Took two days to understand HTXDAO @ HTX_DAO white paper update: This is the "decentralized adult gift" of platform coins In the past few years, almost all exchange platform coins have gone down the same path: the issuance, distribution, and destruction pace are controlled by centralized teams, and users are more "passive recipients of rules" rather than participants in the rules. Even with community voting, it often falls into formalism. But this time, the white paper update of HTXDAO showed me a bolder and more thorough attempt - it is not just about changing the governance name, but pushing the logic of platform coins towards a "decentralized financial sovereign harbor" direction. 1. From "platform affiliation" to "DAO sovereignty" HTXDAO directly positions itself as an independent decentralized autonomous organization, clearly stating that DAO is not an affiliated department of the HTX exchange, but rather initiated by the community and early contributors. What does this mean? The value anchor of HTX is no longer entirely dependent on the centralized operation of the exchange, but is tied to the governance, proposals, budget, and ecological development of DAO. In the current era of frequent rule changes in centralized exchanges, this architecture is a reversal of power distribution: for the first time, users can substantially determine the fate of platform assets. 2. Governance incentive loop: participation ≠ show, participation=benefit This white paper is very specific in its design of incentive models - it is not just about calling for "decentralization", but directly using tokenomics to bind behavior and returns. From voting, staking, to liquidity mining Launchpool、 Deducting transaction fees and even completing tasks can earn points, airdrops, and bonuses. Especially the provision of '50% repurchase and destruction of platform revenue', which turns revenue destruction scarcity into a closed loop, giving holders a clear expectation of value. In other words, this is not the sentiment of participating in governance, but the cash flow of participating in governance. 3. The three-step governance evolution path The governance evolution route proposed in the white paper is very clear: Platform co construction period: Starting with coin governance and transaction incentives, allowing the community to taste the sweetness of "having tickets is useful" first; Ecological governance period: Expanding to budget allocation and asset incentives, DAO transforms from a "proposer" to a "decision-maker"; Financial governance period: Fully take over the decentralized financial ecosystem, including directions such as RWA, LSD, stablecoins, etc. If the roadmap can be implemented rhythmically, the valuation logic of HTX will switch from the "platform coin valuation model" to the "DAO+DeFi governance token valuation model" - the multiplier gap behind this, everyone understands. 4. Ecological liquidity donation mechanism: an alternative solution to destruction The destruction mode of traditional platform coins, although intuitive, can easily trigger regulatory red lines in terms of compliance. HTX DAO offers a more "DeFi native" alternative: putting funds into an on chain liquidity pool and distributing them under governance control. This not only preserves the transparency of decentralized governance, but also avoids the risk of centralized destruction, and provides liquidity support for other products in the ecosystem. This is a regulatory friendly attempt to capture token value. Let me summarize: This white paper update has released several strong signals: 1. The valuation anchor of HTX will become more decentralized and diversified, no longer relying solely on platform revenue. 2. The binding of governance rights and revenue rights provides tangible reasons for coin holders to participate, rather than treating DAOs as empty shells. 3. The roadmap has clear implementation steps and natural flow and technological synergy with the TRON ecosystem. Of course, the prerequisite for all of this is that governance can truly be implemented, rather than being monopolized by a few giant whales. If HTX DAO can maintain widespread participation and execution, it may become a benchmark case for "platform coin to DAO" conversion. In the current era where traditional platform coin narratives are gradually weakening, this may be a "coming of age ceremony" for the market by HTX - moving from the cradle of centralization to the deep waters of decentralization. I suggest everyone also study the newly upgraded white paper, let's learn about HTXDAO together @justinsuntron @HuobiGlobal @HTX_Global @HTX_DAO @HTX_Molly @qingyang007 @xiaojiucai_andy @Ceee333_ @HTXResearch HTXNOVA @helium_9 @0x99DaDa