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 third quarter is approximately 24.75 million dollars. Additionally the revenue generated by Huobi in the first two quarters of 2023 was 16.55 million dollars and 26.91 million dollars respectively.

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

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 tokens as of October 15, 2023. They recorded a deflation rate of 0.9718% in the third quarter of 2023.

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

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