Leading crypto exchange Huobi has revealed data from their latest Huobi Token burned. The platform confirmed that 5.826 million HT or around $138.579 million were bought back from the market and used to continue the exchange’s token burning scheme.
This Ethereum based token has a limited supply of 500 million and it’s leverage for users of the Huobi ecosystem. The HT gives them access to benefits, fee and margin discounts, rewards, promotions, and more. As part of the burning scheme, Huobi uses 20% of revenue from the Huobi Contract and 20% from Huobi Global to regularly buy and destroyed the token.
According to Huobi’s latest monthly operation report, May’s HT burnt was 32.91% higher than in April. In addition, up to June 15th, 2021, there has been a combined burnt of 271.556 million HT. Thus, the Huobi Token had a 2.36% estimated deflation rate with 180,647,000 HT in current circulation.
Huobi Leads Exchange Platforms In Trading Volume
The HT has seen high adoption by Huobi’s users. The number of holders saw a 23% growth during May. However, this was not the only metric where the exchange saw significant growth. The report
Further data provided by firm TokenInsight on their 2021 Q1 Spot Market Research Report indicates that Huobi recorded $68,634 billion for this period. In terms of spot trading volume, Huobi took the number one position among exchange platforms with up to $100 billion. Ciara Sun, Vice President of Huobi Global Markets 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.
May also saw important new listings by Huobi. The exchange added RLC, CTSI, CSPR, ICP, LAT, O3, XCH, SHIB, and others highly requested by the users.
In addition, to the above Huobi held two example campaigns in May. First, on May 20th, Huobi Global listed APENFT (NFT) via their Huobi Prime. Around 26,000 holders were involved and took part in this event.
Later, on May 24th, Huobi held the HECO global node election and opened registration to run a node. In order to participate, holders must stake a minimum of 5,000 HT until the termination from their governance or until they withdraw from the election.