HTX (formerly Huobi Global) announced the incineration of 2,062,217 HT tokens in the third quarter of 2023. This monumental token burn is a testament to HTX’s commitment to managing HT’s supply and enhancing its value.
The burning of these tokens was based on HTX’s practice of dedicating 20% of its revenue to the HT token burn. As per this announcement, it implies that HTX’s revenue for Q3 2023 was approximately US$24.75 million.
HTX’s quarterly revenue figures have been fluctuating in 2023. In the first quarter, their revenue was reported at US$16.55 million, while in the second quarter, it surged to US$26.91 million. These variations in revenue directly impacted the quantum of HT tokens incinerated.
This strategic move signifies HTX’s ongoing efforts to instill transparency and community participation in the management of HT tokens.
In the preceding quarter, 1,950,555 HT tokens were systematically burned on the HTX platform. This action reflects HTX’s intent to intensify its token burning mechanism, thereby maintaining a healthy circulating supply. It’s noteworthy that the deflationary rate for this quarter was reported at 0.9066%.
To ensure transparency and alignment with industry best practices, HTX made significant adjustments to its HT token burning mechanism. Effective from Q1 2023, HTX transitioned from monthly token burns to a quarterly schedule.
Under the new scheme, the HT burning data for the last quarter of 2022 was released on January 15, 2023, followed by the disclosure of data for the first quarter of 2023 on April 15, 2023. Monthly data for February and March 2023 was omitted. Going forward, HTX will reveal the burned amount each quarter on the 15th of the first month of the succeeding quarter.
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