Wed, July 17

Major $20 Million Huobi Token (HT) Burn Announced by Justin Sun

Major $20 Million Huobi Token (HT) Burn Announced by Justin Sun Market News
  • Huobi Token burns 20 million HT, valued at $60 million.
  • Transition to HTX DAO signals decentralization and community empowerment.

Justin Sun, the advisor of Huobi Token (HT) and founder of TRON, announced today the burning of 20 million HT tokens, valued at a staggering $60 million. This move marks a pivotal moment in HT’s history, signaling a significant reduction in circulating supply, with only 134 million HT remaining in circulation.

This burn is part of a comprehensive plan to enhance decentralization within the HT ecosystem. Notably, Sun emphasized that the portion of tokens belonging to the team has been entirely burnt, underlining a commitment to decentralization and eliminating concentrated holdings.

Justin ended his tweet by stating that “ HT has become a meme coin with no control by any individual, fully decentralized, and without any concentrated holdings.”

Notably, Two weeks ago, HTX announced the launch of HTX DAO ($HTX), a decentralized autonomous organization governed by the HTX token. HTX DAO aims to offer transparency and open governance to the HT community, with the HTX token serving as its governance mechanism.

HT holders were allowed to convert their HT tokens to HTX, with favorable conversion rates offered based on the timing of conversion. The conversion period began on January 22, 2024, and will continue until January 20, 2025. Additionally, HTX introduced a range of benefits for holders, including reduced trading fees, enhanced Prime membership levels, and multiplied rewards through Rockets.

As Huobi Token embraces decentralization and innovation, the community believes in the burning of tokens and the transition to HTX DAO signals a new era for the project, characterized by community empowerment and transparency.

A creative writer with a flair for storytelling and a deep interest in cryptocurrencies and blockchain technology.