Huobi announced that 827 thousand 226 Huobi Tokens (HT) were burned in the first quarter of 2023.
Sharing the statistics of token burnings in the last quarter, the exchange announced that a total of 300 million HT has been burned since the launch of Huobi Token.
Token Burn on Binance and MEXC
Blockchain journalist Colin Wu said that based on these metrics, the Huobi exchange had a net income of approximately $16.5 million in the first quarter of 2023.
Considering Justin Sun’s previous statements, the exchange may only be responsible for 11 percent of the cryptocurrency company’s revenue. Tron founder Justin Sun, who calls himself an advisor to Huobi, has been holding HT since the last quarter of 2022. Sun announced that he bought large quantities of HT during the rise last October.
The circulating supply of Huobi Token (HT), which has a total supply of 203,980,445, has decreased to 162,233,844 HT with these recent burnings.
Besides Huobi, other crypto exchanges also held token burning events. MEXC Global burned 2.1 million MX tokens, while Binance destroyed more than 2 million BNB tokens.
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