Huobi Token (HT) experienced an increase of almost 8% following the announcement of the creation of a decentralized autonomous organization (DAO). The conversion of HT into HTX tokens commenced on January 22, with the primary objective of transitioning towards a more decentralized governance model.
DAO Creation Sparks HT Value Increase
The initiation of the Huobi Token (HT) to HTX conversion has sparked a notable surge in the cryptocurrency’s value. As the community anticipates the establishment of a DAO, the HT price has seen a near 8% climb. The conversion process started on January 22, aiming to grant users a say in the exchange’s future developments.
Market Response and Conversion Details
Despite an initial dip in price from $1.86 to $1.72, the HT has made a remarkable recovery, climbing to $1.90, as reported by CoinMarketCap. This recovery marks a 7.8% increase within the past 24 hours. Users interested in converting their HT to HTX have until January 25, 2025, to do so, either via the mobile app or the desktop platform.
HTX Coin Holder Benefits
With the new HTX tokens, holders are set to enjoy a range of benefits. Notably, spot trading fees will be slashed by 25%, and futures trading fees by 5%. These incentives are expected to boost customer engagement with the newly proposed DAO structure.
HTX DAO’s Role and Future
The specifics of the HTX DAO’s role within the crypto exchange’s ecosystem remain unclear. However, the platform has introduced a forum called HTX DAO, where participants can propose and discuss ideas for the trading platform’s development.
Past Security Challenges
Last year, the crypto exchange faced a significant security breach when attackers siphoned close to $8 million in Ethereum (ETH) from the HTX hot wallet. The incident was swiftly addressed, with the hacker identified and an agreement reached for the return of the stolen funds.
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