The exchange of digital assets revealed to have burned almost 4 million HT, bringing the outstanding supply to less than 178 million HT.
The crypto trading platform Huobi Global revealed on Saturday that it had burned 3,797 million Huobi tokens (HT) in June, which were worth about 48,6 million dollars. Huobi continues its monthly token burning program.
This “burn” brings the supply of tokens in circulation to 177,799,000 HT and the total supply to 224,650,000 HT. Tokens were burned at an average price of USDT 12.80, with the deflation rate reaching 1.58% in June. Last month also saw a 3.65% increase in the number of HT holders.
Huobi Global Markets Vice President Ciara Sun commented : ” HV’s biggest value support comes from monthly burning. Along with the stricter and harsh financial supervision of countries around the world, many blockchain companies have become lethargic in this recent market. Even under such circumstances, Huobi maintains a resilient development of its global business and a relatively high token burn amount in June. »
The outstanding offer could be further reduced by the continued development of Huobi Eco Chain (HECO), a decentralized, virtual machine-compatible public chain Ethereum (EVM). In June, the global HECO node election entered the voting phase and each candidate for a HECO node must stoker HT 5,000.
Sun added : ” The participation of institutions from around the world also makes this election a more international and decentralized event. We have continued to strengthen HT with various application scenarios, as we know that this is a critical factor that most investors will judge when choosing an asset. I am sure that this will strengthen the trust of our HT holders and promote the long-term development of HT. »
The news does not seem to have had much effect on the price of HT, which has so far shown a downward trajectory throughout July, dropping by 11% last week.
Yesterday was also marked by thead of BNB’s quarterly token burning by Binance. This is the second largest transaction in the history of the exchange in terms of monetary value, with 1,296,728 BNB burned, worth $390,855,150.