Huobi Burns 235% More HT in Q2 as Revenue Crosses $26 Million

• Huobi burned 1.95 million HT in Q2 2023.
• This burn contributes to 298.9 million HT burned as of July 15, 2023.
• In Q1, the exchange burned 827,226 HT.

Chinese reporter Colin Wu took to Twitter to share the latest development from the renowned crypto exchange Huobi. According to the tweet, Huobi burned an impressive 1,950,555 Huobi Tokens (HT) during the second quarter of 2023. 

The 1.9 million burnt tokens result from Huobi allocating 20% of its revenue towards the burning mechanism. Based on this burn amount, given that HT trades at $2.77, it can be estimated that Huobi’s revenue in Q2 reached around $26 million, a significant increase from the $16.55 million revenue reported in Q1.

This recent burn contributes to a cumulative burn total of 298,940,224 HT as of July 15, 2023, showcasing Huobi’s commitment to reducing the circulating supply of HT and potentially increasing its value.

Notably, according to data from the well-known market tracker, CoinMarketCap, the current circulating HT is about 162 million. Furthermore, Huobi disclosed that the circulating deflation rate for the quarter stood at 0.9066%.

Last December, Huobi transitioned its burning practices to align with other leading crypto exchanges, moving from monthly to quarterly burns in response to feedback from the HT community.

Consequently, its last burn data was announced in April, when it burned 827,226 HT. This figure implies the exchange burned 235% more tokens in the second quarter burning, which stood at over 1.9 million.

While the exchange allocates 20% of its revenue towards burning HT, Huobi’s revenue encompasses various sources, including trading fees from spot, futures, and OTC trading, interest from margin loans, withdrawal fees, and other products and services.