{"id":5695,"date":"2023-10-20T14:40:02","date_gmt":"2023-10-20T14:40:02","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=5695"},"modified":"2023-10-20T14:40:02","modified_gmt":"2023-10-20T14:40:02","slug":"huobi-htx-continues-to-burn-its-own-token","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/huobi-htx-continues-to-burn-its-own-token\/","title":{"rendered":"Huobi (HTX) Continues to Burn Its Own Token!"},"content":{"rendered":"

Leading cryptocurrency exchange, Huobi (HTX), took a notable step in the third quarter of 2023, announcing a plan to burn a total of 2,062,217 Huobi Tokens<\/strong> (HT).<\/p>\n

\n

HTX Exchange Continues to Burn Its Own Token<\/h1>\n

The exchange decided to set aside 20%<\/strong> of its revenue for burning HT, which shows that Huobi’s revenue for the third quarter is approximately 24.75 million dollars<\/strong>. Additionally the revenue generated by Huobi in the first two quarters of 2023 was 16.55 million dollars<\/strong> and 26.91 million dollars<\/strong> respectively.<\/p>\n

You might like: JPMorgan Gives Estimated Time for Bitcoin ETF Approval<\/strong><\/em><\/a><\/p><\/blockquote>\n

In the second quarter of 2023, the Huobi (HTX) platform burned 1,950,555 HT<\/strong> tokens. Thanks to this burning mechanism, the platform had burned a total of 298,940,224 HT<\/strong> as of July 15, 2023.<\/p>\n

This move is part of HTX’s aim to decrease the total HT supply in circulation and increase the value of HT. The exchange has been regularly burning HT tokens since 2018, and they have burned a total of 301,002,441 HT<\/strong> tokens as of October 15, 2023. They recorded a deflation rate of 0.9718%<\/strong> in the third quarter of 2023.<\/p>\n

Huobi’s burning mechanism involves setting aside 20%<\/strong> of its revenue for burning HT. This revenue includes transaction fees from spot transactions, future transactions, OTC<\/strong> transactions, interest from isolated margin loans, cross margin loans, OTC loans, withdrawal fees, and revenue from various services such as margin trading.<\/p>\n

\n

Also In the comment section, you can freely share your comments and\u00a0 opinions about the topic. Additionally, don\u2019 t forget to follow us on\u00a0Telegram<\/strong>,\u00a0<\/a>YouTube<\/strong><\/a>,\u00a0and\u00a0Twitter<\/strong><\/a>\u00a0for the latest news and updates instantly.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Leading cryptocurrency exchange, Huobi (HTX), took a notable step in the third quarter of 2023, announcing a plan to burn a total of 2,062,217 Huobi Tokens (HT). HTX Exchange Continues to Burn Its Own Token The exchange decided to set aside 20% of its revenue for burning HT, which shows that Huobi’s revenue for the<\/p>\n","protected":false},"author":2,"featured_media":5694,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,11],"tags":[2088,1464,1215,1894,2089,2090,1921],"class_list":["post-5695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-exchange-news","tag-ht","tag-htx","tag-huobi","tag-huobi-global","tag-huobi-token","tag-huobi-token-burn","tag-token-burn"],"yoast_head":"\nHuobi (HTX) Continues to Burn Its Own Token! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Huobi (HTX), took a notable step in the third quarter of 2023, announcing a plan to burn a total of 2,062,217 Huobi Tokens (HT).\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/huobi-htx-continues-to-burn-its-own-token\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Huobi (HTX) Continues to Burn Its Own Token! 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