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Huobi’s HTX Revolution: Justin Sun Leads Token Evolution With Enhanced Benefits

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In a groundbreaking revelation, HTX, under the leadership of Justin Sun at Huobi, is poised for a substantial transformation, transitioning from Huobi Token (HT) to HTX. This strategic initiative, disclosed in a recent press release, brings forth a range of modifications, such as the introduction of Exchange DAO (HTX) and the opportunity for HT holders to exchange their tokens voluntarily. The overarching goal of this transformative maneuver is to reshape the benefits structure and inaugurate a new era within the Huobi ecosystem.

The press release from Exchange details the initiation of the conversion process, unveiling the listing of HTX DAO, and extending an invitation to HT holders for voluntary participation. Beginning on January 22, 2024, users can seamlessly convert HT to HTX by logging into their Exchange accounts. The conversion period spans until January 20, 2025, allowing users to switch.

Early conversions and the inclusion of additional assets can secure users a more favorable conversion rate. This move aligns with the prevailing trend of decentralized autonomous organizations (DAOs) in cryptocurrency to enhance transparency and user governance.

Huobi’s HTX Benefits Unleashed:

Additionally, the conversion from HT to HTX triggers a cascade of benefits for token holders, effective February 2, 2024. The new benefits structure for Exchange holders replaces the existing perks associated with HT, including removing “Reduce spot/futures fees with HT Deduction” and introducing “Reduce fees with Exchange 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.

Furthermore, holding Exchange will now boost Prime membership levels, marking a paradigm shift in the valuation of assets within the Huobi ecosystem. The announcement also outlines changes in Rockets calculations, small balance conversions, and the auto-transfer of HT assets.

The strategic conversion of HT to HTX is accompanied by a carefully planned listing schedule for Exchange. Starting on January 20, 2024, at 06:00 UTC, users can deposit HTX, and the conversion service will be available from January 22, 2024, at 08:00 UTC, facilitating a seamless transition for HT holders to the new token.

Subsequent stages include the launch of P2P trading for Exchange, availability of Earn products, spot trading listings, and the initiation of withdrawal services. This phased rollout ensures a smooth transition for users while introducing enhanced features and benefits associated with Exchange.

As Huobi Token undergoes this evolutionary transformation under the leadership of Justin Sun, the cryptocurrency community eagerly anticipates the broader market impact. Huobi’s strategic move towards decentralized governance and enhanced benefits for Exchange holders position the platform as a forward-thinking player in the rapidly evolving cryptocurrency landscape.

Huobi’s Explosive Tactic: A 20% Revenue Inferno Ignites Q3!

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Huobi, one of the leading cryptocurrency exchanges, made waves in the crypto world with its recent announcement of burning a significant number of Huobi Tokens (HT) in the third quarter of 2023. A total of 2,062,217 HT was sent into the blockchain ether, signifying a substantial event in the cryptocurrency market. The burn was made possible by allocating 20% of Huobi’s Q3 revenue, which amounted to approximately US$24.75 million. This strategic decision reveals an intriguing insight into Huobi’s financial health and its commitment to token management.

To comprehend the significance of this move, it’s essential to consider the backdrop. In the first two quarters of 2023, the exchange reported revenues of US$16.55 million and US$26.91 million, respectively. The Q3 revenue of US$24.75 million not only surpassed the first quarter but also came remarkably close to the second-quarter figure. This suggests that the exchange’s financial performance is maintaining its resilience in an ever-fluctuating market.

Huobi’s Tokenomics Commitment

The decision to burn HT reflects the exchange’s commitment to tokenomics and the well-being of its ecosystem. By reducing the supply of HT, the exchange aims to create scarcity, potentially leading to an increase in the token’s value. Additionally, this strategic move can be seen as a way to give back to the community of HT holders by enhancing the intrinsic value of their tokens.

This burn also raises questions about Huobi’s revenue model. The exchange has historically been regarded as one of the financially sound crypto platforms, and this decision might not impact its operations negatively. Nonetheless, it underscores the dynamic nature of the cryptocurrency market and the exchange’s determination to adapt to it.

In conclusion, Huobi’s burn of 2,062,217 HT in Q3 2023, funded by 20% of its revenue, has been a noteworthy event in the crypto sphere. It demonstrates the exchange’s financial stability, commitment to its community, and dedication to token economics. As Huobi continues to evolve and navigate the crypto landscape, it’s a development worth watching closely for all crypto enthusiasts and investors.

Huobi Empowers HT Ecosystem With 1.95M Token Burn In Q2 2023

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Huobi, the renowned cryptocurrency exchange, has recently announced its burning of a staggering 1,950,555 Huobi Tokens (HT) during the second quarter of 2023. This development comes as part of Huobi’s commitment to enhancing the value and sustainability of HT. 

By burning 20% of its revenue, which amounted to approximately $26.91 million in Q2, Huobi aims to reduce the circulating supply of HT and strengthen its market position.

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As of July 15, 2023, the exchange has burned an impressive 298,940,224 HT. The circulating deflation rate for the quarter was calculated at 0.9066%, demonstrating the impact of the burning mechanism. The current circulating supply of HT stands at 159,153,756 HT, derived from the existing supply of 201,050,000 HT.

In a significant announcement, the exchange has revealed its plans to upgrade the HT burning mechanism. In response to community feedback and to align with industry norms, it will transition from monthly to quarterly burning. 

Huobi’s Commitment To Transparency & Improvement

This change increases transparency and allows for a more comprehensive disclosure of HT burn data. Going forward, the burn figures for each quarter will be released on the 15th of the first month of the subsequent quarter.

The HT burning mechanism allocates 20% of the exchange’s revenue toward the burning process. Its revenue comprises trading fees from various platforms, interest on loans, withdrawal fees, and revenue from different products and services. By transitioning to quarterly burns, Huobi aims to improve the transparency and effectiveness of the process.

Huobi has been making waves beyond its burning mechanism as well. The exchange has become the first member of the Hong Kong Virtual Assets Consortium (HKVAC), an organization focused on bolstering security risk management and establishing Hong Kong as a leading hub for virtual assets and digital finance. 

Additionally, the exchange has partnered with Gala Games, intending to collaborate on Web3 development and integrate with the Gala layer-1 blockchain.

Nevertheless, as the exchange continues to innovate and adapt, it acknowledges the vital role played by its community. By actively engaging with users and embracing industry best practices, Huobi remains committed to building a stronger and more prosperous future for HT. 

With the unwavering support and contributions of its community members, Huobi aims to solidify its position as a top-tier cryptocurrency exchange.

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Huobi’s Trademark Battle Ignites A Green Spark For Huobi Token

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Huobi founder Li Lin has taken legal action against Huobi Global, filing a trademark infringement lawsuit in the High Court of the Hong Kong Special Administrative Region. 

The lawsuit alleges that Huobi Global has been unlawfully using the Chinese trademark “火币” without proper authorization.

The controversy arose from the acquisition of the exchange by Justin Sun, a prominent figure in the cryptocurrency industry, who purchased the company for a staggering sum of over $1 billion just last year. 

Trouble between the parties escalated when Sun froze the account belonging to Li Lin’s brother and accused him of dumping HT earlier this year.

According to exclusive information obtained by Wu Shuo, a reliable source in the cryptocurrency sector, X-Spot Co., Ltd., a company controlled by Li Lin, officially filed a lawsuit against the exchange. 

The legal action asserts that X-Spot Limited, as the rightful owner of the exchange trademark, has not authorized Huobi Global to use the brand name.

During the acquisition process, when the original shareholders transferred their Huobi Global shares to About Capital Management, they explicitly agreed to maintain the exclusive rights to the “Huobi” trademark.

The equity transfer and asset delivery agreement between the parties explicitly prohibited the buyer and the exchange from utilizing the “Huobi” trademark and brand. These measures were put in place to safeguard X-Spot Limited’s exclusive rights.

Huobi Token Price Analysis

Despite the ongoing legal battle, the exchange’s token has shown promising signs in recent days. Both the daily and weekly charts have witnessed notable gains as the cryptocurrency turned green, indicating positive market performance. It appears that the token’s value remains unaffected by the legal turmoil surrounding its parent company.

According to the latest data from CoinMarketcap, HT is currently trading at $2.70, showcasing a bullish upside ride of approximately 4% within the past 24 hours. The weekly chart also displays an increase of 1.89%, signifying a touch of market volatility.

HT 1D graph coinmarketcap
Huobi's Trademark Battle Ignites A Green Spark For Huobi Token 3

Drawing attention to HT’s trading volume, it has observed a notable increase of 13.20% to a staggering $17,508,810,578. The market capitalization has experienced a decrease of 4.27%.

Related Reading |  Tether Extends Its Reach: Launches USD₮ On Kava Blockchain, Strengthening DeFi Ecosystem 

Huobi Token (HT) 24-Hours Trading Volume Soars By 30%: Details

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The Huobi Token (HT) trading volume has surged dramatically over the last day, by almost 30%, indicating that the token is now on the uptick.

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Source: Coinmarketcap

Recent news of significant workforce reductions, mandatory stablecoin salary payments, and the shutting down of internal employee communication channels at Huobi has had a negative impact on the performance of the exchange’s native token and trading activity.

After a company representative disclosed the exchange’s intention to decrease its workforce by 20%, CoinMarketcap data reveals that the value of its HT token has dropped by approximately 11% to a low of $4.33 on January 6th from a high of $5.20 on January 1st.

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Source: CoinGecko

Nevertheless, despite lots of trouble at the exchange, the token, which had fallen as low as $4.33, has begun to make a slow comeback. According to statistics from CoinMarketcap, it is presently trading at $4.86, up 2% in the past 24 hours.

Huobi Market Shares Drop To Just 4%

Kaiko’s research report reveals that in the past year, there has been a significant shift in the market share among cryptocurrency exchanges. Huobi’s market share dropped dramatically, falling from 22% in 2020 to just 4% in 2022. 

The market as a whole has seen consolidation, with Binance emerging as the dominant player in terms of trade volume among both centralized and decentralized exchanges. The largest exchange’s market share rose from 37% in 2020 to 57% in 2022, while OKX’s market share also decreased from 21% in 2020 to 9% in 2022.

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Source: Kaiko

Moreover, the report also highlighted that since FTX’s collapse, USDD, the stablecoin produced by the TRON DAO Reserve and hence intimately tied with TRON founder Justin Sun, has been unable to revert to its peg.

This, coupled with token outflows worth $100mn at Sun-owned exchange Huobi due to solvency fears, saw USDD’s value drop from $0.98 to $0.97 on Friday. Sun, however, demonstrated confidence in Huobi by transferring $100mn in USDC and USDT from Binance to Huobi on the same day. 

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Source: Kaiko

The report states:

While USDD could still regain its peg, Huobi faces an uphill challenge in regaining market share. When looking at the market share of trade volume, Huobi was undoubtedly the biggest loser of the crypto bear market.

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