- Huobi Token destroys 20 million HT, worth $60 million.
- Moving to HTX DAO indicates giving more power to the community and making decisions in a decentralized way.
Justin Sun, who helps Huobi Token (HT) and started TRON, said today that 20 million HT tokens worth $60 million will be destroyed. This move is a big moment for HT. It means there will be a lot less HT available, with only 134 million left in circulation.
This burn is a way to make the HT ecosystem more decentralized. Simply put, Sun said that the team’s share of tokens has been completely destroyed. This shows a promise to share power and get rid of too much control by a few people.
Justin finished his tweet by saying that HT has turned into a popular internet joke coin that no one person can control. It is fully decentralized and does not have any large amounts of the coin held by one person or group.
20 million HT has been burnt, valued at $60 million. Now, only 134 million HT remains. This burn is just a part of the burn plan, with more HT to be burnt. The portion belonging to the team has been completely burnt. HT has become a meme coin with no control by any individual,…
— H.E. Justin Sun 孙宇晨 (@justinsuntron) February 6, 2024
Two weeks ago, HTX said they are starting HTX DAO ($HTX), which is controlled by the HTX token. HTX DAO wants to be open and honest with the HT community, using the HTX token to make decisions fairly.
HT token holders could change their tokens to HTX, and the exchange rates were good if they did it at the right time. The time to change started on January 22, 2024, and will go on until January 20, 2025. Also, HTX offered several advantages to holders such as lower trading fees, improved Prime membership levels, and increased rewards through Rockets.
As Huobi Token moves towards more decentralization and new ideas, the community supports the burning of tokens and the switch to HTX DAO shows a new beginning for the project. This means the community will have more power and everything will be more open.