Huobi successfully burned 11.3 million Huobi Tokens worth more than $40 million as a part of the quarterly token burning scheme as we are about to read further in the Huobi News below.
The Singaporean exchange reports a very strong quarter of trading with continued growth across its spot and derivatives market. The latest Q3 burning of the total HT tokens burned to more than 30 million removing 13.8 percent of the circulating supply from the market. Many of the exchanges operate a buyback and burn system for their tokens and this is widely used in an attempt to drive demand by limiting the supply. For the preceding two quarters, Huobi successfully burned more tokens that its major competitor Binance.
In the Q2 this year, Huobi burned $53.6 million worth of HT compared to the $23.8 million BNB tokens. Now that the Q3 results are in, the crypto exchange Binance has narrowed the gap by burning $36.7 million in BNB but still over $3 million less than Huobi’s third-quarter buyback. In a press release accompanying the announcement, the CEO of Huobi Livio Weng stated:
“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.”
The success of the burn shows the solid three months of trading and Weng pointed to the platform’s newer offerings as being much stronger drivers of growth. Huobi has been very active in releasing new programs and services for users over 2019. The exchange launched its Initial Exchange Offering (IEO) platform starting with the sale of the TOP token. Since then, there were five more successful offerings in almost all of the months. The IEO has proven to be a surprise hit in the blockchain crowdfunding this year and Huobi made a very timely precise entrance to space.
Huobi also introduced a limited-time VIP fee structure named All-Stars designed to provide low trading fees to those who trade the most on the exchange. This comes in the meantime to the launch of a derivatives trading platform Huobi DM which is expected to make a boost in the industry.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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