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Since Justin Sun took ownership of HTX in October 2022, HTX – one of the longstanding exchanges in the market – has undergone significant changes in direction and strategy.
Exciting News! #HTX is set to list HTX DAO $HTX and facilitate seamless conversion from $HT to $HTX. 🚀
Details:https://t.co/QU22AnLnlV pic.twitter.com/7XHTUGE5Pg
— HTX (@HTX_Global) January 20, 2024
Notably, the rebranding from Huobi to HTX to commemorate its 10th anniversary stands out, a name that sparked controversy at the time. Furthermore, under new ownership, Huobi has consistently announced collaborations and shown favoritism towards projects owned by Justin Sun, raising questions within the community.
Recently, there’s another unexpected change concerning the HT exchange token. According to the latest announcement from the HTX cryptocurrency exchange, users are encouraged to convert HT to HTX, the governance token of HTX DAO.
HTX DAO – a name that speaks volumes – is a decentralized autonomous organization promoting openness and transparency, designed for everyone to participate in building the ecosystem around the HTX token.
A glance at the project’s Twitter (X) reveals that HTX DAO seems to be relatively new, with some partnership announcements primarily involving Justin Sun-affiliated projects.
The HTX DAO governance token is not a new token but is the existing HT token. HT holders are encouraged to convert HT to HTX when the conversion portal opens at 08:00 AM on January 22, 2024 (UTC). Early converters will benefit from preferential conversion rates and additional token rewards.
Significantly, the role of the HT token on the exchange will gradually shift to the HTX token. This includes reduced transaction fees, HTX Earn, launchpad features, and more.
By 3:00 AM on January 22, 2024 (UTC), the exchange will remove all trading pairs involving HT.
On his Twitter (X) page, Justin Sun shared this change but in Chinese. The TRON founder emphasized the vision to make the HTX exchange more community-oriented, with decisions driven by users and the community. This is the rationale behind the creation of HTX DAO.
人民交易所，赋予火币第二次生命
——写在HTX DAO启动前夜经历很多困难，HTX…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 18, 2024
Sun believes that HTX DAO has brought a new revitalization to HTX, leading a revolutionary change in current centralized exchange (CEX) platforms. He suggests that future DAO members may participate in voting for tokens to be listed on the HTX exchange, moving away from the current exclusive decision-making power held by the exchange.
Related: Huobi Global (HTX) Confirms Recovery of Stolen Funds and Awards 250 ETH in Rewards
The chart of the HT token after this announcement
After receiving this official announcement, the price of the HT token declined from the $2.40 range to below $2.
Check the 1D chart of HT/USD on TradingView at 10:35 AM on January 21, 2024.
