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Justin Sun announces Huobi’s rebirth through HTX DAO

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Crypto entrepreneur Justin Sun is causing a wave in the crypto industry with the recent announcement of the HTX DAO. This Decentralized Autonomous Organization (DAO) marks a significant step towards de-centralizing centralized exchanges (CEXs), potentially paving the way for a more democratic and user-driven future.

According to Sun, HTX DAO marks a new chapter for the Huobi exchange, giving it a second life as the first decentralized exchange ever established. This revolutionary move empowers Houbi users with a direct say in the exchange’s governance, a stark contrast to the traditional, single-entity control model of CEXs.

He believes that platform currencies play a crucial role in fostering close ties between exchanges and their communities. By granting HTX currency holders ownership of the platform, HTX DAO aims to deeply integrate users into the Huobi ecosystem, creating a shared sense of responsibility and investment.

Citing CZ’s exit from Binance, he believes that there would be a revolution of exchanges. Sun views HTX DAO as a revolution in the CEX landscape, urging other exchanges to follow Huobi’s lead. He envisions a future where users, not corporations, hold the reins of power, shaping the direction and evolution of crypto trading platforms. 

Furthermore, he stated that when considering the entire industry, it is evident that centralized exchange operations continue to be highly centralized. Given this, Huobi will pioneer the first decentralized, democratic, and autonomous people’s exchange.

He eagerly anticipates and enthusiastically hopes that every exchange will be one for the people, just as HTX DAO.

The effectiveness of DAO governance, potential technical hurdles, and regulatory concerns are all factors that will need to be addressed for HTX DAO to achieve its ambitious goals.

Read also: Honduras’ Prospera special economic  zone recognizes Bitcoin as a unit of account 

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