Huobi Global, one of the world’s largest digital asset exchanges, said on January 15 that in December 2021, it destroyed 1.31 million Huobi Tokens (HTs) worth $12.68 million. Huobi Global consumed 290.174 million HT between January 1, 2021, and January 15, 2022.
Token burning is the practice of eliminating cryptocurrency tokens from circulation to reduce the supply of a token. For example, Huobi Global burns 15% of its revenue every month and distributes another 5% of overall income to repurchase and burn a part of HT utilized for team incentives.
The total number of HT in circulation is 209.83 million, with 166.69 million currently in circulation. In December 2021, HT holders had a 9.87 percent boost in growth. Huobi’s total spot and derivatives trading volume surpassed $246.6 billion in December 2021, as per institutional trading volume statistics published by TokenInsight.
Global Huobi Events
Huobi Global’s Primelist events resumed in December, with three new token listings: Decimated (DIO), Unbound Finance (UNB), and GamesPad (GSP) (GMPD). Huobi Primelist encourages users to retain HT tokens for a limited time to access these cutting-edge tokens and support Huobi’s ecosystem. In addition, Huobi hopes to create an ecosystem where companies with similar objectives may collaborate and assist by utilizing HT tokens to connect.
The UNB, GMPD, and DIO Primelist events attracted almost 560,000 people. In addition, the market valuation of tokens featured on Primelist has been consistently rising, indicating that there is still a lot of interest in these coins.
Huobi Global also announced Prime Earn, a premium investment product under Huobi Earn that offers conventional crypto investors yearly percentage returns as high as 15% for staking mainstream tokens, in addition to the three Primelist events.
“We wrapped up 2021 with several exciting events for the community, from new Primlists events to surprise Airdrops. We look forward to continuing to provide exciting and engaging opportunities for HT token holders throughout 2022,” Huobi Group’s Director of Global Strategy, Jeff Mei, stated.