Famous crypto entrepreneur Justin Sun has announced an expected additional burn of 20 million HT worth $50 million, the native token of the Huobi exchange. Sun explained that only 110 million HT will remain on completion of the burn HT burn program.
It is expected that an additional 20 million HT will be burned soon, with a market value of 50 million USD. After the burn, only 110 million HT will remain. #HT— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 10, 2024
In a follow-up post on X (formerly Twitter), Sun noted that there would be several more HT burns in the future, totaling tens of millions to one hundred million dollars, depending on the price. He clarified that HT will become a meme token after the burns with no actual control by anyone, and the total supply will decrease to tens of millions.
Sun’s latest revelations come amid the ongoing evolution of HT, which is in a conversion process to HTX. In January, Huobi announced the introduction of Exchange DAO (HTX) and the opportunity for HT holders to exchange their tokens voluntarily.
According to the announcement, Beginning on January 22, 2024, users can seamlessly convert HT to HTX by logging into their Exchange accounts. The conversion period spans until January 20, 2025, allowing users to switch.
Huobi’s January announcement outlined the benefits for users who convert their HT token to HTX, especially with trading fees on the crypto exchange. It highlighted that the spot trading fee rate for Prime 3 users would be set at 0.1% for both Maker and Taker orders. By enabling the “Reduce spot fees with HTX Deduction” feature, users will also enjoy the discounted fee rate of 0.075% for both Maker and Taker orders.
Sun’s latest post clarifies that the project is in the process of relinquishing control over HT. He noted that HT would become a fully decentralized meme token on completion of the burn program. According to him, it would become a digital asset under no control of anyone but the community.
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