Huobi HTX to Launch HT-to-HTX Conversion: Ushering in a New Era of Decentralized Governance
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Huobi HTX to Launch HT-to-HTX Conversion: Ushering in a New Era of Decentralized Governance
HT to HTX, redefining the cryptocurrency exchange.
Navigating Web3 tides with focused insightsOn January 20, cryptocurrency exchange platform Huobi HTX announced the upcoming launch of HTX, the governance token for HTX DAO, and support for HT conversion. This marks Huobi HTX's full transition into decentralized governance, ushering in a new era where users participate directly in decision-making within the crypto space.
From HT to HTX: Redefining the Cryptocurrency Exchange
HTX DAO is a transparent, decentralized autonomous organization designed to provide Huobi HTX with deep market insights and robust community-driven momentum. At the founding of HTX DAO, Sun Yuchen, member of Huobi HTX’s Global Advisory Board, stated that exchange tokens represent a great innovation in the blockchain industry—one that has created an entire asset class, spurred a new sector, and invigorated an entire industry. However, exchange tokens should not remain limited to superficial utilities such as buybacks using exchange revenue or partial burning of trading fees on public chains. Instead, they must evolve deeper into the core structures of exchange operations—decision-making, governance, and management—truly transforming exchanges by decentralizing their soul.
According to Huobi HTX’s official announcement, the HT-to-HTX conversion page will go live on January 22 at 16:00 (UTC+8). HT holders can log into their accounts and click “Confirm Conversion” on the designated page to complete the swap. Users may perform the conversion at any time between January 22, 2024, 16:00 (UTC+8) and January 20, 2025, 16:00 (UTC+8). After this period, Huobi HTX will no longer support the conversion.
Users can choose to convert via either the Huobi HTX mobile app or web platform. Entry points for the HT-to-HTX conversion are available on the homepage, assets page, or trading page of the app, as well as through the top navigation bar—under Activities, Assets, or Trading pages on the web version. On the conversion page, users enter the amount of HT they wish to convert in the upper field, and the corresponding amount of HTX they will receive appears in the lower field. After clicking “Confirm Conversion,” users then click the “One-Click Claim” button to withdraw HTX directly into their spot account.
Exploring and Establishing a New Order Under HTX
As the governance token of HTX DAO, HTX promotes distributed decision-making and grants voting rights, aiming to catalyze a vibrant ecosystem where every participant plays a key role in shaping the future of decentralized governance and blockchain innovation. However, establishing this new order is not instantaneous—it is an ongoing process. During the transition phase, HTX will inherit certain functions and benefits previously associated with HT.
According to Huobi HTX’s official announcement, after HT is converted to HTX, related benefits will be migrated uniformly to HTX starting February 2, 2024, at 14:00 (UTC+8). Specific updates include:
1. HTX will replace HT for trading fee discounts
Starting February 2, 2024, at 14:00:00 (UTC+8), users holding HTX who select rate preferences under "My Fees" will enjoy a 25% discount on spot trading fees (75% of standard rate) and a 5% discount on futures trading fees (95% of standard rate), along with HTX-based offsetting of margin interest.
2. Prime membership tier acceleration will use HTX holdings instead of HT
Starting February 3, 2024, at 08:00:00 (UTC+8), users holding HTX will have their total assets calculated based on “1.5x the USDT equivalent of the daily HTX closing price” when determining eligibility for Prime fast-track upgrades.
3. Rocket Value multipliers will be calculated using HTX instead of HT
Starting February 3, 2024, at 08:00:00 (UTC+8), Rocket Value calculations will be based on HTX. Users holding HTX will receive triple-weighted statistics: “HTX balance in USDT equivalent × 3.”
4. Small asset conversions will support HTX instead of HT
Huobi HTX will launch small asset conversions to HTX on February 2, 2024, at 14:00:00 (UTC+8).
A Revolution for Centralized Exchanges
Across the broader crypto industry, centralized exchanges remain highly centralized in operation—holders of exchange tokens typically have no say in listing decisions or other governance matters. Huobi HTX aims to become the first truly decentralized exchange, the first democratically self-governed exchange, and this transformation will be realized through HTX DAO.
In the future, HTX as a governance token will explore additional functionalities and use cases, helping HTX DAO enhance transparency and efficiency in blockchain governance for Huobi HTX. The goal is to build a more open, diverse, free, and innovative crypto ecosystem, setting HTX DAO apart from traditional cryptocurrency projects and centralized exchange platforms.
As Sun Yuchen put it, “HTX DAO will give Huobi HTX a second life. The concept of a ‘people’s exchange’ will become the core spirit of Huobi HTX—this is destined to be a revolution for centralized exchanges.”
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