HTX Burns $9 Million Worth of Tokens, Enhancing Platform Value

HTX announced on July 16 that it has successfully burned all $HTX tokens repurchased from its 'Trade to Earn' events in the second quarter of 2024. The total amount burned was 7,791,971,428,156 $HTX, equivalent to approximately 9,000,000 USDT. This significant token burning is part of HTX's strategy to regulate the market's circulating supply, thereby increasing the asset's scarcity and fostering stable value growth. It also bolsters the confidence of $HTX holders and underscores HTX's commitment to its users and the broader community.

During Q2 2024, HTX held six 'Trade to Earn' events featuring BTC and ETH, which attracted participation from over 20,000 users. These events led to the repurchase and subsequent burning of nearly 8 trillion $HTX tokens. To enhance transparency, 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.

The 'Trade to Earn' initiative by HTX aims to enhance user trading experiences, minimize trading costs, and facilitate wealth appreciation while effectively reducing the circulation of $HTX. Users trading designated spot/perpetual futures pairs have the opportunity to share in a daily mega prize pool. All fee income generated from both designated spot trading pairs and registered users trading designated perpetual futures pairs during the event period is fully utilized for $HTX buybacks.

Since its launch, the 'Trade to Earn' event has seen widespread user participation and positive feedback. The burning of $HTX tokens is a key component of HTX's deflationary strategy and a commitment fulfilled to its users. HTX maintains transparency and openness by publicly disclosing all details of the token burning process, ensuring that users and investors are informed about $HTX's real-time circulating supply and fostering trust in the platform.

Moreover, the buyback and burning of $HTX 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 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, reinforcing its position as a global gateway to Web3.