Huobi, the popular cryptocurrency spot and derivatives platform has achieved a huge milestone by burning a significant number of its native HT tokens. In a recent press statement, the platform announced that it has burnt a total of 5.826 million tokens worth over $138.5 million during the month of May 2021 as a part of its continued token burning scheme.
The HT token is an ERC20 standard token for use exclusively within the Huobi ecosystem. Apart from acting as a mode of value exchange on the Huobi exchange, the HT token finds uses across all the businesses that are part of the Huobi group. Meanwhile, by the way of holding HT, tokenholders within the ecosystem also enjoy various privileges in the form of discounted fees and rewards.
The platform carries out periodic token burn events to reduce the total number to HT in circulation, thereby promoting an increase in value over time. With HT having a maximum supply of 500 million, the recent token burn event effectively removes a bit over 1% of the total HT that is ever going to be in circulation. Further details about the event have been made available in the latest edition of HT Monthly Operation Report published on the group website.
Huobi has been consistently bettering itself when it comes to crypto trading. In the first quarter of this year, the platform registered trading volume of over $68 billion. Acknowledging the developments, the VP of Huobi Global Markets, Ciara Sun said, “ The excellent performance figures in HT stem our core trading business. We have recorded a $68.63 billion trading volume in Q1, according to the data released by TokenInsight’s 2021 Q1 Spot Market Research Report. Huobi has ranked first among exchanges with spot trading volume between US$50 billion and US$100 billion during this period”
During the same month, the platform also conducted additional campaigns to mark the listing of APENFT through Huobi Prime and the launch of node registrations as part of the HECO global node election, respectively.
Huobi will continue with the token burn exercise along with the launch of new products and features. The eventual reduction of HT within the ecosystem will soon turn it into one of the most valuable crypto assets.