In a significant development, Huobi Token (HT) is undergoing a transformative shift as HTX, under the helm of Justin Sun, sets in motion the conversion from HT to HTX. Meanwhile, the move, outlined in a recent press release, unfolds an array of changes, including the listing of HTX DAO (HTX) and the option for HT holders to voluntarily exchange their tokens.

Notably, this strategic maneuver aims to reshape the benefits structure and usher in a new era for the Huobi ecosystem.

Justin Sun’s Huobi Unveils HT Evolution

HTX’s press release outlines the commencement of the conversion process, with the listing of HTX DAO (HTX) and the invitation for HT holders to participate voluntarily. Starting on January 22, 2024, users can log in to their HTX accounts and seamlessly convert HT to HTX. Notably, the conversion period extends until January 20, 2025, offering a window for users to make the switch.

Meanwhile, the announcement emphasizes that earlier conversions and additional assets will secure users a more favorable conversion rate. This move aligns with the growing trend of decentralized autonomous organizations (DAOs) in the crypto space, enhancing transparency and user governance.

In addition, HTX DAO’s conversion from HT triggers a cascade of benefits for token holders. Commencing on February 2, 2024, the benefits structure for HTX holders will replace the existing benefits associated with HT.

Notably, key changes include the removal of “Reduce spot/futures fees with HT Deduction” and the introduction of “Reduce fees with HTX Deduction.” This change promises a 25% discount on spot trading fees, a 5% discount on futures trading fees, and a deduction of margin loan interest with HTX.

Moreover, Prime membership levels will now be boosted by holding HTX instead of HT, marking a paradigm shift in the valuation of assets within the Huobi ecosystem. The announcement also details changes in Rockets calculations, small balance conversions, and the auto-transfer of HT assets.

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HTX Listing Schedule

The conversion of HT to HTX is accompanied by a strategic listing schedule for HTX. Commencing on January 20, 2024, at 06:00 UTC, users can deposit HTX. Meanwhile, the conversion service will be available from January 22, 2024, at 08:00 UTC, allowing HT holders to seamlessly transition to the new token.

Notably, the subsequent stages include the launch of P2P trading for HTX, the availability of Earn products, listing for spot trading, and the commencement of withdrawal services. This phased rollout ensures a smooth transition for users while introducing them to the enhanced features and benefits associated with HTX.

As Huobi Token undergoes this evolutionary transformation under Justin Sun’s leadership, the cryptocurrency community awaits the unfolding impact on the broader market. The strategic move towards decentralized governance, coupled with enhanced benefits for HTX holders, positions Huobi as a forward-thinking player in the rapidly evolving cryptocurrency landscape.

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The post Justin Sun’s Huobi Announces Major Conversion From HT to HTX appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am