Markets News Report
January 15, 2024

HTX Burned 2.96M Huobi Tokens in Q4 2023 to Bolster Platform’s Transparency

HTX Burns 2.96 million Tokens in Q4 2023 to Enhance Platform’s Transparency

Cryptocurrency exchange HTX (Huobi) burned a total of approximately 2.96 million Huobi Tokens (HT) in the fourth quarter of 2023, contributing to a continuous rise in the overall token destruction. As of January 15, 2024, the cumulative destruction on the Huobi platform has reached 304 million HT, according to HT Operations Quarterly Report

HTX informed users that the complete destruction hash will be uniformly updated once all destruction processes are concluded. The deflation rate for the current quarter is approximately 1.4122%, while the total circulation for this period is recorded as 154,133,613 HT. 

Before proceeding with destruction, HTX platform attentively considered the diverse community feedback and, in December 2022, opted to embrace and publicize the community’s recommendations for enhanced transparency in HT repurchases.

This involved expediting the implementation of the HT destruction mechanism in alignment with the unified standards of the industry’s three major platforms. The update transitions the mechanism from monthly to quarterly destruction, officially in effect since the first quarter of 2023.

Under the Huobi destruction mechanism, 20% of the platform’s total revenue is allocated for the destruction of Huobi Tokens. In the future, the monthly destruction mechanism for HT will be officially superseded by the quarterly destruction mechanism. 

The exchange believes that the revised destruction mechanism aligning with industry standards will enhance the transparency and professionalism of HT destruction.

Founded in 2013, HTX transformed from a cryptocurrency exchange into a diverse ecosystem of blockchain enterprises covering digital asset trading, financial derivatives, wallets, research, investment, incubation and other sectors.

During its 10th-anniversary celebration last year, Huobi rebranded its English name from “Huobi” to “HTX.”

Recently, HTX, among the nine major cryptocurrency exchanges, received a compliance Show Cause Notice from The Financial Intelligence Unit India (FIU IND), classifying its operations as illegal in the country. Subsequently, the entity has urged the local Ministry of Electronics and Information Technology to remove the cryptocurrency exchange application from both Apple App Store and Google Play Store.

HTX’s ongoing commitment to innovation and transparency, demonstrated through the evolution of its destruction mechanism and engagement with the community, aligns with its strategic vision of regaining a prominent position in the cryptocurrency industry.

Disclaimer

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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