HTX disclosed the HT burn rate for Q3 2023
HTX disclosed the HT burn rate for Q3 2023
HTX (Huobi), the cryptocurrency exchange, revealed in its financial report for the third quarter of 2023 that it has allocated 20% of its profits to the quarterly burning of Huobi Token (HT).
The cryptocurrency exchange's main goal for the HT ecosystem is to increase transparency and community participation.
In the third quarter of 2023, the exchange burned 2,062,217 HT. As of October 15, 2023, a total of 301,002,441 HT had been burned.
The circulation deflation rate for the quarter was 0.9718%. The circulation deflation rate is calculated based on the number of HT tokens burned at a given time relative to their availability in circulation in the previous period.
According to details published on the CryptoPotato portal, HTX's revenue figure, which reached $24.75 million in the third quarter of 2023, is key to the decision to burn tokens.
The main sources of revenue are:
- Trading commissions for spot, futures, and OTC trading;
- Interest on margin loans;
- Withdrawal fees.
By allocating 20% of its revenue to token burn, HTX is demonstrating its commitment to the long-term sustainability and growth of the HT ecosystem.
It's worth noting that, as part of its new branding strategy, cryptocurrency exchange Huobi has changed its name to HTX. Where "H" stands for Huobi, "T" stands for TRON, and "X" stands for the exchange. However, the company said that if we look at HTX through the combination of "HT" and "X", "HT" represents the platform's own token and "X" symbolizes the exchange. Thus, HTX is an exchange with its own HT token. On the other hand, "X" is the Roman numeral 10, which pays tribute to HTX's 10th anniversary.
HTX confirmed that its top priority is to create a free zone in the Metaverse, where people can feel financially independent.
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