The TRON Foundation’s token migration is right around the corner. Currently, the tokens TRX supporters hold ERC20 tokens that were created on the Ethereum network and these will no longer be compatible with the new platform.
Tron will be migrating from the ERC20 to the TRON20 standard, a native coin for the Tron Mainnet. This will be a 1:1 swap, and as of now, there are already 30 exchanges that are supporting the TRX token migration that is scheduled to happen on June 24th at 0:00 AM [GMT +8].
Each exchange is said to offer their own timelines on when they will halt deposits, for the June 24th token swap. These exchanges will begin the snapshots of the token balance and both deposits and withdrawals with be suspended until the process is complete.
Some of the participating exchanges are Bitbns, Bibox, Binance, Bitfinex, Bitopro, Bitforex, Bittrex, Coinegg, Coinrail, Huobi, etc.
Binance is the only exchange, as of now, that will continue to offer an ongoing coin swap for TRX tokens. At any time, the trader can transfer ERC20 TRON tokens to Binance and they will complete the process. Tron Foundation said:
“The token migration will be the final step that ushers in Tron’s Independence Day. We look forward to all the Tron supporters taking part in this process of swapping out their tokens for new TRX mainnet coins. Tron appreciates the assistance by all the exchanges that have offered to support the token migration and give Tron holders a reliable source for moving to the new TRX standard coin.”
Akaj Poo, a Twitter user commented:
“Nice, the same day is independence day in my country.”
Tron has been experiencing quite a change in the market prices for over a month now. Tron’s current price is at $0.047 with a market cap of $3,149 billion. It has seen a rise of 5.11% over the last 24 hours.
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Tron’s Justin Sun claims stablecoins will be key to cryptocurrency development
The Justin Sun-led Tron has been in the news multiple times recently, thanks to its regular updates and noticeable price hikes. The CEO has also played a very active role in promoting the cryptocurrency, as exhibited by his recent AMA on Periscope.
Sun focused on how the initial success with protocol governance in the Tron ecosystem paved the way for future developments in the blockchain. The CEO stated,
“Tron had 27 Super Representatives passing 17 new protocols out of which 10 were voted in and accepted. Tron is also the third blockchain after Ethereum to be associated with the stablecoin Tether.”
Justin Sun further opined that 2019 was the year of the stablecoins and that inked assets will be a key focal point when it comes to future developments. He believes that the stablecoin system is the ecosystem in which centralized finance will be taking off. Sun added,
“We will be collaborating with more parties to boost Tether USDT use cases in the TRX ecosystem.”
The Tron Foundation had launched Tether on the TRX blockchain in April to much fanfare, with Tron tweeting,
“Today #USDT is launched on TRON’s blockchain. $USDT is issued by @Tether_to on the #TRON network based on #TRC20 protocol. There will also be a total reward of 20 million $USDT for 100 days. $USDT will be fast, free and smart! #TRX #BTT”
This program was later postponed due to certain discrepancies that came to light post the Tether-Bitfinex episode. Another topic touched on by the Tron CEO was the much-celebrated BitTorrent, which has come a long way since its acquisition by Tron in 2018. Sun admitted that BitTorrent was ‘integral’ to the overall growth of Tron’s development cycle. BTT recently completed its fifth airdrop on June 11, right after the Tron blockchain had breached the 10 million mark in terms of block height. The BTT airdrop involved the transfer of close to a billion tokens which were sent as a reward to TRX holders.
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