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Portal, a cross-chain DEX built on Bitcoin, claims to have the technology to improve upon the currently-vulnerable cross-chain bridge model. This is in response to the several hacks that happened in the past months that put user funds at stake.

The Portal Atomic Swap has taken a different approach that introduces no centralization, wrapped tokens, or third-party custody. Instead, all transactions rely on a peer-to-peer approach. If the transaction encounters an issue, it can be rolled back and participants keep their original assets.

The removal of wrapped tokens or validators is a general quality of life feature when processing transactions. Additionally, the peer-to-peer aspect ensures there are no unexpected delays, blocked funds, exploits, or other drawbacks that cross-chain bridges have.

Huobi Global, one of the world’s leading digital asset exchanges, announced on February 15 that it burned 823,000 Huobi Tokens (HTs) in Jan 2021, valued at approximately US$7.57 million, as part of its monthly token burning exercise.

Token burning refers to the process of removing crypto tokens from circulation in perpetuity, a move usually targeted at reducing a token’s supply. Huobi Global burns 15% of its revenue’s worth in HTs every month and allocates another 5% of its total income to repurchase and burn a portion of HT used for team incentives.

The current circulation amount of HT stands at 166.07 million HT; the existing supply of HT stands at 209 million HT. The number of HT holders grew 2.95% in Jan 2022. According to data from a recent Exchange Review released by CryptoCompare, an independent global crypto market data provider, Huobi Global’s total spot trading volume reached $64.7 billion in January 2022.