Huobi Announces Burning 653,000 Huobi Token Approximately 4,1 M USDT

Huobi Announces Burning 653,000 Huobi Token Approximately 4,1 M USDT

Huobi disclosed that it burned 653,000 HT (approximately 4,174,000 USDT) in the Q4, showing that its revenue in the Q4 was approximately US$20.87 million, and the turnover of Huobi’s spot and derivative products in Q4 2022 reached US$124.7 billion.

653,000 HT (approx. 4,174,000 USDT) burned on Huobi in the 4th Quarter of 2022. As Huobi steps up its burning mechanism, a total of 296,162 million HT was burned as of Jan 15, 2023.

The quarterly circulating deflation rate was 0.3%. (Note: circulating deflation rate = HT burned at time T * (15%/20%) / circulating supply at time T-1 = 653,000 HT * (15%/20%) / 162.3 million HT)

Current circulating supply: 162.19 million HT, current total supply: 203.84 million HT

Also read: Will Huobi Go Bankrupt As USDD Continues to Weaken?

In December 2022, Huobi decided to adjust the burning mechanism in response to the voices and feedback from the HT community. More transparency will be provided and the monthly burning will be upgraded to quarterly burning to be in line with the common practice of the leading crypto exchanges. This new burning mechanism takes effect in Q1 of 2023. Under the new mechanism, the number of HT burned in October, November, and December 2022 is to be announced on January 15, 2023. The number of HT burned in the first quarter of 2023 will be published on April 15, 2023. We will not announce the monthly HT burn data on February 15 and March 15, 2023. After that, the burned amount in each quarter will be published on the 15th of the first month of the next quarter.

What is the HT burning mechanism?

Huobi allocates 20% of its revenue to burn HT.

Huobi’s revenue includes:

1. Trading fees from spot, futures, and OTC trading, as well as coin conversion.

2. Interest on isolated margin loans, cross margin loans, and OTC loans.

3. Withdrawal fees.

Revenue from various businesses/products/services, such as margin trading.

Related News

  • bitcoinBitcoin$28,591.000.68%
  • ethereumEthereum$1,801.90-0.64%
  • USDEXUSDEX$1.07-0.53%
  • tetherTether$1.00-0.05%
  • binancecoinBNB$316.66-0.32%
  • usd-coinUSD Coin$1.000.12%
  • rippleXRP$0.55-4.13%
  • cardanoCardano$0.377358-2.79%
  • Lido Staked EtherLido Staked Ether$1,797.25-0.64%
  • dogecoinDogecoin$0.075077-1.65%