Over 14 Million Houbi Token (HT) Burned Citing Strengthening Market and Product Popularity
One of the most prominent and oldest crypto exchanges, Huobi, is taking necessary steps to reduce the supply of their native token, Huobi Token (HT).
Huobi has focused on the development of Huobi Token over the past six months. By design, Huobi's native token plays an integral role in both Huobi Prime and Huobi FastTrack, respectively Huobi's innovative new launch platform for emerging premium coins and the exchange's streamlined coin listing system.
The press release of the event says:
“Participants must hold HT for set periods of time before launch and use HT to purchase the launched or listed token. In the case of FastTrack, all HT expended for listing tokens is also burned. In addition, as of Q1 of this year, 20% of the revenue garnered from both Huobi Global and Huobi DM is used to buy back and burn HT.”
Essentially before the token burning event, there was a token supply of 310,318,300 from which 14,011,700 tokens were removed. The token burn carried out for the second quarter of 2019 will be the last time HT tokens will be destroyed using the traditional buyback method. Following the introduction of the HT Tiered Fee deduction program, Huobi Global will directly effect token burns against HT revenue.
In the same press release, Huobi Financial Public Chain program announced that HT will play an important role as the native token, HT application use-case will enter a new phase of development. With the continuous development of the Huobi eco-system, HT holders will receive even more rewards. Additionally, reducing supply and increasing application will continue to be implemented to further develop HT destruction and application use-cases.
To conclude the press release the exchange states:
“At the core of Huobi’s eco-system, HT’s application use-cases will continue to increase. We expect even more partners to participate in and grow with Huobi’s eco-system! Huobi Group will uphold the values of integrity, rigor, openness, and innovation to empower the blockchain industry and witness the continued development of HT with all users.”