Not just one destruction: Let's talk about why I started to take the value of the flywheel seriously ethereum:0x61ec85ab89377db65762e234c946b5c25a56e99e Last week, HTX DAO released quarterly destruction data again: approximately 747 trillion HTX were destroyed in Q2 2026, valued at approximately $13.6 million, and the cumulative donations and destruction have reached approximately 117.79 trillion. Every time the destruction announcement comes out, there are always two groups of people in the comment section: one group focuses on the US dollar amount compared to the previous quarter, shouting positive news when it rises, and singing negative news when it falls; Another group of people simply said, 'Destruction is useless, and the price hasn't skyrocketed.'. To be honest, I don't quite agree with either of these views. Destruction is never an isolated event, and discussing the amount separately is actually a failure to understand what HTX is doing. Today I want to take a different perspective and talk about the more complete set of things behind the destruction - the value flywheel. First, let me ask a fundamental question: Where does the value of a platform token come from? My answer is simple, it depends on three things: Is anyone really using it? Where does value come from? Is the supply continuously decreasing? Without one of these three questions, the long-term logic of the token cannot be established. And HTX is currently answering these three questions simultaneously. Step 1: Unique Handling Fee Deduction - Answer "Why is it necessary to deduct" The "application scenarios" of many tokens are depicted, but fee deduction is a real behavior that traders engage in every day. HTX carries the core transaction fee deduction rights of the platform, what does this mean? This means that as long as there are transactions on the platform, there are people who need to hold and use HTX. High frequency, rigid demand, and sustainability - this is the most solid form on the demand side. It does not rely on narrative hype, and trading behavior itself is constantly transformed into holding demand. Second Ring: Quarterly Repurchase - Answering 'Where does value come from' Just having demand is not enough, the key is whether the value generated by platform operation can flow back to token holders. The repurchase mechanism is this connector. The development of platform business brings revenue, which flows back to the HTX ecosystem through institutionalized quarterly repurchases. Pay attention to the keywords: * * institutionalization * *. It's not about buying when the mood is good, but quarterly execution, public disclosure, and continuous implementation. This certainty is more important than any single season's numbers. Third Ring: Permanent Destruction - Answer to "How Value Settles" What happens after the repurchase? These HTX are not put in a wallet to be taken out later, but permanently destroyed and completely withdrawn from the supply system. And the destruction records are publicly available on the TRON chain for anyone to verify. Irreversible and verifiable, these two factors determine that destruction is not a marketing action, but a real supply contraction. Why do I say don't just focus on quarterly amounts The quantity of destruction and dollar value in a single quarter will be affected by a variety of factors such as market activity, platform operations, and HTX prices, and fluctuations are normal. This quarter's amount is 13.6 million US dollars, and it may or may not be high in the next quarter. It's not meaningful to dwell on this. What is truly worth monitoring are three long-term indicators: Accumulated deflation: about 117.79 trillion cumulative donations and destruction, this number will only increase, not decrease Mechanism execution: Is the quarterly repurchase and destruction continuous and transparent • Scenario expansion: In addition to fee deduction, are the holding values of staking, governance, airdrops, and Launchpools increasing, and are new scenarios such as AI being explored and implemented The supply side continues to contract, the demand side continues to expand, and both ends work together to make the flywheel turn. Finally, to be honest I won't say that HTX will rise - the price of the currency is influenced by too many factors in the short term, and anyone who promises you is just deceiving you. But as someone who has watched the ups and downs of many platform tokens, I am increasingly inclined to use a framework to screen whether the three form a closed loop: real usage, value return, and supply contraction. Using this framework to look at HTX: solving the demand with only fee deduction, completing value return through repurchase, and achieving scarcity precipitation through permanent destruction. It is moving from a traditional platform equity token to a value hub that connects users, platforms, and DAO ecosystems. Quarterly destruction is just a scale that you can see when this flywheel rotates. Extending the cycle is much more interesting than dwelling on single season numbers. HTXDAO @justinsuntron @HTX_Molly @xiaojiucai_andy @Xiaodu_HTX HTXNOVAPLUS @HTX_DAO @HuobiGlobal