Sun Yuchen announced the launch of the decentralized autonomous organization HTX DAO, and yesterday (22nd), he stated in a post that the Huobi team has destroyed all the Huobi platform currency HT.
(Summary: Huobi Exchange suffers from a DDOS attack, Sun Yuchen: User funds are safe)
(Background: Breaking News: Huobi Exchange announced a name change to “HTX,” leaving behind the Huobi trademark dispute)
Table of Contents:
Huobi announces cooperation with HTX DAO
Huobi team destroys all HT, causing a surge of over 7%
What is HTX DAO?
Token Economy
Participating in Governance
Justin Sun, the founder of Tron and the head of HTX (Huobi) Exchange, officially launched the decentralized autonomous organization HTX DAO on January 19th, claiming to give Huobi a second life and transform it into a “people’s exchange.”
Huobi announces cooperation with HTX DAO
On January 19th, Huobi released an announcement, announcing a series of new plans. Huobi also stated that it will donate 50% of its platform revenue to the liquidity of HTX DAO. In addition, Huobi encourages holders of the original platform currency HT to convert it to HTX. Detailed information about token conversion was released on January 20th.
Exchangeable Crowd: Voluntary conversion for HT holders
Conversion Time: From January 22nd, 2021, 16:00 Taiwan time to January 20th, 2025, 16:00
HT-related rights will be migrated to HTX on February 2nd, 2024, 14:00
Huobi team destroys all HT, causing a surge of over 7%
Just last night (22nd), Sun Yuchen posted on X, stating that as part of the HTX DAO launch plan, the Huobi team has destroyed all of its 41 million HT coins (worth about $78.31 million).
Motivated by this, HT bucked the overall market decline driven by BTC and surged by 7.6% in the past 24 hours, reaching $1.98 at the time of writing.
However, it should be noted that the price of HT plummeted from the $2.4 level after the HTX DAO project was announced, and it would need to rise at least 20% to return to the previous level.
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What is HTX DAO?
What exactly is the HTX DAO that Sun Yuchen strongly promotes? According to the official whitepaper, HTX DAO is a decentralized autonomous organization, and HTX represents three meanings:
“H” represents HTX Exchange, which contributes the most to the liquidity of the HTX DAO ecosystem, indicating the important role of the exchange in the HTX DAO ecosystem.
“T” represents the TRON public chain, which is the technical foundation of the HTX token.
“X” represents change and potential, integrating the core concept of the platform’s vision.
At the same time, “X” also represents a large number of project entities that have laid the foundation of the HTX DAO ecosystem and have been widely acclaimed.
Token distribution:
The initial total supply of $HTX is 999,990,000,000,000 coins, with early contributors and public distribution accounting for 19%, community direct access projects accounting for 19%, developer funding accounting for 10%, research and development accounting for 10%, ecological support accounting for 10%, partners accounting for 15%, and platform development accounting for 17%.
$HT conversion to $HTX: Voluntary conversion, HTX DAO has reserved a portion of $HTX
Although HTX DAO emphasizes that $HTX is the same name as Huobi (HTX), $HTX is neither the platform currency of Huobi nor an upgraded version of $HT. However, in the future, HTX will replace all the benefits of HT currently available on the Huobi Exchange, effectively replacing HT.
In addition, although holders can initiate proposals and vote in the community, the official also stated, “Preliminary evaluation or voting on proposals may not be implemented. The implementation of proposals requires support from the development team, comprehensive code audits, and deployment by multiple signature administrators.” In other words, the development team still holds the ultimate decision-making power.
Despite Sun Yuchen expressing a grand vision for HTX DAO’s future, and many crypto KOLs supporting it, stating that it is an excellent opportunity for Sun Yuchen to enrich investors and prove himself, it is still difficult to say whether HTX DAO will operate as envisioned by Sun Yuchen. There are also many doubts in the community. Continued observation is needed to see how it will develop.
Further reading:
Counting Sun Yuchen’s Ghost Trading Strategy: Withdrawing $60 million from Binance in a month! ETH has the highest proportion
Poloniex Hacking Summary: Suspected North Korean hackers, losses of $180 million, Sun Yuchen promises full compensation…
Sun Yuchen: Tron will never be “defeated by inscriptions,” welcomes pressure testing; the community sarcastically suggests running away quickly
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Related Reports
Sun Yuchen’s Massive Withdrawals: Withdrawing $60 million from Binance in a month! ETH has the highest proportion
Poloniex Hacking Summary: Suspected North Korean hackers, losses of $180 million, Sun Yuchen promises full compensation…
Sun Yuchen: Tron will never be “defeated by inscriptions,” welcomes pressure testing; the community sarcastically suggests running away quickly