HTX has effectively retired 2.96 million Huobi Tokens in Q4 2023 to enhance the platform's credibility.

Cryptocurrency exchange HTX (Huobi) has burned around 2.96 million Huobi Tokens (HT) during the last quarter of 2023, marking a steady increase in the cumulative amount of tokens destroyed. By January 15, 2024, the overall total of destroyed tokens on the Huobi platform had reached 304 million HT, as reported. HT Operations Quarterly Report . 

HTX notified its users that the complete destruction record will be updated uniformly after all burning activities have concluded. The deflation rate for this quarter stands at about 1.4122%, with the total number of tokens in circulation noted at 154,133,613 HT.

Before executing the token burns, HTX thoroughly evaluated the various factors involved, and in December 2022, decided to adopt and promote community suggestions aimed at improving transparency surrounding HT repurchases. community feedback This initiative included accelerating the adoption of the HT destruction process to align with established standards of the industry's leading three platforms. The change took effect from the first quarter of 2023, shifting the process from monthly to quarterly token destruction.

As per the Huobi destruction guidelines, 20% of the platform’s revenue is set aside to facilitate the destruction of Huobi Tokens. Looking ahead, the monthly burning schedule will be formalized into a quarterly timeframe.

The exchange believes that this updated destruction protocol, aligned with prevailing industry practices, will increase the transparency and professionalism associated with HT token burns.

Founded in 2013, HTX has evolved from a standard cryptocurrency exchange into a comprehensive blockchain enterprise ecosystem that encompasses digital asset trading, financial instruments, wallets, research, and more.

Last year, in celebration of its 10th anniversary, Huobi transitioned its branding, changing its English name from 'Huobi' to 'HTX.' investment , incubation and other sectors.

Notably, HTX has recently been in the spotlight among the top nine cryptocurrency exchanges.

The Financial Intelligence Unit India (FIU IND) issued a compliance Show Cause Notice, declaring its operations illegal within the country. Consequently, HTX has reached out to the local Ministry of Electronics and Information Technology to address the issue. received This situation led to the removal of the cryptocurrency exchange application from both the Apple App Store and Google Play Store. remove HTX continues to demonstrate its dedication to innovation and transparency through the refinement of its token destruction methods and active participation with the community. This approach aligns with its overall strategy to regain a leading role in the cryptocurrency market.

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