The migration of TRON (TRX) tokens from Ethereum (ETH) blockchain to TRON mainnet began on June 21st and will continue until June 25th.
The cryptocurrency exchange platforms that will support the migration will have the withdrawals disabled until that date. The deposits will be enabled, so interested parties will only need to send their ERC20 tokens to the cryptocurrency exchange platforms to participate in the migration. TRON (TRX) deposits and withdrawals will be available generally as of June 26th.
In a publication entitled “June 25th, TRON’s independence day,” the TRON Foundation announced that by that date the TRON mainnet would be fully operational, and to celebrate the event, the “burning” of 1 billion TRX, the equivalent of about $48 million will take place.
Keep in mind that on May 31st, 2018, the TRX ERC20 tokens were launched on Ethereum (ETH) blockchain. Of the total 100 billion ERC20 tokens distributed, only 99 billion will be available after June 25th, which could result in an increase in the TRON (TRX) price. Likewise, a total of 33,251,807,524 TRX belonging to the TRON Foundation will be blocked until January 1st, 2020.
TRON (TRX) is on its way to becoming a great cryptocurrency once the migration to TRON mainnet ends
The TRON (TRX) is in the 9th position by market cap, according to the CoinMarketCap, with a market capitalization of just over $3 billion. At the moment of this writing, TRX trades at $0.043, registering a drop of 10.37% in the last 24 hours.
TRON Foundation also published the list of cryptocurrency exchange platforms that will support the migration of TRX tokens, including Binance, Bitfinex, Cryptopia, Huobi, Koinex, and Coinbene.
The schedule of the migration from ERC20 to the TRON mainnet will be published by each exchange platform in part.
To ensure that the launch of the TRON mainnet is secure, the developers offered a reward of up to $10 million in TRON (TRX) to users who find and reports code errors.
Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.