Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
HTX, previously known as Huobi, has published its financial report for Q3 2023, disclosing a strong revenue of $24.75 million. The cryptocurrency exchange has designated 20% of this income for its quarterly token burn, which equates to around two million HT coins.
This strategic decision is expected to have considerable effects on the HT ecosystem, promoting transparency and community involvement.
HTX Reaches Milestone with Tokens Burned
During the third quarter of 2023, HTX carried out a significant token burn, removing 2,062,217 HT coins from circulation. This represents an important advancement in the platform’s burning mechanism, contributing to a total of 301,002,441 HT tokens burned as of October 15, 2023.
The deflation rate for this period was recorded at an impressive 0.9718%. This figure is derived from the quantity of HT tokens burned at a specific time in relation to the circulating supply at the previous time.
HTX’s revenue, amounting to $24.75 million for Q3 2023, serves as the foundation for its token burn initiative. This revenue is generated from multiple sources, including trading fees from spot, futures, and OTC trading, interest on margin loans, and withdrawal fees. The innovative burning mechanism aims to enhance transparency and community engagement.
Related Posts
By allocating 20% of their revenue to token burning, HTX demonstrates a commitment to the long-term viability and expansion of the HT ecosystem.
HT’s Growth Driven by Community Support
In response to input from the HT community, HTX made a strategic choice to shift from monthly to quarterly token burns, aligning with industry practices. This change offers stakeholders more detailed insights into the platform’s performance.
Under the new structure, HTX will provide information on token burns for the previous quarter on the 15th of the first month of each following quarter. This adjustment promotes a more organized and predictable method for token burning.
Since the launch of the HT empowerment plan, HT has shown consistent growth, supported by robust community backing. The rebranding from Huobi to HTX was a strategic decision to commemorate the platform’s 10th anniversary, marking a significant step forward in the company’s development.
The new name, HTX, represents the union of Huobi and Tron, with “H” denoting Huobi and “T” symbolizing Tron. Finally, “X” stands for the exchange itself. Additionally, “HT” can also refer to the native platform token, known as HTX Token, utilized on the exchange.
SPECIAL OFFER (Sponsored) Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).
PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO50 code to receive up to $7,000 on your deposits.
