On June 25, 2018, Tron finally completed its mainnet launch, thus moving its operations from the Ethereum blockchain in wat the networked dubbed as “independence day”.
Tron’s founder Justin Sun said that although the mainnet is now live, the network still has ongoing token swaps, from ERC20 TRX to mainnet TRX tokens.
The official TRON mainnet launch came with a live “independence day” stream, which was broadcasted live on Twitter by Sun.
Sun stated in the broadcast that: “We expect to finish all the exchange token swap and the migration in the next couple of days”.
Tron has a market cap of USD 2.7 billion and holds the rank for the 11th largest cryptocurrency on the crypto market. The developers behind the project have claimed that their new network to be “400 times faster” than Ethereum’s.
After the launch of a beta version on May 31, 2018, developers monitored this version for four weeks to ensure that investors were able to swap their ERC-20 tokens with the new network ones.
According to the project founder, there could be “special project” in the making, which will launch on July 30:
“I think one of the most important values of Tron is delivering our products and mission on time. So as you see, we delivered our testnet on the March 31st, our mainnet on May 31st, and officially are launching our mainnet on June 25th. The next very important milestone is July 30th- we will deliver our official virtual machine. All the decentralized exchanges and applications on the Tron platform are plugged into the Tron ecosystem. July 30th we will launch one of our secret projects.”
Tron’s token swap made use of leading crypto exchanges to reissues their ERC20 TRX for their mainnet tokens. For traders that missed the switch, Binance still offers an ongoing token swap service.
Even though two-thirds of all cryptocurrency exchanges supporting the swap have yet to be processed, the network will go on ahead with its ‘super representative’ election in which 27 block validators will be nominated.
The election is scheduled for today, and it will enable the TRON community to vote on new places that will administrate the network.
Regarding the election, Sun suggested that the election could be prolonged for several days, saying that “…probably this election period will go five days or something because lots of the (investors) need time to get their mainnet tokens”.
Tron token holders (with un-exchanged ERC20 tokens and TRX tokens alike) will be able to monitor the election via the platform’s Tron Scan feature.
Each cryptocurrency exchange will issue their own announcement regarding the completion of the token swap process.
In spite of TRON’s attempts to put this latest move in a favorable light, their market price is not responding too positive to the newest developments, with TRX’s price at $0.04, which is down -4.29 percent.
Ethereum co-founder Vitalik Buterin expressed his criticism over the launch, remarking that TRX’s assessing was an instance of an overvaluation that was “far ahead of” its endeavors. Last week, TRON was in the middle of buying BitTorrent for over USD 100 million.