HIT token, is the foundation of the HitBTC ecosystem. It is used to provide incentives and rewards to our traders and active members in our community.
On November 7th, we burned a total of 22,633,768 HIT tokens (about 3 million USDT). We determined the amount of burn based on the HitBTC’s October trading fees, as well as token price and market conditions.
The current supply of Hit tokens stands at 1.5 billion. Since issuance in July 2021, we burned 25% of total supply and 50% of allowed 1 billion tokens as determined in the whitepaper.
For more information about the HIT Token read our frequently asked questions here.
This article came directly from HitBTC, at https://hitbtc.com/blog/hitbtc-token-hit-token-burn-update-october-2022/