Sun Yuchen attends HTX DAO 2024 and the launch ceremony of People's Exchange: Building火币HTX as the People's Exchange
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Sun Yuchen attends HTX DAO 2024 and the launch ceremony of People's Exchange: Building火币HTX as the People's Exchange
This launch event unveiled the beginning of Huobi HTX's decentralization journey, marking that the People's Exchange will become its core ethos.
Navigating Web3 tides with focused insightsOn February 2, the HTX DAO 2024 launch event and People's Exchange initiation ceremony took place in Singapore. The event marked the beginning of Huobi HTX's decentralization journey and signified that the People's Exchange would become its core ethos.
At the event, Sun Yuchen, core supporter of HTX DAO and global advisory board member of Huobi HTX, delivered a keynote speech interpreting the concept of the first-ever People's Exchange. He also joined members of the HTX DAO Governance Committee, ecosystem participants, and industry media to discuss governance models for HTX DAO and the People's Exchange.
HTX DAO: Empowering the Community
Sun Yuchen emphasized that to prevent tragedies like FTX and Mt. Gox from recurring, only a decentralized governance model can unlock the ceiling on asset scale amid continuous industry growth and ensure long-term security of user assets. Only through decentralization can the blockchain and exchange industry reach trillions of dollars in asset size. HTX DAO will lead industry evolution and establish a new paradigm for protecting user asset security in the exchange sector.
HTX DAO was officially established on January 18 as a leading decentralized autonomous organization within the blockchain ecosystem, focusing on open finance and decentralized tokenized economies. The name encapsulates its characteristics and strategic direction as a decentralized autonomous organization:
"H" symbolizes Huobi HTX Exchange, highlighting its role as the largest liquidity contributor within the HTX DAO ecosystem;
"T" represents TRON, symbolizing the technological innovation driving the HTX DAO ecosystem forward;
"X" stands for transformation and potential, embodying the core beliefs of HTX DAO’s vision. "X" also represents numerous renowned entities forming the foundation of the DAO ecosystem, which will ultimately become integral components of the HTX DAO ecosystem.
Sun Yuchen stated that Huobi HTX aims to build a decentralized, democratically governed exchange — a goal achievable through HTX DAO. Holders of the $HTX token will have voting rights on listing decisions, questioning proposals, and governance matters, helping guide Huobi HTX along its decentralization path and ultimately becoming true owners of the platform.
HTX DAO Gives Huobi HTX a Second Life
At the ceremony, Sun Yuchen declared that HTX DAO would give Huobi HTX a second life, guiding its development over the next decade through decentralized governance, enabling Huobi HTX to operate sustainably and healthily like an enduring civilization.
According to him, supported by HTX DAO and $HTX, Huobi HTX will retain its centralized operational structure while gaining new decentralized governance, branding, and decision-making frameworks, showcasing the vitality and competitiveness of a democratic community.
In Sun Yuchen’s view, HTX DAO will possess community decision-making, governance, and operational capabilities, capable of forming a Huobi HTX Senate that actively debates and decides on Huobi HTX’s development — truly emerging from the community and serving the community, making Huobi HTX a genuine People's Exchange.
Notably, beyond Huobi HTX, projects and institutions including Ankr, Spark Digital Capital, Double Peak Capital, Zebec, Merkle 3s Capital, TRON, BitTorrent, JustLend DAO, Poloniex, Sun.io, Spark, Stratified Capital, stUSDT, and APENFT have all joined as contributors to the HTX DAO ecosystem. Meanwhile, as ecosystem builders, Huobi HTX, TRON, BitTorrent, and APENFT will contribute funds to boost liquidity within the HTX DAO ecosystem, collectively advancing its development.
Sun Yuchen concluded that Huobi HTX has completed a centralized decade and now hopes to achieve a decentralized transformation in the coming ten years — establishing fully democratic mechanisms, complete transparency visible to all, and becoming a true People's Exchange.
The launch event attracted widespread attention from the Huobi HTX community and the crypto market. Leading Web3 institutions such as Fireblocks, HashKey, Bithumb, and Paradigm, along with media outlets including The Wall Street Journal, The Korea Times, FT Chinese, The Straits Times, Jinse Finance, and PANews, attended the ceremony.
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