HTX, previously recognized as Huobi, has revealed its financial report for the third quarter of 2023. In this report, they disclosed a substantial revenue of $24.75 million.
Notably, the cryptocurrency exchange has earmarked 20% of this income for its quarterly token incineration, resulting in the destruction of approximately two million HT coins.
This strategic maneuver is poised to wield substantial ramifications for the HT ecosystem, augmenting both transparency and community involvement.
HTX’s Milestone: Strategic Token Incineration and Sustainable Growth
HTX Attains a Significant Milestone through Token Combustion. During the third quarter of 2023, HTX embarked on a comprehensive token combustion endeavor. This action resulted in the obliteration of 2,062,217 HT coins from the existing circulation.
This monumental step represents a significant leap forward in the platform’s incineration mechanism. Consequently, it has resulted in a cumulative total of 301,002,441 HT tokens being immolated as of October 15, 2023.
The deflationary ratio circulating during this period stands as a remarkable 0.9718%. This proportion is intricately calculated. This process entails a meticulous comparison.
It involves evaluating the quantity of HT tokens dispatched into the flames at a precise moment. This evaluation is made in relation to the supply that was in circulation during the preceding period.
HTX’s revenue, amassing a sum of $24.75 million for the third quarter of 2023, serves as the cornerstone for its token immolation initiative.
This revenue originates from a myriad of sources, encompassing trading levies from spot, futures, and OTC transactions, interest accrued from margin loans, and withdrawal charges.
The innovative conflagration scheme is meticulously contrived to heighten transparency and encourage community participation.
By allocating 20% of their revenue to the ritualistic token immolation, HTX unmistakably emphasizes its unwavering dedication. This commitment is focused on ensuring the long-term sustainability and growth of the HT ecosystem.
HTX’s Evolution: Community-Focused Token Strategy and Rebranding”
HT’s Growth, Nurtured by Community Support. In response to the feedback from the HT community, HTX made a prudent decision.
They transitioned from a monthly to a quarterly schedule for token incinerations, effectively aligning themselves with industry standards. This strategic shift ensures that stakeholders gain a more comprehensive understanding of the platform’s performance.
In this innovative framework, HTX will introduce a new practice. They will disclose data concerning token incinerations for the prior quarter on the 15th day of the first month of each subsequent quarter.
This change ushers in a more streamlined and predictable approach to the ritual of token combustion. This transformation engenders a more streamlined and foreseeable approach to the rite of token combustion.
Since the inception of the HT empowerment plan, HT has demonstrated a ceaseless expansion, fortifying its foundation through unwavering community support.
The strategic decision to rebrand from Huobi to HTX represented a formidable stride in the corporate evolution, coinciding with the platform’s momentous 10th anniversary.
The nomenclature, HTX, carries a symbolic meaning. It represents the fusion of Huobi and Tron, with the “H” denoting Huobi, the “T” symbolizing Tron, and finally, the “X” standing for the exchange itself.
Moreover, “HT” can also connote the indigenous platform token, christened as the HTX Token, in use across the exchange.