In the first quarter, Huobi burned 827,226 HT

Huobi burned 827,226 HT in Q1 2023; cumulative burned tokens near 296.99 million.

The cryptocurrency exchange Huobi burned 827,226 HT tokens in Q1 2023. Since the mechanism’s activation on April 15, the cumulative total of burned tokens stood at 296,989,226.

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The quarterly deflation rate reached 0.3826%. The total supply of the exchange’s token stands at 203.01 million, with 161,362,774 HT in circulation.

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In December 2022, following a community poll, the platform reconfigured the coin-burning mechanism. Huobi shifted from monthly to quarterly reports to ‘align with the practices of leading crypto exchanges’.

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The updated mechanism took effect in Q1 2023.

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Over the last 24 hours, HT’s price rose 1%; over the past week, quotes increased by 10.5% (CoinGecko). The asset is trading at around $3.95, roughly 90% below its May 2021 peak of $39.66.

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Huobi reported revenue for the first quarter in the amount of $150 million against $120 million in expenses.