Huobi Global’s latest token burn event has destroyed US$35.05 Million in HTs. According to the company, a total of 2.69 million Huobi Tokens (HTs) were burnt in August. This token burn is 55.13% higher than that in the previous month.
As of September 15th, 2021, the number of burnt HT combined has reached 280.387 million. Huobi Global has burnt approximately US$543 million worth of HTs in this year.
According to the HT monthly operations report of August 2021, the average price of HT burned was about 13.028 USDT, maintaining a high deflation trend that was reflected in previous months. The deflation rate reached 1.15% in August. As of September 15, 2021, there were a total of 219.61 million HTs, with 174.02 million in public circulation.
With the ongoing high deflation trend, Huobi Global is improving Huobi Token by adding more value to its ecosystem and increasing the number of application scenarios. As regulators around the world monitor digital currencies closely, the crypto market, led by Bitcoin, has experienced a sharp correction and global trading volumes of the market have fallen since May this year. August saw a recovery with Huobi Global’s August revenues up 55.13% on a month-on-month basis, reflecting users’ confidence in its ecosystem.
Jeff Mei, Huobi Global Director of Global Strategy, said:
“There’s a high probability that the digital asset market will continue to thaw in the next few months, and the number of HTs burned is also expected to rise in tandem with Huobi Global’s globalization efforts.”
“As the market improves and discussions about the bull market continue in the face of extreme price fluctuations, users are highlighting long-term pain points with crypto exchanges, especially the security and stability of their trading systems,” states Huobi Global. “As an exchange widely recognized for its security, Huobi Global has a strong emphasis on user safety and risk control in its development strategy, to give users peace of mind.”
The leading digital asset exchange has launched a series of special trading events offering generous rewards to its community. In early September, Huobi launched the Futures Masters Contest, offering a US$120,000 prize pool for winners. Huobi Earn also provides a high annual percentage yield (APY) for investors who prefer stable income and lower risk. The APY of some popular assets such as USDT is even four times higher than what’s offered in the market. According to the monthly report, Huobi Earn users received a total of 1.04 million USDT in mining rewards in August.
Having launched three events within a month, Huobi Primepool has become the go-to digital mining platform for users seeking significant earning potential. Primepool is an initiative that offers users an easy, convenient way to participate in the ecological development of projects listed on Huobi Global.
The first project, DeFine (DFA), increased 45 times from its opening price; the second project, Sakura Finance (SKU), and the third project, Talken (TALK), surged 30,900% and 15,900%, respectively, five minutes into trading. Huobi Global distributed rewards worth 0.1 billion USDT to its users across the three Primepool events.
The fourth Primepool airdrop for Structure Finance (STF) is currently underway. Structure Finance (STF), a new token from structure.finance, is a platform that supports the creation of different structured financial products for cryptocurrencies, has been chosen as the spotlight project for Huobi Global’s fourth Primepool event.
“With incentives introduced by the new Primepool events, more users are participating and staking HT. We expect Primepool to promote a sound and stable HT ecosystem, bringing more benefits to HT holders.”
Jeff
In August, Huobi Wallet introduced ‘HClaimer’ – A New One-click Staking Reward Collection Feature. This new feature allows users to collect their staking rewards from DeFi projects across multiple chains in one click.
