HT Operations Quarterly Report (Q1 2023)
- HT Special Zone
Dear HTX Users,
Greetings from HTX! We thank you for your continuous support and trust in HT.
I. HT Burn Data in Q1 2023
827,226 HT were burned on HTX in the first quarter of 2023. As HTX steps up its burning mechanism, a total of 296,989,669 HT was burned as of April 15, 2023.
The quarterly circulating deflation rate was 0.3826%. (Note: Circulating deflation rate = HT burned at time T * (15%/20%) / Circulating supply at time T-1 = 827,300 HT * (15%/20%) / 162.19 million HT)
Current circulating supply: 161,362,774 HT.
Existing supply: 203.01 million HT.
To learn more about our HT burning mechanism, please refer to:
HTX's Announcement on the Results of Community Poll on Optimizing HT Burning Mechanism
HTX Releases HT Operations Monthly Report (November 2022) and Will Burn HT Quarterly
Transaction hash:
2ab1bcbee9d22bb835fc7a73bcdfa9a7d07affdb45865afa59c2b8267e301295
II. Announcement on Upgrading HT Burning Mechanism
In December 2022, HTX decided to adjust the burning mechanism in response to the voices and feedback from the HT community. More transparency will be provided and the monthly burning will be upgraded to quarterly burning to be in line with the common practice of the leading crypto exchanges. This new burning mechanism takes effect in Q1 of 2023. Under the new mechanism, the number of HT burned in October, November, and December 2022 is to be announced on January 15, 2023. The number of HT burned in the first quarter of 2023 will be published on April 15, 2023. We will not announce the monthly HT burn data on February 15 and March 15, 2023. After that, the burned amount in each quarter will be published on the 15th of the first month of the next quarter.
What is the HT burning mechanism?
HTX allocates 20% of its revenue to burn HT.
HTX's revenue includes:
1. Trading fees from spot, futures, and OTC trading, as well as coin conversion.
2. Interest on isolated margin loans, cross margin loans, and OTC loans.
3. Withdrawal fees.
4.Revenue from various businesses/products/services, such as margin trading.
We will burn HT quarterly rather than monthly and disclose details to the public on a regular basis, as a part of our efforts to continuously improve the openness and transparency of HT burn.
The number of HT burned is calculated by the formula:
H = R1 * 20% / P2
R (HTX’s revenue) includes:
1. Trading fees from spot, futures, and OTC trading, as well as coin conversion.
2. Interest on isolated margin loans, cross margin loans, and OTC loans.
3. Withdrawal fees.
4.Revenue from various businesses/products/services, such as margin trading.
Calculation formula of P (HT's average price):
P = Σ (Daily HT amount received * Daily HT opening price) / Quarterly HT amount received
Since the launch of our HT empowerment plan, HT has seen continuous growth with the support of the community. By aligning itself with industry leaders, HTX is well positioned to make our HT burning mechanism more transparent and refined. More importantly, this upgrade shows that we are constantly reforming HT and growing with the community, which will speed up our return to the top 3.
III. Institutional Data
TokenInsight: HTX's turnover reached $195.29403 billion in Q1 of 2023.
According to TokenInsight data, the turnover of HTX’s spot and derivative products in Q1 2023 reached $195.29403 billion.
(Note: The above data is independently published by a third-party research institution. HTX is only citing third-party data and is not legally responsible for such information.)
IV. Media Coverage
Cointelegraph: HTX partners with Gala Games for L1 and Web3 development
In an official blog post on March 31, HTX announced a partnership with Gala Games to develop the Web3 ecosystem. The two companies will collaborate to invest in and list projects within the Gala ecosystem.
HTX’s collaboration with Gala Games is expected to enhance the former’s Web3 objectives, allowing it to integrate with the Gala layer-1 blockchain to improve the underlying on-chain technology. Jason Brink, who serves as the president of blockchain at Gala Games, has stated that integrating its layer-1 blockchain with major exchanges like HTX is of utmost importance for achieving the desired level of mass adoption.
Cointelegraph: HTX announces plans to launch the HTX Visa Card
HTX, one of the world’s leading virtual asset exchanges announced plans to issue the HTX Visa Card worldwide, with the aim to bring a more efficient fiat-to-crypto gateway for its users and promote the development of the virtual assets industry, on Dec 22. Justin Sun, a member of HTX Advisory Board, said, “This launch of the HTX Visa Card marks a significant milestone in HTX’s push toward making virtual assets available to all. HTX and Visa are both prominent leaders in their respective industries, and with the HTX-branded card, we hope to contribute toward global financial inclusion.”
Cuy Sheffield, Head of Crypto at Visa, said, “Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. We’re excited to work with innovative platforms like HTX to make it easy and seamless for consumers to spend from a crypto balance—anywhere Visa is accepted.” The HTX Visa Card will be linked to HTX users’ accounts. With this card, HTX users will be able to conveniently convert and pay for goods or services at the 80 million merchant locations worldwide that accept Visa, using the balance of the virtual assets in their HTX accounts.
We sincerely appreciate our community members' long-term support and contribution to the HT ecosystem. With your continued support, we firmly believe that we will build a stronger future for HT.
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HTX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and HTX makes no recommendations or guarantees in respect of any virtual asset, product, or promotion on HTX. Prices of virtual assets are highly volatile and trading virtual assets involves risk. Please read our Risk Reminder text here.
