Huobi Reveals $22.59 Million Worth of Token Burned in July

LONDON, Aug. 18, 2021 /PRNewswire/ -- Huobi Global, one of the world's leading digital assets exchanges, announced today that it burned 2.342 million Huobi Token (HT) valued at approximately $22.59 million in July. In seven months, from January to July of this year, Huobi burned approximately $510 million worth of HT.

According to the latest HT monthly operations report, the average price of HT burned was about 9.65 USDT, and it maintained a high deflation trend as in previous months with the deflation rate reaching 0.99% in July. The number of HT holders also increased by about 2% from the previous month. As of August 15, 2021, the total existing HT amount is 222.3 million and the total circulation amount was 176.04 million HT.

The monthly report also shows that Huobi is seeing all-around growth as the spot and derivatives business accelerates significantly. According to the 2021 Q2 Crypto Trading Industry Report published by TokenInsight in July 2021, Huobi saw a transaction volume of approximately $115.17 billion in the second quarter of 2021.

Huobi User Engagement and Events

To keep users engaged, Huobi has launched a variety of activities, features, and incentives for its users around the world.

Recently, Huobi launched Olympic Challenges inspired by the multi-sport event in Tokyo and listed some popular assets to keep up with emerging trends in the NFT and game finance (GameFi) spaces. As of August 2021, Huobi has listed 98 assets for USDT-margined swaps and enabled cross-margin mode for AKRO, SAND, RVN, RNDR, and MASK USDT-margined swaps for derivatives trading. Huobi also created a security fund that rewards users for reporting malicious behaviors with a total fund of 50,000 HUSD available for P2P transactions.

Huobi Primepool

While many of Huobi's community events have been successful, the first Huobi Primepool event was one of the most successful to date. Primepool is a digital asset mining platform that aims at offering users an easy and convenient method to participate in the ecological development of newly listed projects. During these events, users are invited to "stake HT to earn new tokens." Regardless of the performance of the new tokens when they go live, users will not bear any loss because their tokens are earned at zero cost.

The first project to be featured during a Primepool event was DeFine (DFA). Starting at the opening price of 0.100 Tether (USDT), DFA skyrocketed to 3.5767 USDT with the price change breaking 3476.7% in 5 minutes. According to Huobi data, a total of 1.08 million DFAs were distributed to the Primepool event participants at the end of the first round. More than 14.73 million HT were locked in the first round, and HT rose by about 3%, 25-35 minutes after the opening. The annualized yield of HT mining has reached as high as 265.04%.

"As we continue to create more use case possibilities and increase market demand for HT through events such as Primepool, we're equipping our HT holders with tangible benefits and rewards," said Ciara Sun, Vice President of Global Markets at Huobi Group.

The second Huobi Primepool is scheduled to begin on August 16. Users around the world can flexibly lock HT or Clover (CLV) to participate in the new token mining and share 16.8 million in newly-listed Sakura Finance (SKU) tokens. To learn more, visit https://www.huobi.com/support/en-us/detail/104883081799613

SOURCE Huobi