HT Operations Quarterly Report (Q3 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 Huobi Token (HT). As we dive into this report, we are excited to share the latest updates on HT.
I. HT Burn Data in Q3 2023
2,062,217 HT were burned on HTX in the third quarter of 2023. As HTX steps up its burning mechanism, a total of 301,002,441 HT was burned as of October 15, 2023.
The circulating deflation rate of the quarter was 0.9718%. (Note: Circulating deflation rate = HT burned at time T * (15%/20%) / Circulating supply at time T-1 = 2,062,217 HT * (15%/20%) / 159,153,756 HT)
Current circulating supply: 157,091,539 HT. (Current circulating supply = Existing supply - Fixed TVL - Various long-term TVL)
Existing supply: 198,990,000 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:0xf268443cb6ec006b6cbc93959ec9dded6ae5cf664179ae44f91435140555f818
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: Huobi’s new name, HTX, raises community eyebrows
Cryptocurrency exchange Huobi is celebrating its 10th anniversary with a marketing move — the firm is rebranding from “Huobi” to “HTX”.
Huobi announced the rebranding on Sept. 13. “H” represents the first letter of Huobi, “T” represents Justin Sun’s blockchain project Tron, and “X” represents the exchange.
Another interpretation is that “HT” represents the exchange’s native Huobi Token (HT), while “X” is the Roman numeral for 10, which pays tribute to the company’s 10th anniversary. The firm‘s new slogan is: “HTX, Just Trade It.”
Cointelegraph: Binance spot market share drops for 7th consecutive month: Report
Binance’s lost spot trading volume has reportedly been distributed among exchanges like HTX (formerly Huobi), Bybit and DigiFinex.
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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.
