Business News Report
January 18, 2024

HTX Unveils HTX DAO in a Strategic Move Towards Decentralization

HTX Unveils HTX DAO, Drives toward Decentralization

Cryptocurrency exchange HTX today officially announced the launch of HTX DAO, outlining its intentions to evolve into a decentralized platform and implement a decentralized governance system. The move positions it as the first among major cryptocurrency exchanges to adopt a decentralized framework.

Coinciding with the celebration of the exchange’s 10th anniversary, the announcement highlights HTX founder Justin Sun’s dedication to nurturing ongoing growth for the platform.

In the post shared on social media X, Justin Sun disclosed that HTX DAO is set to list platform’s native currency. The HTX founder conveyed that every HTX token holder will have the opportunity to engage in project governance.

Going beyond the conventional practice of using platform currency solely for exchange revenue repurchase, Justin Sun articulated a vision where the platform’s currency, as an asset class, will play a more profound role. This includes actions such as the deliberate destruction of currency fees and gases, extending into the deep-level structures of the exchange’s decision-making, governance and operations.

He emphasized that in the future, HTX DAO will possess decision-making capabilities facilitated by the community. The DAO community, in this context, is envisioned to generate representatives who genuinely believe in Huobi and the blockchain industry. These representatives would actively engage in decision-making processes, effectively addressing the challenges that lie ahead.

Additionally, Justin Sun emphasized the future need for governance capabilities within HTX DAO, envisioning the creation of the Huobi HTX Senate by the DAO. Representatives within this Senate would participate in active debates regarding the future trajectory of Huobi, offering valuable feedback in alignment with community expectations. 

Moreover, HTX DAO will provide users with the opportunity to engage in voting processes using the platform’s tokens. Over time, the vision is for HTX currency holders to transition into owners of the platform. This underscores a commitment to inclusivity and democratic participation within the HTX community, where users, through their token holdings, can actively contribute to decision-making processes and, ultimately, assume a stake in the platform’s ownership.

He highlighted that the operations of centralized exchanges remain centralized. The proposition for HTX is to pioneer as the first decentralized, democratic and autonomous exchange.

HTX’s Ongoing Transformation 

Established in 2013, HTX transformed from being solely a cryptocurrency exchange to developing into a multifaceted ecosystem encompassing various aspects of blockchain enterprises, including digital asset trading, financial derivatives, wallets, research, investment, incubation and other sectors. In the course of its 10th-anniversary celebration held last year, Huobi officially rebranded its name, transitioning from “Huobi” to “HTX.”

Recently, the exchange completed a token destruction process, burning approximately 2.96 million Huobi Tokens (HT) during the fourth quarter of 2023. This initiative was undertaken to bolster the platform’s transparency and facilitate its alignment with industry standards.

The new announcement of HTX DAO launch signifies HTX’s pivotal move toward decentralization, highlighting its commitment to serving the community.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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Alisa Davidson
Alisa Davidson

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at [email protected]

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