Huobi, a crypto money exchange based in Ingapur, recently carried out its own token burning every 3 months. With this process, the overall supply of Huobi Token (HT) was reduced
. It is also worth mentioning that the number of tokens burned in this quarter was 116% higher than in the previous quarter.
Introducing HT in early 2018, Huobi spends 20% of its revenue on the repurchase of this token in every quarter of the year. The stock market does not always burn the same amount of tokens, as revenues vary from quarter to quarter
The company was able to burn more tokens in each quarter due to the increase in sales and revenues. Looking at the burned tokens, the company’s revenue increased by 232% in each quarter.
Since mid-April 2019, Huobi has performed 8 different token burning operations, destroying a total of 21,356,800 HT. Again, this amount is considerably higher than the 6,474,800 repurchase of the stock market in the first quarter of 2019.
Leon Li, founder CEO of Huobi Group, commented on this token burning process:
There are 2 major trends showing the size of the buyback event. The first is the rapidly growing digital asset market, and the second is the increasing popularity of our product line. 19
Huobi management also revealed that many new investors have joined Huobi Prime and Huobi FastTrack. In addition, Huobi’s derivative markets achieved a transaction volume of $ 504 billion in the spring.
Last incineration process using traditional methods
According to another blog post, this HT incineration process was the last incineration process using the traditional reclaim method.
Huobi is also able to perform a monthly and even daily token burning instead of a quarter of a year.
Increased by more than 300% since February
Meanwhile, Huobi Token, in early February 1 the dollar was traded. The token touched $ 4.5 at the end of June and is trading at $ 4.06 today. Considering today’s price, it is possible to say that HT has grown by more than 300 percent since February.