HT Operations Quarterly Report (Q2 2023)
- HT Special Zone
Dear HTX Users,
We extend our warmest greetings and would like to express our deepest appreciation for your unwavering support and trust in HTX Token (HT). As we dive into this report, we are excited to share the latest updates on HT.
I. HT Burn Data in Q2 2023
1,950,555 HT were burned on HTX in the second quarter of 2023. As HTX steps up its burning mechanism, a total of 298,940,224 HT was burned as of July 15, 2023.
The circulating deflation rate of the quarter was 0.9066%. (Note: Circulating deflation rate = HT burned at time T * (15%/20%) / Circulating supply at time T-1 = 1,950,555 HT * (15%/20%) / 161,360,000 HT)
Current circulating supply: 159,153,756 HT. (Current circulating supply = Existing supply - Fixed TVL - Various long-term TVL)
Existing supply: 201,050,000 HT. (Rounded to the nearest whole number)
To learn more about our HT burning mechanism, please refer to:
HTX's Announcement on the Results of Community Poll on Optimizing HT Burning Mechanism
HTX Releases HT Operations Monthly Report (November 2022) and Will Burn HT Quarterly
Transaction hash:0x3c58a5bbe3938df54c699c4619529bfbc1d11407949a9c94eacef77fc3eca5fc
II. Announcement on Upgrading HT Burning Mechanism
In December 2022, HTX decided to adjust the burning mechanism in response to the voices and feedback from the HT community. More transparency will be provided and the monthly burning will be upgraded to quarterly burning to be in line with the common practice of the leading crypto exchanges. This new burning mechanism takes effect in Q1 of 2023. Under the new mechanism, the number of HT burned in October, November, and December 2022 is to be announced on January 15, 2023. The number of HT burned in the first quarter of 2023 will be published on April 15, 2023. We will not announce the monthly HT burn data on February 15 and March 15, 2023. After that, the burned amount in each quarter will be published on the 15th of the first month of the next quarter.
What is the HT burning mechanism?
HTX allocates 20% of its revenue to burn HT.
HTX's revenue includes:
1. Trading fees from spot, futures, and OTC trading, as well as coin conversion.
2. Interest on isolated margin loans, cross margin loans, and OTC loans.
3. Withdrawal fees.
4. Revenue from various businesses/products/services, such as margin trading.
We will burn HT quarterly rather than monthly and disclose details to the public on a regular basis, as a part of our efforts to continuously improve the openness and transparency of HT burn.
The number of HT burned is calculated by the formula:
H = R1 * 20% / P2
R (HTX’s revenue) includes:
1. Trading fees from spot, futures, and OTC trading, as well as coin conversion.
2. Interest on isolated margin loans, cross margin loans, and OTC loans.
3. Withdrawal fees.
Revenue from various businesses/products/services, such as margin trading.
Calculation formula of P (HT's average price):
P = Σ (Daily HT amount received * Daily HT opening price) / Quarterly HT amount received
Since the launch of our HT empowerment plan, HT has seen continuous growth with the support of the community. By aligning itself with industry leaders, HTX is well positioned to make our HT burning mechanism more transparent and refined. More importantly, this upgrade shows that we are constantly reforming HT and growing with the community, which will speed up our return to the top 3.
III. Media Coverage
Cointelegraph: Hong Kong Virtual Assets Consortium launched with HTX as first member
HTX has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), the Seychelles-based cryptocurrency exchange announced on May 31. The new organization promises to provide a ratings service and indexes when it is fully launched.
The new organization is debuting at a crucial moment, as retail cryptocurrency trading begins in Hong Kong under new regulations on June 1. HTX has already launched its HTX Hong Kong exchange to participate in the new marketplace.
According to HTX: “[HKVAC] was established primarily to enhance the industry’s capabilities in security risk management and to assist the Central Government and Hong Kong’s local authorities in building a world-leading hub for virtual asset and digital finance.”
Cointelegraph: HTX partners with Gala Games for L1 and Web3 development
In an official blog post on March 31, 2023, HTX announced a partnership with Gala Games to develop the Web3 ecosystem. The two companies will collaborate to invest in and list projects within the Gala ecosystem.
HTX’s collaboration with Gala Games is expected to enhance the former’s Web3 objectives, allowing it to integrate with the Gala layer-1 blockchain to improve the underlying on-chain technology. Jason Brink, who serves as the president of blockchain at Gala Games, has stated that integrating its layer-1 blockchain with major exchanges like HTX is of utmost importance for achieving the desired level of mass adoption.
We sincerely appreciate our community members' long-term support and contribution to the HT ecosystem. With your continued support, we firmly believe that we will build a stronger future for HT.
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HTX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and HTX makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on HTX. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.
