Tron inventor Justin Sun announced that another 20 million HT is expected to be burned. According to Sun, HT will become a token that no one has real control over after the burning activities. Huobi’s introduction of Exchange DAO (HTX) allows HT holders to exchange their tokens voluntarily.
Tron inventor announces massive HT burning!
Tron inventor Justin Sun announced that burning activities continue in HT, the native token of the Huobi exchange. Another 20 million HT worth $50 million is expected to be burned, Sun said. Justin Sun stated that after the completion of the HT burning program, only 110 million HT will remain. The inventor of Tron also announced the latest development on his social media account:
Another 20 million HT with a market value of $50 million is expected to be burned soon. After the incineration, only 110 million HT will remain.
Justin Sun stated that there will be several more HT burns in the future, totaling between tens of millions to hundreds of millions of dollars, depending on price. Sun said that after burning, HT will become a token that no one has real control over. He also noted that total supply would drop to tens of millions.
The transition from HT to HTX continues
Justin Sun’s latest statements come amidst the ongoing evolution of HT, which is in the process of transforming into HTX. In January, Huobi announced the introduction of Exchange DAO (HTX) and the opportunity for HT holders to voluntarily exchange their tokens. According to the announcement, starting from January 22, 2024, users will be able to seamlessly convert HT to HTX by logging into their Borsa accounts. cryptokoin.com As we reported, the transformation process will continue until January 20, 2025. During this period, the exchange will allow users to switch.
Huobi’s January announcement outlined benefits for users converting HT tokens to HTX, particularly regarding transaction fees on the crypto exchange. It was emphasized that the spot transaction fee rate for Prime 3 users will be determined as 0.1% for both Maker and Taker orders. By activating the “Reduce spot fees with HTX Deduction” feature, users will also benefit from a reduced fee rate of 0.075% for both Maker and Taker orders.
Impact on HT price performance
Justin Sun’s recent token burn has sparked heated debate within the cryptocurrency community. Investors and enthusiasts took a close look at its potential implications. Analysts are actively speculating about the effects of this strategic move on the value of HT tokens. Many experts say that the reduction in token supply through burning will create a higher sense of scarcity in the market. Less HT means its value will increase over time according to the law of supply and demand. This will potentially lead to an increase in the price of HT tokens. Thus, it will make them more attractive to investors looking for value appreciation.
Additionally, token burning has broader implications for the utility and ecosystem surrounding HT tokens. As supply decreases, it is possible that the relative scarcity of HT tokens will encourage greater adoption and use, especially in decentralized finance (DeFi) applications or other platforms that use HT for a variety of purposes.
To be informed about the latest developments, follow us twitter‘in, Facebookin and InstagramFollow on and Telegram And YouTube Join our channel!