Malaysia requires Huobi to stop operating.
The leading cryptocurrency exchange, Huobi (HTX) has revealed the total number of HT they will burn in the third quarter of 2023.
Huobi (HTX), the top digital currency trading platform, has declared that in the third quarter of 2023, it will burn 2,062,217 Huobi Tokens (HT).
Twenty percent of the exchange’s revenues are used to burn HT. This indicates that Huobi made roughly 24.75 million USD in earnings during the third quarter.
In the first two quarters of 2023, Huobi’s revenue was $16.55 million and $26.91 million, respectively.
The amount burned in the second quarter of 2023 was 1,950,555 HT. By July 15, 2023, a total of 298,940,224 HT had burned as the HTX accelerated the burning mechanism.
The action is a component of Huobi’s attempts to decrease the overall amount of HT in circulation and raise its value. Since it started in 2018 to October 15, 2023, a sum of 301,002,441 HT had been burned. Besides, during the third quarter, the circulating deflation rate was 0.9718%.
Huobi’s burning mechanism involves allocating 20% of its revenue.
Revenue comes from a variety of sources, including trading fees from spot, futures, and OTC transactions; interest on loans for OTC, cross-margin, and separate margin; withdrawal fees; and revenue from various services such as margin trading.
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