of 203.01 million HT.
Earlier, Sun said that the group's Q1 revenue including TRON was US$150 million, so Huobi's revenue accounted for less than 1/9.
— Wu Blockchain (@WuBlockchain) April 17, 2023
Burning Mechanism Upgrade
In December 2022, Huobi announced that it would adjust its burning mechanism in response to feedback from the HT community. The new mechanism will provide more transparency and upgrade monthly burning to quarterly burning in line with the common practice of leading crypto exchanges. Under the new mechanism, the number of HT burned in the last quarter of 2022 will be announced on January 15, 2023. After that, the burned amount in each quarter will be published on the 15th of the first month of the next quarter.
Huobi allocates 20% of its revenue to burn HT, including trading fees from spot, futures, and OTC trading, as well as coin conversion, interest on isolated margin loans, cross margin loans, and OTC loans, withdrawal fees, and revenue from various businesses/products/services such as margin trading. The number of HT burned is calculated using the formula H = R1 * 20% / P2, where R is Huobi’s revenue and P is HT’s average price.
Transparent and Refined HT Burning
Huobi’s decision to make its HT burning mechanism more transparent and refined reflects its commitment to continuously improving the openness and transparency of HT burn. By aligning itself with industry leaders, Huobi is well positioned to grow with the community and speed up its return to the top three. The exchange has thanked its users for their continuous support and trust in HT, and with the new burning mechanism, it is poised to provide even more value to its users in the future.
