As per Huobi Token (HT) buyback plan, Huobi Global and Huobi DM will spend 20% of its quarterly revenue on buyback each quarter and the buyback in the second quarter of 2019 has been completed (the conversion price of USDT is the closing price on June 30). We hereby disclose the information of this buyback as follows:
I HT Circulation Information
1. Total Amount of HT: 478,643,200
Total amount of HT=500,000,000 – destruction amount
Circulating supply: 310,318,300
Circulating supply =released amount – destruction amount
Current circulating amount: 246,437,000
Current circulating amount: = circulating supply – pledged amount
HT rewards of Point Card purchase: 300,013,500
Marketing promotions: 2,477,400
Employee incentives: 24,367,400
Ecological fund investments: 4,816,800
2. Total Pledged Amount: 63,881,300
OTC merchants: 10,080,000
Global Elites: 857,300
Project teams’ security deposit of Huobi Next: 475,000
Huobi Next Voting (including the previous HADAX 2.0 Voting): 1,172,300
Ecosystem fund investment: 364,500
Investor protection fund: 50,882,200
3. HT 2019 Q2 Destruction Publicity: 14,011,700
Huobi Global has completed the destruction of the HT (a total of 14,011,700 HT, approximately equivalent to 53,664,900 USDT) repurchased in the second quarter of 2019.
Destruction record: https://etherscan.io/tx/0x23a2891eed7f87b294a5952c5a5afa612d66637c38fd6c8e9c0fdfe4205d1d0e
4. HT Destruction Record Publicity: 21,356,800
As of July 15, 2019, the total number of HT destroyed is 21,356,800. The details are as follows:
|Times||Destruction time||Destruction amount (HT)|
|1||09:56:09, April 15, 2019 (GMT+8)||6474800|
|2||21:15:48, May 9, 2019 (GMT+8)||208333.3313|
|3||22:10:35, June 13, 2019 (GMT+8)||149214.7101126|
|4||22:03:09, June 20, 2019 (GMT+8)||135141.22392856|
|5||22:04:57, June 27, 2019 (GMT+8)||131284.9702945|
|6||22:09:37, July 4, 2019 (GMT+8)||120494.35061554|
|7||22:05:23, July 10, 2019 (GMT+8)||125869.90147528|
|8||21:21:40, July 15, 2019 (GMT+8)||14011700|
Click here for more details of the HT destruction records.
Ⅱ Summary of HT application cases
1. Trading Fee Discount
2. Security Deposits of Huobi Project Teams
3. Global Elites Security Deposits
4. Security Deposits of OTC Merchants
5. Huobi Global Ecosystem Fund
6. OTC Legal Support
7. HT Holder Benefits
8. Huobi Eco Partner Trading Zone
9. Huobi Cloud Security Deposits
10. Huobi Club Consumption
11. Huobi Prime Participation Privilege
12. Huobi FastTrack Vote-to-List
* More HT application cases will be available soon. Please stay tuned.
III HT Destruction Program Adjustment
1. Considering that price of HT at the end of the second quarter is quite high, the value of tokens burnt this round was adjusted to reflect Huobi's actual average repurchase price.
2. The token burn carried out for the second quarter of 2019 will be the last time HT tokens will be destroyed using the traditional buyback method. Following the introduction of the HT Tiered Fee deduction program, Huobi Global will directly effect token burns against HT revenue.
3. In order to further enhance the transparency of HT destruction and reduce the impact of the release of team allocation reserves on the market, Huobi will carry out further enhancements to the token burn program.
In July 2019, a community vote will be carried out with regards to two (2) proposed changes below:
1) To adjust the token burn cycle from quarterly to monthly or daily;
2) Confirm the release and token burn proportion of team allocation reserves.
Ⅳ Development plan of Huobi Token in the next stage
Following the HT repurchase and token burn in the first quarter, the total token supply has decreased. In the second quarter, HT was strengthened with the consecutive introduction of FastTrack Vote-to-list events, and HT Tiered Fee discounts. In addition, Huobi’s long-awaited Public Chain is scheduled to launch in the second quarter.
1. Through the weekly FastTrack Vote-to-list events, project candidates that have yet to the list will undergo a HT voting process. The winning project will list on Huobi Main, and the total HT votes received will be destroyed the same day.
2. The latest HT Tiered Fee discounts applying to crypto-crypto trading (including margin trading) will be officially implemented. Subsequent efforts will be undertaken at a later stage to support margin interest, OTC, contracts and other related businesses.
3. Huobi Financial Public Chain program announces that HT will play an important role as the native token, HT application use-case will enter a new phase of development. With the continuous development of the Huobi eco-system, HT holders will receive even more rewards.
4. Reducing supply and increasing application will continue to be implemented to further develop HT destruction and application use-cases.
As the world's leading digital asset financial service provider, Huobi Group is committed to providing a better trading experience, greater account security and better customer service. At the core of Huobi’s eco-system, HT’s application use-cases will continue to increase. We expect even more partners to participate in and grow with Huobi’s eco-system! Huobi Group will uphold the values of integrity, rigor, openness and innovation to empower the blockchain industry and witness the continued development of HT with all users!
July 15, 2019