Huobi Global, one of the world’s leading digital asset exchanges, today announced that it burned 2.69 million Huobi Tokens (HT) in August, valued at approximately $35.05 million. From January to August this year, Huobi Global burned approximately $543 million worth of HTs.
According to the latest HT monthly operations report, the average price of HT burned was about 13.028 USDT, maintaining a high deflation trend that was reflected in previous months. The deflation rate reached 1.15% in August. As of September 15, 2021, there were a total of 219.61 million HTs, with 174.02 million in public circulation.
As the high deflation trend continues, Huobi Global is improving Huobi Token by adding more value to its ecosystem and increasing the number of application scenarios. As regulators around the world monitor digital currencies closely, the crypto market, led by Bitcoin, has experienced a sharp correction and global trading volumes of the market have fallen since May this year. August saw a recovery with Huobi Global’s August revenues up 55.13% on a month-on-month basis, reflecting users’ confidence in its ecosystem.
“There’s a high probability that the digital asset market will continue to thaw in the next few months, and the number of HTs burned is also expected to rise in tandem with Huobi Global’s globalization efforts,” said Jeff Mei, Director of Global Strategy.
As the market improves and discussions about the bull market continue in the face of extreme price fluctuations, users are highlighting long-term pain points with crypto exchanges, especially the security and stability of their trading systems. As an exchange widely recognized for its security, Huobi Global has a strong emphasis on user safety and risk control in its development strategy, to give users peace of mind.
Huobi Global has launched a series of special trading events offering generous rewards to its community. In early September, Huobi launched the Futures Masters Contest, offering a US$120,000 prize pool for winners. Huobi Earn also provides a high annual percentage yield (APY) for investors who prefer stable income and lower risk. The APY of some popular assets such as USDT is even four times higher than what’s offered in the market. According to the monthly report, Huobi Earn users received a total of 1.04 million USDT in mining rewards in August.
Having launched three events within a month, Huobi Primepool has become the go-to digital mining platform for users seeking significant earning potential. The first project, DeFine (DFA), increased 45 times from its opening price; the second project, Sakura Finance (SKU), and the third project, Talken (TALK), surged 30,900% and 15,900%, respectively, five minutes into trading. Huobi Global distributed rewards worth 0.1 billion USDT to its users across the three Primepool events, with the fourth Primepool airdrop for Structure Finance (STF) underway.
“With incentives introduced by the new Primepool events, more users are participating and staking HT. We expect Primepool to promote a sound and stable HT ecosystem, bringing more benefits to HT holders,” added Jeff.