Justin Sun has revealed plans for an anticipated burn of 20 million HT, valued at $50 million. This move signifies a transition for HT into a meme token, devoid of any centralized control.
With the introduction of Huobi’s Exchange DAO (HTX), HT holders will have the option to exchange their tokens voluntarily.
Justin Sun Announces Additional Burn for HT Tokens
It is expected that an additional 20 million HT will be burned soon, with a market value of 50 million USD. After the burn, only 110 million HT will remain. #HT
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 10, 2024
Justin Sun, the renowned crypto entrepreneur, has announced plans for an additional burn of 20 million HT, valued at $50 million, the native token of the Huobi exchange. Sun revealed that this burn program would leave only 110 million HT in circulation once completed.
In a subsequent post on X (formerly Twitter), Sun hinted at further HT burns in the pipeline, totaling tens to hundreds of millions of dollars, contingent upon the token’s price. He emphasized that HT would transition into a meme token post-burns, devoid of any centralized control, with the total supply diminishing to tens of millions.
These developments come amidst the ongoing transformation of HT into HTX. Huobi introduced the Exchange DAO (HTX) initiative in January, providing HT holders with the opportunity to voluntarily exchange their tokens.
Huobi Introduces HT to HTX Conversion Program
Starting from January 22, 2024, Huobi users have the opportunity to seamlessly convert their HT tokens to HTX by accessing their Exchange accounts. The conversion window extends until January 20, 2025, providing users with ample time to make the switch.
In its January announcement, Huobi outlined the advantages for users transitioning from HT to HTX, particularly in terms of trading fees on the crypto exchange. Notably, Prime 3 users will benefit from a spot trading fee rate of 0.1% for both Maker and Taker orders. Additionally, users can leverage the “Reduce spot fees with HTX Deduction” feature to enjoy a discounted fee rate of 0.075% for both Maker and Taker orders.
Justin Sun’s recent statement further elaborates on the project’s direction regarding HT. He emphasized that HT is transitioning into a fully decentralized meme token through the burn program. Sun clarified that upon completion of the burn program, HT will evolve into a digital asset controlled solely by the community, with no centralized authority.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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