In the first quarter of 2025, the cryptocurrency market experienced a tumultuous period. Bitcoin plummeted from a high of nearly $110,000 to $70,000, a drop of over 30%; global cryptocurrency trading volume fell from an average of $200.7 billion to $146 billion, a contraction of 27%. In this bear market winter, nearly all of the top ten centralized exchanges (CEX) faced collapse, with Binance's trading volume shrinking by $413 billion, Bybit crashing by 52.4% due to a security breach in February, and Upbit losing a third of its spot trading volume. However, HTX became the only Top 10 exchange to achieve positive trading volume growth, with a quarterly trading volume increase of 11.4%.
1. Precisely Capturing Hotspots: The "Wealth Effect" of New Coins and Launchpool
HTX's success is primarily attributed to its keen market sense and rapid execution. In Q1 2025, HTX captured market hotspots by frequently launching new coins and conducting Launchpool activities, attracting a large influx of users and capital.
New Coin Strategy: Seizing the AI and Meme Trend
HTX was the first to launch a series of AI-themed assets in Q1, such as VIRTUAL (+104%), AVAAI (+256%), LUNA (+312%), and the celebrity token TRUMP (which surged ninefold after listing). Additionally, DeFi projects GRIFFAIN and GRIFT nearly doubled, while Layer 2 and BSC ecosystem tokens like LAYER (+153%), XION (+116%), and KAITO (+99%) also performed well. These tokens not only captured popular narratives like AI, Meme, and DeFi but also created significant wealth effects for users through an "early discovery, early listing" strategy, leading to a surge in platform trading volume.
Launchpool as a Traffic Magnet
HTX's Launchpool project peaked in the third quarter of Q1, attracting 178,000 users. Users could stake $HTX to earn flexible staking rewards and new project airdrops. For example, the second phase of Launchpool distributed rewards for projects like VIRTUAL, AVA, and MOODENGETH, greatly enhancing user participation and platform stickiness. This "play-to-earn" model not only boosted the circulation demand for $HTX but also attracted a large number of new user registrations through airdrop incentives, resulting in a 116% year-on-year increase in new users.
2. User-Centric: From "People's Exchange" to DAO Governance
Another key strength of HTX is its "user-first" philosophy, which has created a unique "People's Exchange" brand through decentralized governance and community incentives.
HTX DAO's Governance Innovation
In Q1 2025, HTX DAO accelerated the promotion of decentralized governance. The $HTX holding voting tool launched on April 7 allowed $HTX holders to participate in proposal voting directly through the TRON LINK wallet. The first two governance proposals (HIP) have been approved, including the "HTX DAO Committee Governance Mechanism Setup" and the establishment of the "DAO Friends Please Stay" interview column. In the future, HTX DAO plans to introduce a "voting equals earning" incentive mechanism to encourage more users to participate in governance.
Deflationary Mechanism Strengthening Value
HTX DAO burned 113.38 billion $HTX in Q1, worth over $19.2 million, with the burn amount only decreasing by 15% compared to the previous quarter despite the market downturn. As of now, approximately 609.7 trillion $HTX have been burned, totaling a value of $114 million. This ongoing deflationary strategy effectively tightens the supply of $HTX, providing long-term support for the token price and enhancing holder confidence.
3. Technology and Security: The Moat of Stable Operations
In a turbulent market environment, HTX provides users with a safe and reliable trading environment through its strong technical capabilities and risk control system, which is the cornerstone of its counter-cyclical growth.
Institutional-Level Risk Control and Technical Support
HTX has a technical team of over a hundred people, maintaining a millisecond-level trading system 24/7 to ensure a smooth experience in high-frequency trading scenarios. Its multi-layered security protection mechanism effectively responds to market fluctuations, with a customer service satisfaction rate of 81% in Q1, handling over 200,000 user inquiries. Additionally, HTX upgraded its reserve proof system, adopting a TiDB storage architecture to enhance audit granularity, with the reserve ratio consistently exceeding 100%, further solidifying user trust. In contrast, Bybit's trading volume plummeted due to security vulnerabilities, highlighting HTX's competitive advantage in security.
Product Innovation Optimizing Experience
HTX launched the "Premium C2C Zone" in Q1, optimizing the fiat deposit experience through pre-screened merchants and zero asset freeze policies. Meanwhile, upgrades to the Earn product support automatic redemption and 1:1 USDT→USDD flexible staking, providing users with more passive income opportunities. These product innovations not only enhanced the platform's functionality but also attracted more high-net-worth users, driving a 210% quarter-on-quarter surge in net deposits.
4. The Halo Effect of Sun Yuchen
HTX's counter-cyclical performance is also driven by global advisor Sun Yuchen. In March 2025, Sun Yuchen graced the cover of Forbes, hailed as the fourth leader of a cryptocurrency exchange after CZ, SBF, and Brian Armstrong. His high-profile exposure brought global attention to HTX, with the platform's natural traffic surging by 127% in March, and search volume and backlinks reaching all-time highs. Additionally, as the founder of TRON, Sun Yuchen is deeply involved in HTX's ecosystem development, and his public disclosure of holding $1.6 billion in BTC further reinforced HTX's credibility.
Conclusion: The Resonance of Innovation and Trust
HTX's counter-cyclical breakthrough in Q1 2025 stems from its multi-dimensional efforts in hotspot capture, user empowerment, technological innovation, and brand building. Through precise new coin strategies and Launchpool, HTX seized market opportunities; through HTX DAO and deflationary mechanisms, the platform granted users more voice; through technological upgrades and security guarantees, HTX provided users with a stable trading environment; and Sun Yuchen's personal influence added to the platform's appeal. In the bear market, HTX not only held its ground but also achieved an 11.4% increase in trading volume, becoming the only highlight among the Top 10 exchanges. In the future, as HTX continues to deepen DAO governance and product innovation, its vision of a "People's Exchange" may further reshape the industry landscape.
This article represents the author's personal views and does not reflect the position or views of this platform. This article is for informational sharing only and does not constitute any investment advice to anyone.
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