Huobi Burns 14 Million Huobi Tokens (HT)
- Since early 2018, the exchange has spent 20% of its quarterly revenue on buying back outstanding tokens.
- Huobi stated that this “will be the last time HT tokens will be destroyed using the traditional buyback method.”
The Singapore-based exchange giants, Huobi, completed its quarterly burning event, to keep the supply of Huobi tokens under control. As per the firm, they burned 14,011,700 tokens from a 310,318,300 market supply, at a rate that is 116 percent greater than it did last quarter. Since early 2018, the exchange has spent 20% of its quarterly revenue on buying back outstanding tokens. These repurchased tokens are stored in a visible Ethereum address called the “Huobi Investor Protection Fund,” and act as a reserve fund.
CEO and Founder of Huobi Group, Leon Li, said:
“There are two big trends reflecting the size of this quarter’s buyback. The first is a rapidly strengthening market for digital assets and the other is the increasing popularity of our entire product line.”
Li then commented on the upgrades coming to the Huobi Finance Chain and the high-frequency algorithmic API, succinctly stating:
“The rest of 2019 will see even more improvements and innovations coming from Huobi.”
The company also stated in a separate blog post that this “will be the last time HT tokens will be destroyed using the traditional buyback method.” After this burn, the company will use the revenues generated in HT Tiered Fee deduction program to burn tokens directly.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
