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HTX, formerly Huobi, has released its Q3 2023 financial report, revealing a robust revenue of $24.75 million. The cryptocurrency exchange has allocated 20% of this earnings for its quarterly token burn, amounting to approximately two million HT coins.
This strategic move is poised to have significant implications for the HT ecosystem, enhancing transparency and community engagement.
HTX Achieves Milestone with Tokens Burned
In the third quarter of 2023, HTX executed a substantial token burn, eliminating 2,062,217 HT coins from circulation. That marks a crucial step forward in the platform’s burning mechanism, contributing to 301,002,441 HT tokens being burned as of October 15, 2023.
The circulating deflation rate for this period stood at an impressive 0.9718%. This rate is calculated based on the amount of HT tokens burned at a given time relative to the circulating supply at the preceding time.
HTX’s revenue, totaling $24.75 million for Q3 2023, is the bedrock for its token burn initiative. This revenue stems from various sources, including trading fees from spot, futures, and OTC trading, interest on margin loans, and withdrawal fees. The innovative burning mechanism is designed to increase transparency and community participation.
By reallocating 20% of their revenue towards token burning, HTX showcases a commitment to the long-term sustainability and growth of the HT ecosystem.
HT’s Growth Stemmed From Community Support
Responding to feedback from the HT community, HTX made a strategic decision to transition from monthly to quarterly token burns, aligning itself with industry standards. This evolution provides stakeholders with more comprehensive insights into the platform’s performance.
Under the new framework, HTX will release data on token burns for the previous quarter on the 15th of the first month of each subsequent quarter. This change fosters a more streamlined and predictable approach to token burning.
Since the inception of the HT empowerment plan, HT has exhibited continuous growth, bolstered by strong community support. The decision to rebrand from Huobi to HTX was a strategic move to mark the platform’s 10th anniversary, representing a bold step forward in the company’s evolution.
The new name, HTX, symbolizes the convergence of Huobi and Tron, with “H” standing for Huobi and “T” representing Tron. Lastly, “X” signifies the exchange itself. Additionally, “HT” can also denote the native platform token, known as HTX Token, used on the exchange.