- 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 cryptocurrency exchange Huobi announced that it burned 1,950,555 HT in the 2023 Q2. Huobi used 20% revenue to burn HT. This means that Huobi’s revenue in the Q2 was about 26.91 million US dollars. In the Q1, Huobi’s revenue was $16.55 million. https://t.co/yGVS5O4Bhx— Wu Blockchain (@WuBlockchain) July 16, 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 su…
The post Huobi Burns 235% More HT in Q2 as Revenue Crosses $26 Million appeared first on Coin Edition.
The post Huobi Burns 235% More HT in Q2 as Revenue Crosses $26 Million appeared first on Coin Edition.