Huobi confirms $40m HT tokens burned in third quarter

Published on by Cryptoslate | Published on

As part of its quarterly token burning scheme, Huobi Global has announced that it's burned 11.3 million Huobi Tokens worth approximately $40m. The Singaporean exchange reports a strong quarter of trading, with continued growth across its spot and derivatives market.

The latest burn brings the total HT burned to over 30 million, removing 13.8 percent of circulating supply from the market.

For the preceding two quarters, Huobi has burned more tokens that its biggest competitor, Binance.

In Q2 this year, Huobi burned $53.6 million worth of HT, compared to $23.8m BNB. Now that the Q3 results are in, Binance has narrowed the gap by burning $36.7m in BNB, but still over $3m less than Huobi's third-quarter buyback.

"The continued growth from Huobi's token burns reflects the community's active participation and optimistic outlook for our efforts to provide users with new services, lower fees, and a secure platform to trade on."

Huobi has indeed been extremely active in releasing new programs and services for its users over 2019.

The IEO has proven to be a surprise hit in blockchain crowdfunding this year, so Huobi made a timely entrance to the space.

In June, it launched Fast Track, a service that enables Huobi users to use their HT to cast votes on which tokens should become listed on the exchange.

Huobi has also introduced a limited-time VIP fee structure called All-Stars, designed to provide the lowest trading fees to those who trade the most on the exchange.

These third-quarter results demonstrate that Huobi is doing a solid job in keeping pace, maintaining trading volume and user engagement in an increasingly competitive exchange market.