In 2017, Binance created a new asset class with BNB: exchange platform coins. To this day, platform coins have almost become the standard configuration of major mainstream exchanges and have evolved into an important track in the crypto ecosystem. Relying on the exchange behind it, these platform coins aim to provide users with practical value such as handling fee discounts, IEO participation qualifications, etc. Although most platform coins on the market may be slightly different in terms of functionality, there is no essentially significant difference between them; and $HTX, which just celebrated its first birthday not long ago, is bringing new ideas to the industry.

In fact, calling $HTX a platform coin is not correct. Although the same name as Huobi HTX and although it undertakes some functions similar to platform coins on Huobi HTX - including fee reductions, in essence, $HTX is a native governance token issued by HTX DAO, which is a decentralized autonomous organization completely independent of Huobi HTX. Any $HTX holder can participate in the governance of HTX DAO, including making proposals, voting, etc., to decide how the ecosystem develops.

HTX DAO was established in early 2024 to build a more transparent, efficient and open digital economy ecosystem. Since the establishment of HTX DAO, Huobi HTX has become its ecological builder, providing liquidity, application scenarios and other support for $HTX. According to the official HTX DAO white paper, the "H" in $HTX represents the Huobi HTX Exchange to affirm the latter's outstanding contribution to the ecosystem. In a "reward", Huobi HTX hopes to realize a grand long-term vision through HTX DAO: to govern centralized exchanges in a decentralized way.

Recently, CoinDesk, a well-known blockchain industry media, wrote an article to explain the innovation of $HTX, pointing out that the difference between $HTX and traditional platform coins is the underlying architecture. The latter is issued by the exchange and is in a controlled and controlled relationship with the exchange; while Huobi HTX is not the issuer of $HTX, so it has no right to control $HTX. If you only regard $HTX as Huobi HTX's platform coin, then it will ignore its biggest purpose: participating in the governance of HTX DAO.

Huobi HTX, as part of the entire HTX DAO ecosystem, also accepts the governance of $HTX holders. $HTX holders can express their opinions on any aspects of Huobi HTX's functions, products, decisions, etc. in the DAO forum, and the proposed proposals are expected to be implemented on the platform. At the same time, in order to encourage more users to hold $HTX and participate in the governance of HTX DAO, Huobi HTX gives $HTX a large amount of benefits—including transaction fees and discounts similar to traditional platform coins, as well as qualifications for participating in signature activities such as Launchpool. Launchpool was launched in December last year, allowing users to earn currency products by subscribing to $HTX to obtain dual benefits of financial management and mining. Eat more with one fish, greatly empowering $HTX. In fact, this activity was derived from the governance proposal on HTX DAO and was eventually successfully launched.

HTX DAO is still relatively young at present. Huobi HTX still has a long way to go to fully realize decentralized governance, but the emergence of high-quality proposals represented by Launchpool has shown the potential of DAO's governance model. In addition, proposals such as optimizing the Huobi HTX voting and listing process have also sparked heated discussions at the HTX DAO governance forum. In the future, as more and more users join HTX DAO and stimulate more pioneering ideas, Huobi HTX's decentralization process will continue to advance, ultimately realizing the vision of "People's Exchange"; on the other hand, $HTX will also gain more empowerment and its value will continue to be strengthened. Therefore, it can be said that $HTX has got rid of the framework of platform coins, and its upper limit will be much higher than that of traditional platform coins. Just one year after $HTX was released, 28 exchanges have been launched. Once its potential is more fully understood, it will only be a matter of time before it can be logged on to more exchanges.

As CoinDesk writes, "the benefits provided by different platform coins vary, but $HTX achieves a comprehensive integration:

●"Community empowerment and decentralized governance;

●"Shareholders' exclusive rights and privileges."

●"Shareholders' exclusive rights and privileges."

●" left;">If Binance's BNB represents the first wave of platform coins, then the second wave triggered by $HTX - CoinDesk said - "provides unprecedented governance functions and opportunities to affect the exchange ecosystem."