HTX Releases HT Operations Monthly Report (November 2022) and Will Burn HT Quarterly
- 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 November
In November 2022, the number of HT burned by HTX was 266,000 (approx 1,782,000 USDT), up 15.94% compared with that of October. As of December 15, 2022, the total number of HT burned by HTX has reached 296.02 million.
The HT deflation rate of the month: 0.12%
Existing supply: 203.98 million HT
To learn more about our former HT burning mechanism, please refer to:
HTX's Announcement on the Results of Community Poll on Optimizing HT Burning Mechanism
HTX's Announcement on Continuing Monthly Burning of HT
Transaction hash: 0x7eb1ec3e8e047576f67010224d66cfcf6e69178598a16117d69e37589afb263c
II. Announcement on Upgrading HT Burning Mechanism
Based on feedback from the community, HTX has decided to further improve the transparency of HT buyback. We will follow the unified standards of three leading crypto platforms to burn HT quarterly instead of monthly. This new mechanism will come into effect starting in the first quarter of 2023. According to the new mechanism, the number of HT burned in October, November, and December 2022 will 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 exceeded US$48 billion in November 2022.
According to the data by TokenInsight, the turnover of HTX’s spot and derivative products in November exceeded US$48 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.)
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.
