a leading cryptocurrency stock market Huobi, 653,000 on the platform in the 4th quarter of 2022 HT altcoin (approximately 4,174,000 USDT) announced that it was burned and the total number of HT burned reached 296,162 million as of January 15, 2023.
According to the statements, the quarterly deflation rate of the token in circulation was 0.3%. The current circulating HT supply is 162.19 million and the total supply is 203.84 million.
This represents revenues of approximately US$20.87 million in the fourth quarter and means that Huobi’s spot and derivatives products generated total transactions of US$124.7 billion in the fourth quarter of 2022.
Cryptocurrency Exchange Huobi Updates Its Burning Mechanism
In December 2022, Huobi decided to tweak the burn mechanism in response to feedback from the HT community.
The new mechanism, which will come into effect in the 1st quarter of 2023, will provide more transparency and increase the frequency of burning from monthly to quarterly in line with industry practices. The number of HT burned in the 4th quarter of 2022 was announced today, and the number of HT burned in the 1st quarter of 2023 will be announced on April 15, 2023.
The HT burning mechanism is a process where Huobi dedicates 20% of its revenue to burning HT. Huobi’s revenues include trading fees, loan interest, withdrawal fees, and revenue from various businesses and products. The number of HT burned is calculated by the formula H = R1 * 20% / P2; where R is Huobi’s revenue and P is the average price of HT.
According to the team’s statement, Huobi’s update of the incineration mechanism is part of efforts to increase transparency and align with industry leaders. The company hopes this upgrade will help it return to the top 3 in the crypto industry.
*Not investment advice.
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