HTX to Initiate the $HT to $HTX Conversion for a New Chapter of Decentralized Governance
Singapore
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January 24, 2024 02:23 PM Eastern Standard Time
Singapore, January 24, 2024 - HTX, the cryptocurrency trading platform, is set to list HTX DAO's governance token, $HTX, and support converting $HT to $HTX. This move signifies the decade-long exchange's full adoption of the decentralized governance approach, ushering in a new era where industry-wide users are a part of the decision-making process.
Announcement link: https://www.htx.com/support/en-us/detail/104958763476521
$HT to $HTX Conversion: Redefining the Cryptocurrency Exchange
HTX DAO, an open, transparent decentralized autonomous organization (DAO), plays a pivotal role in the empowerment of the HTX exchange with profound market insights and robust community-driven strength. On the occasion of the establishment of HTX DAO, Justin Sun, a member of HTX's Global Advisory Board, emphasized that platform tokens are a groundbreaking innovation in the blockchain industry. He noted that these tokens, recognized as a new asset class, fostered a new sector that had flourished the entire crypto space. However, Sun stressed that empowering platform tokens should not merely focus on simple moves such as exchange buybacks and the burning mechanism for the public chain platform tokens. Instead, these tokens should delve deeper into the key aspects of exchange businesses, including decision-making, governance, and operations for genuine decentralization, he added.
According to HTX's official announcement, the service of converting $HT to $HTX will be available starting on January 22, 2024, at 08:00 (UTC). $HT holders can log in to their HTX accounts and exchange $HT for $HTX with a simple click of Confirm to Convert on the conversion page. Users have the choice to complete the conversion at any time between January 22, 2024, 08:00 (UTC) and January 20, 2025, 08:00 (UTC). After January 20, 2025, 08:00 (UTC), HTX will no longer provide conversion services.
Additionally, users can choose to make conversions through the HTX app or website. The $HT to $HTX conversion channel is accessible via the app (Home/Assets/Trade pages) or website (Activity/Assets/Trade on the navigation bar). On the conversion page, enter your desired amount of $HT to be converted in the upper field. Then, the corresponding amount of $HTX you can receive will be displayed in the lower field. Tap Confirm to Convert to start a conversion and tap Claim when your $HTX is available to get your $HTX credited to your Spot account.
Explore Ways to Build New Order Through $HTX
As the governance token of HTX DAO, $HTX seeks to catalyze a vibrant ecosystem by facilitating decentralized decision-making and granting the voting right. This will motivate every participant to play their crucial role in shaping decentralization governance and blockchain innovation. However, the achievement of the new order never happens overnight. In the transition phase, $HTX will inherit certain features and benefits from $HT.
As per HTX's official announcement, benefits regarding $HT will be migrated to $HTX on February 2, 2024, at 06:00 (UTC), enabling users' continuous privileges. This includes:
1. Replacing "Reduce spot/futures fees with HT Deduction" with "Reduce spot/futures fees with HTX Deduction"
The benefits of offsetting spot and futures trading fees as well as margin loan interest with $HT will be ceased starting on January 22, 2024, at 05:00:00 (UTC). Meanwhile, starting from February 2, 2024, at 06:00:00 (UTC), users holding $HTX will be able to enjoy the following benefits when the fee discount options are chosen in My Fee Rates: a 25% discount on spot trading fees, a 5% discount on futures trading fees, and deduction of margin loan interest with $HTX.
2. Prime membership level boosted by holding $HTX, instead of $HT
The Prime membership level-up through holding $HT will be discontinued on January 22, 2024. At the same time, starting from February 3, 2024, at 00:00:00 (UTC), $HTX assets (converted to USDT at the closing price of a day and multiplied by 1.5) will be counted towards users' total assets of the previous day, which facilitates the Prime advancement.
3. Rockets multiplied by $HTX, instead of $HT
On January 22, 2024, the $HT multiplier for Rocket calculation will no longer be effective . Instead, Rockets will be boosted by holding $HTX, effective on February 3, 2024 at 00:00:00 (UTC). Users holding $HTX will enjoy the benefit of $HTX asset value multiplied by 3 in USDT towards the calculation of Rockets.
4. Replacing "Convert small balances to HT" with "Convert small balances to HTX"
The feature of "Convert small balances to HT" will be discontinued on January 22, 2024, at 05:00:00 (UTC) while the new feature of "Converting small balances to HTX" will be launched on February 2, 2024, at 06:00:00 (UTC).
Revolution of the Centralized Exchange
The operations of centralized exchanges across the entire cryptocurrency industry remain highly centralized. Platform token holders have no say in governance such as crypto listings. HTX reportedly aims to become the first decentralized exchange and the first democratically autonomous exchange, and all of this will be realized through HTX DAO.
In the future, as a governance token, $HTX will explore more features and application scenarios, assisting HTX DAO in enhancing the transparency and efficiency of HTX for blockchain governance. It will help establish a more open, diverse, free, and innovative cryptocurrency ecosystem, differentiating HTX DAO from traditional cryptocurrency projects and exchanges.
As Justin Sun stated, "HTX DAO will give a second life to HTX, and the belief of 'the People's Exchange' will grow as the core spirit of HTX. It is destined to be a revolution for the centralized exchange."
About HTX
Founded in 2013, HTX has evolved over a decade from a simple cryptocurrency exchange to a comprehensive blockchain business ecosystem. This expansion covers a wide range of services including digital asset trading, financial derivatives, wallets, research, investments, incubation, and more. As a world-leading portal to Web 3.0, HTX is committed to a growth strategy focused on global expansion, ecological prosperity, wealth effect, and safety and compliance. This approach enables us to offer comprehensive, safe, and reliable services and value to virtual currency enthusiasts around the world, reinforcing our position as a global gateway to Web3.
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