Justin Sun’s exchange Huobi has revealed significant innovations within its ecosystem, including the conversion of the local coin Huobi Token (HT) to HTX. Meanwhile, the announcement outlined various changes, including an option for holders to participate in the token conversion and HTX DAO (HTX) listing.
Huobi (HTX), acquired by Justin Sun, announced that it will convert the original platform coin HT TOKEN to HTX TOKEN. It will launch the function of exchanging HT for HTX, and will cancel almost all HT-related preferential functions such as deducting transaction fees and convert…
— Wu Blockchain (@WuBlockchain) January 20, 2024
The exchange’s strategic move aims to revolutionize the Huobi network and remodel the user benefits structure.
Huobi Token transforms to HTX
The press release detailed that users could sign in to their HTX accounts from 22 January 2024 and convert their HT assets to HTX. Holders have up to 20 January 2025 to exchange the coins. Moreover, users who transform more assets earlier will enjoy lucrative conversion rates.
Furthermore, renaming HT presents multiple benefits for holders. The exchange will replace the current benefit structure with a new HTX model starting 2 February 2024. Also, traders will enjoy a 5% deduction on futures trading charges and a 25% spot trading fee discount.
Meanwhile, the trading platform will open HTX deposits on 20 January 2024, whereas the conversion option will be open from 22 January 2024 at 8:00UTC. That offers HT holders a chance to usher in the new coin seamlessly.
Huobi Token price outlook
HT reacted negatively to the latest announcement, losing around 12% on its 24-hour price chart to hover at $1.87 during this writing. Further, bears appear to control the trends.
HT 1D Chart on Coinmarketcap
The Relative Strength Index plummeted well below the 50-neutral region to 29.21, indicating amplified selling activities. Also, HT’s daily trading volume declined by 25% to approximately $23 million.
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