HKD.com HDAO: Restructure and Burn for a Better Future
With the new HDAO (HKD.com HDAO) proposal passed in the recent meeting between HDAO private investors, HDAO foundation, and the HDAO development team, HDAO foundation decided to restructure the HDAO distribution and move the entire HDAO from Ethereum, and Tron networks to Polygon network.
500M Total Supply of HDAO
For better future development and the value of HDAO, the HDAO Foundation has decided to burn the HDAO tokens again. The HDAO Foundation burnt 90% of the total amount of HDAO tokens decreasing from the original 5 billion to 500 million HDAO tokens. The burning significantly reduced its circulating supply in the market and increased the scarcity of HDAO already in circulation.
HDAO Team – By the Community, For the Community.
During the meeting, the private investors and the development team proposed to unlock and contribute all their remaining HDAO tokens to the HDAO foundation and the HDAO ecosystem under no additional issuance term.
The HDAO development team stated that
“We should build it by the community, and for the community. For the greater future of HDAO development, our team agreed to contribute our HDAO tokens to the community and distribute them to the foundation and ecosystem.”
The new HDAO development team reward will be based on the performance of the HDAO development and given by the community voting yearly. That not only keeps the HDAO team motivated but also encourages the team to build the HDAO for the community.
After the restructuring and burning, the distribution ratio of HDAO is as follows:
We Listen. Together We Build.
New HDAO distribution comes with new HDAO features, the development team proposed a few new use cases, noticeably:
1) HKD.com Launchpad Eligibility: The HDAO holders can stake their tokens to get priority access to promising projects.
2) HKD.com Community Reward: The HDAO holders can reward content creators or KOLs of the HKD.com community for content creation and curation. They can also use HDAO to access VIP-only channels.
The HDAO private investors,
“With the burning and no new issuance mechanism, we welcome the new HDAO distribution structure. We will continue to support HDAO for long-term development.”
HDAO tokens that are still on ERC20 and TRC20 networks are considered Legacy HDAO Tokens.
Legacy HDAO token holders whose token has been withdrawn from the HKD.com platform can contact HKD.com's customer service on or before 30 Apr 2023 for assistance in transferring the Legacy HDAO token to the new HDAO token that is on the Polygon chain. Holders need to report and register their holding addresses to HKD.com's customer service before sending their TRC-20/ERC-20 HDAO tokens to the burn addresses, otherwise the burning will not be considered. For detailed information, please refer to the announcement.
However, if the HDAO token is still on the HKD.com platform, the platform will automatically transfer it to the new Polygon chain, and HDAO holders can seamlessly trade it on the HKD.com platform.
About HKD.com
Hong Kong Digital Asset Exchange (“HKD.com”) is a leading cryptocurrency exchange with Hong Kong TCSP license and an operational presence in Hong Kong. Exempted by Singapore MAS and licensed in the US, Canada, Australia, and Estonia, HKD.com strives to provide a world-class trading experience to global digital asset traders. HKD.com is committed to the physicalization and popularization of digital currencies. In addition to a highly secured online digital currency trading platform, HKD.com also operates the largest crypto ATM network in the region and has set up a 10,000 sq. ft. branch for digital currency trading in Hong Kong’s core commercial district, making it one of the biggest digital asset exchanges in Hong Kong.
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