Huobi Global, one of the world’s leading digital asset exchanges, announced that it burned 2.11 million Huobi Tokens (HTs) in October, which is valued at approximately $21.48 million. From January to November this year, Huobi Global burned approximately $633.29 million worth of HTs.
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Token burning refers to the process of permanently removing crypto tokens from circulation, which is often aimed at reducing a token’s supply and potentially increasing its price. Huobi Global burns 15% of its revenue every month and allocates another 5% of its total income to repurchase and burn a portion of HT Team Incentive Rewards.
According to real-time data on CoinMarketCap, as of 9:00 pm (HKT time) on Dec. 13, 2021, the market cap of HT reached $1,588 million. The UK Research Institute Cryptocompare published its latest Exchange Review report, disclosing that Huobi Global reached US$140 million in trading volume in November 2021.
Huobi Global also released its HT monthly operations report this week, stating that the deflation rate of HT reached 0.94% in November. As of Dec 15, 2021, there are a total of 211.14 million HTs, with 167 million in public circulation. The number of HT holders in November increased by about 6.09% from October.
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Huobi Global Events
Huobi Global announced its sixth Primelist event on Dec 7, 2021, offering its users privileged access to the DeFi project Unbound Finance and its token UNB. The sixth Huobi Primelist encourages users to hold HT tokens for a short interval of time to become eligible for access to UNB tokens, thereby supporting Huobi’s ecosystem. By using HT tokens as a connector, Huobi is aiming to build an ecosystem where projects with aligned visions can develop together and support each other.
13 spot trading assets and 5 USDT-margined swap assets were listed on Huobi Global in November, covering areas such as GameFi, NFT, DeFi, the Polkadot network, and storage. During its recent 3-year anniversary celebration, Huobi Futures introduced a grid trading feature for advanced traders, enabling them to capitalize on price volatility through automatically “buying low” and “selling high.”
“We’re building an ecosystem using HT as the bridge to connect multiple industries and sectors. By introducing events such as Primelist, we want to provide more use case opportunities for HT so we can truly support our HT holders,” said Jeff Mei, Director of Global Strategy at Huobi Group.
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