Huobi’s HT TOKEN Transforms into HTX as Exchange Announces New Changes

Huobi banner with an extra logo

With the launch of the HTX TOKEN, Huobi aims to streamline its reward system and focus on platform functionality. Notably, the exchange will be “canceling almost all HT-related preferential functions,” including discounts on transaction fees. However, it will offer a conversion option, allowing HT TOKEN holders to exchange their old coins for HTX at a 1:1 ratio.

A Departure from Token-Based Incentives

In a major shift, Huobi, the digital asset exchange acquired by Justin Sun, is phasing out its original platform coin, HT TOKEN, in favor of a new iteration: HTX TOKEN. This move marks a strategic pivot for the exchange, prioritizing platform features over token-based incentives.

This decision reflects a broader trend in the crypto exchange landscape, as platforms move away from relying solely on token-based incentives to attract users. Instead, the focus is shifting towards providing robust features and competitive trading experiences.

Earlier Conversion Bear Favorable Rate

A blog post from Huobi titled “HTX to List HTX DAO ($HTX) and Support Conversion from $HT to $HTX” stated:

“Starting on January 22, 2024, at 08:00 (UTC), the service of converting $HT to $HTX will be available. More assets and earlier conversion will reward you with a more favorable conversion rate. Please stay tuned!”

With the introduction of HTX, Huobi seeks to enhance its platform capabilities, potentially attracting new users and retaining existing ones by offering a superior trading environment. While some HT TOKEN holders may miss the previous perks, the exchange assures them that HTX will offer “more comprehensive platform functions and benefits” in the future.

A Turning Point for Huobi

The success of this transition will hinge on Huobi’s ability to deliver on its promises. Offering compelling reasons for users to choose HTX and demonstrating the real-world advantages of its enhanced features will be crucial in ensuring a smooth transition and garnering sustained support for the new token.

This development marks a significant turning point for Huobi, signaling a renewed focus on its platform’s core functionalities and a potential departure from the traditional model of heavily relying on token-based incentives. As the exchange navigates this transition, the industry will watch with keen interest to see whether HTX successfully paves the way for a new era of Huobi.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.