In a groundbreaking move, leading cryptocurrency exchange HTX launched its DAO today, marking a bold transition towards a decentralized platform and governance system. The decision positions HTX as the first major exchange to embrace a DAO structure.
The announcement, which coincided with the commemoration of the exchange’s 10th anniversary, underscores Justin Sun’s commitment to fostering continuous expansion for the platform. The HTX boss revealed that HTX DAO was preparing to list the platform’s native currency. Sun added that HTX token holders will have the chance to participate in project governance.
Moving beyond the traditional approach of using platform currency exclusively for repurchasing exchange revenue, Sun expressed a vision in which the platform’s currency, treated as an asset class, will assume a more significant role. This involves initiatives such as the intentional elimination of currency fees and gas, penetrating deep into the foundational structures of the exchange’s decision-making, governance, and operations.
Moving forward, HTX DAO will hold decision-making authority facilitated by the community. In this context, the DAO community is envisioned to produce representatives who truly have faith in Huobi and the blockchain industry. These representatives will actively participate in decision-making processes, adeptly addressing the challenges that lie ahead.
Sun stressed the imminent need for governance capabilities within HTX DAO, envisioning the establishment of the Huobi HTX Senate by the DAO. Members of this Senate would actively participate in discussions concerning the future direction of Huobi, providing valuable input in harmony with community expectations.
In addition, HTX DAO will enable users to partake in voting procedures using the platform’s tokens. Over time, the objective is for HTX currency holders to transition into becoming proprietors of the platform. This indicates a dedication to inclusivity and democratic involvement within the HTX community, where users, through their token holdings, can actively contribute to decision-making processes and, ultimately, acquire a stake in the platform’s ownership.
He also pointed out that the operations of centralized exchanges remain centralized. The proposition for HTX is to lead as the inaugural decentralized, democratic, and autonomous exchange.
Can HTX Avoid the Pitfalls of Founder Feuds?
It’s no secret that DAOs often promise a utopian vision of community-driven governance and shared success. However, recent clashes between founders and communities in decentralized communities like Azuki DAO, BanklessDAO, and several others have cast a shadow of doubt on this dream. One question rings loud: can HTX DAO steer clear of the treacherous waters of founder feuds or will the DAO become a playing field for whale holders?
