Huobi to Upgrade HT Burning Mechanism, with 200 million Tokens In Existing Supply
- Written by The Bulletin
SINGAPORE - Media OutReach - 15 December 2022 - On December 15, Huobi released an official announcement that as of that day, the total number of HT tokens burnt on the Huobi platform reached 296.02 million, with 239.8 million tokens in existing supply and a HT deflation rate of 0.12 in December.
With the HT burning mechanism in operation, the total number of HT will be further reduced. Since H.E. Justin Sun, member of the Huobi Global Advisory Board and founder of TRON, proposed to empower HT as the development strategy of the Huobi. A number of related initiatives were released, including the identification of HT as the only pass for the Huobi ecosystem and participation in the subscription of DMC.
The announcement also shows that the HT burning mechanism has been upgraded from the previous monthly to quarterly , which will be officially implemented from the first quarter of 2023. In addition, Huobi burnt a total of 266,000 HT(approximately 1,782,000 USDT) in November, a 15.94% increase in the number of HT burnt compared to October, and a total of 296,020,000 HT were burnt on the Huobi as of December 15, 2022.
The announcement revealed that the upgrade of the burning mechanism was the result of listening to a wide range of community voices and deciding to adopt the community's suggestions for further transparency in HT buyback, while the quarterly release of HT burning information is also based on the unified normative standards of the three major platforms in the industry.
Since the launch of the empowerment program with HT as the core of the platform, HT has continued to improve under the promotion and support of the community. Huobi believes that this change in the burning mechanism that pulls together the three major standards of the industry will make the burning of HT more transparent and professional. More importantly, this reflects Huobi's development mindset of constantly innovating and creating HT, always sharing the same fate with the community, and promoting Huobi's strategic goal of returning to the big three to accelerate its realization.
Huobi had announced that HT would become the only pass-through token within the Huobi ecology and for users to subscribe DMC. At the brand upgrade conference on November 22, Huobi said it would continue to empower platform tokens as an important way to build a global operation strategy and ecosystem deeply, build more application scenarios, and grant users more rights and interests in the future.
As Huobi's global advisory board member, His Excellency Justin Sun also emphasized the important role of HT in the Huobi ecosystem. He not only proposed three major strategies for the future development of Huobi: global development, technology-driven development, and technology for good, but also said, "We know that the key to revitalizing Huobi is to empower HT, and only when HT thrives will Huobi thrive. There will be many big actions around HT in the future, including significant empowerment, and business cooperation, and we will unite all the forces that can be united to make Huobi greater together!"
As one of the initiatives to empower HT, Huobi PrimeVote insists on the concept of "returning project construction to the community and giving the listing token right to HT holders," focusing on high-quality assets, supporting projects with strong market potential, and providing support to the project community. Thus, the crypto industry will be pushed to recover as soon as possible in the cold winter and restore people's confidence in the crypto industry.
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The issuer is solely responsible for the content of this announcement.
