Huobi Global, one of the world’s leading digital asset exchanges, today announced that it has implemented its second Huobi Token (HT) burn program this year, removing 602,000 HT tokens worth US $5.8 million from circulation. As of March 15th, 2022, Huobi Global has burned approximately 291.6 million Huobi Tokens.
Token burning refers to the process of removing crypto tokens from circulation in perpetuity, which is supposedly deflationary and meant to bring a store of value appeal to the token. In contrast with the concept in traditional finance, where deflation means a consistent price decline, a deflationary token in crypto refers to the one whose circulating supply decreases over time, making it an inflation-resistant asset.
Huobi Global burns 15% of its revenue’s worth in HTs every month and allocates a further 5% of its total income to repurchase and burn a portion of HT used for team incentives.
The current total circulation of Huobi Tokens stands at 165.62 million HT; the existing supply of HT stands at 208 million HT. The number of HT holders grew 2.63% in February 2022. According to data revealed by TokenInsight, a data and tech-driven blockchain technology company, Huobi Global’s total trading volume reached US$40.1 billion in February 2022.
“I am delighted to see another part of HTs complete its journey, witnessing the growth of our community. By wrapping February up with exciting events, from PrimeEarn to surprise Airdrops, we hope to create new profit opportunities for users while driving brand loyalty.” said Du Jun, Co-Founder of Huobi.
Huobi Global Events Huobi Global held three Primelist events with KingdomX (KT (NYSE:KT)), PhotoChromic (PHCR) and Ark Rivals (ARKN) in February 2022. Each token saw a 900%, 530% and 300% hike in price in the first 15 minutes. A total of more than 264,000 users participated in the three events.
Huobi Global has also held two PrimeEarn events, providing users with high-yielding products for depositing mainstream and popular assets. The total amount staked in the 2nd and 3rd event were capped at $300 million and $230 million, respectively.
Huobi Futures added grid trading and one-way position mode for its USDT-margined contracts. A derivatives master trading competition was held to encourage users to hedge risk in a volatile market.
Huobi Global recently kicked off a special Primebox promotion to celebrate International Women’s Day, offering users an opportunity to celebrate and appreciate the advancements and successes of women throughout history. A prize pool of one million USDT was distributed to the lucky winners. On March 15, a CandyDrop program was rolled out to incentivize active traders and broaden their exposure to a wider range of digital assets.
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