cryptonews.net
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 mln 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. 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.
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.
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