HTX, formerly known as Huobi, has recently released its Q3 2023 financial report, revealing strong revenue of $24.75 million. The cryptocurrency exchange platform has allocated 20% of this income for the quarterly burning of its native token, HT, amounting to approximately two million HT tokens.
This strategic move is seen as significant for the HT ecosystem, enhancing transparency and community involvement. In Q3 2023, HTX burned a substantial number of tokens, removing 2,062,217 HT tokens from circulation. This marked a crucial step in the platform’s burning mechanism, contributing to the burning of a total of 301,002,441 HT tokens as of October 15, 2023. The circulating supply reduction rate during this period stands at an impressive 0.9718%. This rate is calculated based on the number of HT tokens burned at a specific time compared to the circulating supply at the previous time.
HTX’s revenue, totaling $24.75 million in Q3 2023, serves as the foundation for their token burning initiative. This revenue comes from various sources, including transaction fees from spot trading, futures contracts, and OTC trading, interest on margin loans, and withdrawal fees. The innovative burning mechanism is designed to enhance transparency and community participation.
By reallocating 20% of their revenue to token burning, HTX demonstrates a commitment to the long-term development and sustainability of the HT ecosystem. Responding to feedback from the HT community, HTX has made the strategic decision to transition from monthly token burning to quarterly burning, aligning with industry standards. This development provides stakeholders with a more comprehensive understanding of the platform’s performance.
Since initiating the empowerment plan for HT, the platform has shown continuous growth, supported by strong community backing. The decision to rebrand from Huobi to HTX is a strategic move to celebrate the platform’s 10th anniversary, signifying a bold step in the company’s development journey.