HTX has recently announced the successful burning of a staggering 7,791,971,428,156 $HTX tokens, equivalent to roughly $9 million USD, as part of its 'Trade to Earn' events held in the second quarter of 2024. The transaction, verified by the transaction hash 79d65bb23e6172da8a5caeb61ca43f67513e023c347c557e117532566bd142af, marks a significant milestone in the company's ongoing efforts to regulate the circulating supply of $HTX tokens. By doing so, HTX aims to enhance the asset's scarcity, foster stable value growth, and bolster the confidence of $HTX holders.
The strategic burning of tokens is a clear indication of HTX's commitment to its users and the broader community. The company believes that this initiative will affirm the long-term value and sustainable development of its platform. More details about the burn can be found here.
In the second quarter of 2024, HTX conducted six 'Trade to Earn' events featuring BTC and ETH, which saw participation from over 20,000 users. These events led to the repurchase and burning of nearly eight trillion $HTX tokens. Moving forward, HTX plans to disclose the amount of $HTX bought back and burned from the previous quarter's 'Trade to Earn' events on the 15th day of the first month of each quarter. This initiative aims to enhance transparency and openness in the company's operations.
The 'Trade to Earn' initiative is designed to improve user trading experiences, minimize trading costs, and facilitate wealth appreciation while effectively reducing the circulation of $HTX tokens. Users trading designated spot and perpetual futures pairs have the opportunity to share in a daily mega prize pool. During the event period, all fee income generated from both designated spot trading pairs and registered users trading designated perpetual futures pairs is fully utilized for $HTX buybacks.
HTX's 'Trade to Earn' events have garnered widespread user participation and positive feedback since their inception. The burning of $HTX tokens is a crucial component of HTX's deflationary strategy and a commitment fulfilled to its users. By publicly disclosing all details of the token-burning process, HTX ensures that users and investors are informed about $HTX's real-time circulating supply, fostering trust in the platform.
Furthermore, the buyback and burning of $HTX tokens are integral to the collective efforts of HTX and the HTX DAO to cultivate a healthy and sustainable digital asset trading ecosystem. Both entities are dedicated to preserving and promoting the long-term prosperity of this ecosystem.
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services, including digital asset trading, financial derivatives, wallets, research, investments, and incubation. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance.
