Huobi’s Trading Market Shows Strong Results After Successful Token Burn

Huobi’s trading market shows incredible results after the token burn as we are about to see more in the Huobi news below. The announcement shows that there were 11,332,100 Huobi Tokens burns for Q3 this year which has an approximate market value of $40.

The latest burn represents a 70 percent year-over-year increase compared to the same quarter in 2018 and was prompted by the ongoing growth of Huobi’s spot trading and derivatives trading markets. The CEO of Huobi Global Livio Weng stated:

“Huobi Token plays a core role in the Huobi ecosystem. 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.’’

According to the plan for the ongoing HT burn, Huobi allocates more than 20 percent of the Global and DM’s revenues to repurchase and burn the native token every quarter by reducing the total circulating supply of the token. In the previous quarter, Huobi Global bought back and burned 14,011,700 HT worth an estimated $53.6 million which is more than double from its major competitor which burned 808,888 tokens worth about $23.8 million during the same period. Weng believes that the strong performances of the company are because of the Huobi OTC Desk and Huobi DM platform’s success which recently surpassed the major competitors in the 24 hours trading volume despite having launched last year. Weng attributed the programs such as the newly launched all-star VIP Fee Structure and Prime which encourages the users to participate in the ecosystem.

Up to this date, more than 30,000,000 HT have burned over the program which accounts for 13.8% of the total circulation. Wang added about Huobi’s trading market that this is only healthy competition. Huobi Group is consisted of numerous upstream and downstream enterprises and quickly became a global and popular blockchain company. The company was established in 2013, Huobi Global’s accumulative turnover surpassed $1 trillion. The company provides safety, secure and convenient digital asset trading and management to more than a million users in more than 130 countries.