Huobi burns 602K Huobi Tokens worth $5.8M

Huobi Global, one of the world’s leading digital asset exchanges, implemented its second Huobi Token (HT/USD) burn program this year, eliminating 602,000 HT tokens from circulation. At current rates, they are worth $5.8 million, Invezz learned from a press release first published on PR News Wire.

Exchange removes 15% of revenue in HT

Huobi had burned around 291.6 million HT toward March 15. The exchange burns 15% of its revenue in HTs every month. Another 5% of its total income is used to rebuy and burn a share of HT used for team incentives.

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At the moment, there are 165.62 million HT in circulation. The existing supply of HT amounts to 208 million HT. The number of HT holders increased by almost 3% last month. According to blockchain tech company TokenInsight’s data, Huobi Global’s total trading volume was $40.1 billion in that month.

Du Jun, Co-Founder of Huobi said:

I am delighted to see another part of HTs complete its journey, witnessing the growth of our community. By wrapping February up with exciting events, from PrimeEarn to surprise Airdrops, we hope to create new profit opportunities for users while driving brand loyalty.

Lucrative Primelist events

In February 2022, Huobi Global organized three Primelist events with KingdomX (KT), PhotoChromic (PHCR) and Ark Rivals (ARKN). Each token’s price increased by 900%, 530% and 300% respectively in the first 15 minutes. Over 264,000 users took part in the three events.

Huobi Global’s PrimeEarn events allowed users with high-yield products to deposit popular and mainstream assets. The total sum staked in the second two events was capped at $300 million and $230 million.

One-way mode and grid trading

Huobi Futures equipped its USDT-margined contracts with grid trading and one-way position mode. To promote risk hedging in a volatile market, Huobi held a derivatives master trading competition.

Prize pool of 1M USDT

In a special Primebox promotion to celebrate International Women’s Day last week, Huobi distributed a prize pool of one million USDT to lucky winners. They also rolled out a CandyDrop program to encourage active traders and broaden their exposure to a wider range of digital assets.