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#Huobi Completes July $HT Burn!

22.591 million USDT has been burned

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2) Huobi burned 2.3m HT ~ $22.6m for the month of July. What does that mean?

3) Well, Huobi claims to burn 20% of its revenue. (This is a little complicated -- they buy/burn 15%, and then they buy/burn 5% from something that looks kinda like the team allocation: huobi.com/support/en-us/) So that means they're claiming about $110m revenue in July 2021.

4) Our data has Huobi doing about $750B of volume in July (roughly $25B/day). $110m revenue / $750B volume --> 0.015% take rate, which roughly lines up with other large exchanges whose volume is primarily futures. (This doesn't say anything about expenses, mind you.)

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Coinmarketcap has Huobi 24 hr volume at $10.8B derivatives and $5.8B spot. Does your model agree with the top 5 there? (OkEx, CoinTiger, ByBit etc)