On May 15, Firecoin Global Station released the “HT April Operation Monthly Report”, which showed that HT’s monthly destruction amounted to over $100 million, a record high. Once the news came out, it soon attracted much attention and discussion.
There are calls for and against HT, which has been silent for enough time to step up recently, not only makes people confused: can HT still rise? How can HT rise under the attack of OKB and BNB?
Recent market dynamics seem to show the strong side of HT. Aicoin data shows that HT is ahead of OKB and BNB, no matter from the three data of weekly increase or decrease, recent 30-day increase or decrease, and quarterly increase or decrease, plus the recent restart action of Prime and the continuous empowerment of Heco, HT has initially shown the momentum of “on top”.
Monthly destruction of more than 100 million U.S. dollars deflationary effect is still ongoing
In the past month, HT destroyed 5.615 million pieces of HT per month, with a cumulative amount of more than USD 100 million. With the addition of the powerful destruction, HT once hit a record high of $39.91 in May.
In the cryptocurrency circle, exchanges are regarded as one of the tracks with the highest commercialization and cash flow, and the most important link in the whole crypto ecological chain, and the performance of platform coins often reflects the strength of an exchange.
At present, the total number of HT in circulation across the network is 185 million, and 266 million have been destroyed. Based on the destruction rate of 5.615 million pieces/month, the market circulation of 185 million HT will be completely destroyed in 32 months. Of course, this single-dimensional market forecast is not comprehensive, after all, with the continued destruction, the deflationary effect of HT is likely to rise, thus slowing down the destruction. But behind the data at least reflects that the destruction strength of HT in terms of circulating discs still continues to remain high for use.
Platform coins as exchange tokens, in addition to having a stable source of income for destruction, usually allow holders to enjoy some special rights on the exchange, such as discounted fees, participation in exchange voting and airdrop activities, acting as margin, etc. Therefore, the value of platform coins depends on the value of the exchange itself and the platform ecological construction. The trading volume, popularity and revenue of the exchange will be reflected in the value of platform coins.
The recent market dynamics seem to show the strong side of HT, which has outperformed OKB and BNB in all phases in the past quarter.
As we all know, the “deflationary effect” of platform coins is similar to the “halving” of bitcoin. In terms of long-term investment value, assets with total deflation and strong value support tend to gain long-term value potential, and from the recent market performance, HT seems to be expected to enter a real “golden cycle” in 2021.
Heco, Prime double empowerment highlights scarcity
On May 11, when most crypto assets were still on the verge of decline, HT made a rare independent move and hit a new record high of 39.91 a day later. The market movement originated from a brief announcement on the Firecoin global site.
On the same day, Huobi officially announced that it would officially open the seventh Huobi Global Prime channel on May 20, and three days later, the name of the preferred coin listing project APENFT (NFT) was also made public. The purpose of Huobi Prime is to select head quality projects globally and give benefits to HT holders by means of discounted transactions. Previously, Prime was launched on March 20, 2019, and six phases of projects were preferentially selected to be traded on the main board.
After two years, the Prime coin channel, which once recorded “TOP highest 27.7 times and NEW highest 7 times” returns, has returned again, triggering widespread discussion in the market, and with its return, also includes the confidence of coin holders.
“The new project will not necessarily win, but historical experience tells us that HT will often have a 10% to 30% increase during the new gestation period.” In the beginning of 2019, the three major platforms launched their respective hitting new platforms, and the wealth effect of “grab to earn” made the market sentiment reach its peak. After six months, the fire coin gradually suspended the preferential coin, and now embarked on the road to restart, outside expectations remain.
In terms of enhancing the scarcity of HT, we must mention another powerful “tool” of Firecoin, the Firecoin Heco eco-chain, especially after Du Jun returned to Firecoin for strong empowerment, the wealth effect of Heco public chain is growing exponentially.
As a native asset of Heco, HT is mainly used as chain transaction fees and rewards, and by pledging HT you can also become a verifier node on the Heco chain.
As expected, becoming a HECO verifier node, the annualized return of the fee can be up to 888.24% (with the principal amount of 5000 HT, each node will get 3701 HT per month on average), which is why more teams will join the node campaign of HECO, and the HT circulation will be further reduced as they lock up their positions more.
Whether it is still Heco or Prime, what investors value most is the application scenario of HT. With the scenario, the value of its assets will increase, and with the large amount of HT destroyed every month, the top shelf of Firecoin has been pulled off.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/after-two-years-of-relaunch-heco-and-prime-added-ht-value-geometry/
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