The Huobi team destroyed 41 million HT. What is the connection between the HTX DAO supported by Justin Sun?

TRON founder Justin Sun officially launched the decentralized autonomous organization HTX DAO on January 19 last week. He claimed that through this move, Huobi will gain a second life and build it into a “people’s exchange.”

Huobi announces cooperation with HTX DAO

Huobi issued an announcement on January 19 announcing a series of new plans. These programs include marketing campaigns, community rewards and feedback programs, etc. At the same time, they also plan to integrate $HTX (HTX DAO governance token) into the existing ecosystem and develop new goods and services based on it. The goal of these plans is to expand $HTX’s influence and application scenarios in the blockchain industry.

Huobi stated that it will donate 50% of the platform’s revenue to the liquidity of HTX DAO. In addition, Huobi encouraged original holders of the platform currency HT to convert them to HTX, and released details of the token conversion on January 20.

• Redeemable crowd: for $HT holders to voluntarily redeem

• Redeem time: 16:00 on January 22, 2021, Beijing time By 16:00 on January 20, 2025

• $HT related rights and interests will be migrated to $HTX

at 14:00 on February 2, 2024

The Huobi team destroyed all HT, jumping over 7%

On the evening of yesterday (22nd), Sun Yuchen posted on X that as part of the HTX DAO launch plan, the Huobi team has destroyed All 41 million $HT (worth approximately $78.31 million) it owned.

Inspired by this, HT bucked the trend and rose despite the overall market decline driven by BTC. It jumped 7.6% in the past 24 hours and was currently trading at $1.98 at the time of writing.

However, it should be noted that the price of HT plummeted from the level of 2.4 US dollars after the HTX DAO plan was disclosed. To return to the previous level, it needs to rise by at least 20%.

What is HTX DAO?

What is the HTX DAO that Brother Sun strongly recommends? According to the official white paper, HTX DAO is a decentralized autonomous organization. HTX represents three meanings:

• "H" represents HTX exchange, which contributes to the liquidity of the HTX DAO ecosystem. The largest, showing the important role of this exchange in the HTX DAO ecosystem.

• "T" stands for TRON, which is the technical foundation of HTX tokens.

• The "X" represents change and potential, integrating the core concepts of the platform's vision. At the same time, "X" also represents a large number of project entities that have laid the ecological foundation of HTXDAO and are widely praised.

Token Economics

• Token distribution: The initial total supply of $HTX is 999,990,000,000,000 coins, among which early contributors and public distribution Accounting for 19%, community direct plan accounts for 19%, developer funding accounts for 10%, R&D accounts for 10%, ecological support accounts for 10%, partners accounts for 15%, and platform development accounts for 17%

• $HT to $HTX: Voluntary exchange, HTXDAO has reserved part of $HTX

Participate in governance

Although HTX DAO emphasized that $HTX and Huobi ( HTX) has the same name, but $HTX is neither Huobi’s platform currency nor an upgraded version of $HT. However, in the future, HTX will replace all the current discounts of HT on Huobi Exchange. In fact, it will replace HT.

In addition, although holders can initiate proposals and vote in the community. But the official also said: "The preliminary evaluation or voting of the proposal may not be implemented. The implementation of the proposal needs to be supported by the development team, conduct a comprehensive code audit, and finally be deployed by the multi-signature administrator." In other words, the development team still has the final say Discretion.

Although Justin Sun has expressed a grand vision for the future of HTX DAO, a number of crypto KOLs have also expressed their support, saying that this is an excellent opportunity for Justin Sun to drive investors to get rich and prove himself. However, it is difficult to say whether HTX DAO will actually operate as Sun Yuchen envisioned. Many people in the community have questioned HTX DAO. How it will develop in the future still needs to be continuously observed.

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