In a groundbreaking revelation, HTX, under the leadership of Justin Sun at Huobi, is poised for a substantial transformation, transitioning from Huobi Token (HT) to HTX. This strategic initiative, disclosed in a recent press release, brings forth a range of modifications, such as the introduction of Exchange DAO (HTX) and the opportunity for HT holders to exchange their tokens voluntarily. The overarching goal of this transformative maneuver is to reshape the benefits structure and inaugurate a new era within the Huobi ecosystem.
The press release from Exchange details the initiation of the conversion process, unveiling the listing of HTX DAO, and extending an invitation to HT holders for voluntary participation. Beginning on January 22, 2024, users can seamlessly convert HT to HTX by logging into their Exchange accounts. The conversion period spans until January 20, 2025, allowing users to switch.
Early conversions and the inclusion of additional assets can secure users a more favorable conversion rate. This move aligns with the prevailing trend of decentralized autonomous organizations (DAOs) in cryptocurrency to enhance transparency and user governance.
Huobi’s HTX Benefits Unleashed:
Additionally, the conversion from HT to HTX triggers a cascade of benefits for token holders, effective February 2, 2024. The new benefits structure for Exchange holders replaces the existing perks associated with HT, including removing “Reduce spot/futures fees with HT Deduction” and introducing “Reduce fees with Exchange Deduction.” This change promises a 25% discount on spot trading fees, a 5% discount on futures trading fees, and a deduction of margin loan interest with HTX.
Furthermore, holding Exchange will now boost Prime membership levels, marking a paradigm shift in the valuation of assets within the Huobi ecosystem. The announcement also outlines changes in Rockets calculations, small balance conversions, and the auto-transfer of HT assets.
The strategic conversion of HT to HTX is accompanied by a carefully planned listing schedule for Exchange. Starting on January 20, 2024, at 06:00 UTC, users can deposit HTX, and the conversion service will be available from January 22, 2024, at 08:00 UTC, facilitating a seamless transition for HT holders to the new token.
Subsequent stages include the launch of P2P trading for Exchange, availability of Earn products, spot trading listings, and the initiation of withdrawal services. This phased rollout ensures a smooth transition for users while introducing enhanced features and benefits associated with Exchange.
As Huobi Token undergoes this evolutionary transformation under the leadership of Justin Sun, the cryptocurrency community eagerly anticipates the broader market impact. Huobi’s strategic move towards decentralized governance and enhanced benefits for Exchange holders position the platform as a forward-thinking player in the rapidly evolving cryptocurrency landscape.