Justin Sun Owned Huobi Burnt 827,226 HT Tokens In Q1

Justin Sun owned Huobi burned $3.31M worth HT tokens in Q1

Huobi recently released its quarterly report regarding the Huobi Token (HT) operations.

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As per the report, “827,226 HT were burned on Huobi in the first quarter of 2023. As Huobi steps up its burning mechanism, a total of 296,989,226 HT was burned as of April 15, 2023.”

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In December 2022, Huobi changed its burn mechanism and initiated a quarterly burn protocol instead of monthly in order to bring more transparency to the process.

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Based on the new burn protocol, Huobi allocates 20% of its revenue to burn HT each quarter.

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Huobi used 20% of the platform revenue for burning, so the platform revenue in Q1 is only about $16.55m.

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The number of HT burned is calculated by the formula: H = R1 * 20% / P2, where R is the revenue of the quarter and P is HT’s average price.

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As per the new burn protocol, the burnt amount in each quarter will be published on the 15th of the first month of the next quarter.

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