TRON (TRX) Has Burned 1 Billion Of Its TRX Coins
The Tron (TRX) foundation confirmed in a blog post on Medium that it burned 1 Billion TRX coins immediately after the MainNet’s launch which occurred on June the 25th. According to the address of Tron’s MainNet blockchain browser, the total amount of TRX now counts 99 Billion. This indicated that 1 Billion was removed from the supply.
Justin Sun had stated his distress in seeing a sum of approximately $50 Million get destroyed in the coin burn, but he stated there was no turning back as it was for the greater good of the TRON community.
The purpose of the token burn was to increase investor confidence by decreasing the total supply of the token to ensure price stability by evading inflation. Also, to ensure that the Tron Foundation would not release into the market the remaining 33 Billion TRX it has in its possession, the foundation has locked them up until the year of 2020.
A similar move happened with Ripple when it locked away 55 Billion XRP in Escrow in the last months of 2017. Then it followed a gradual increase in XRP, and the actions furthered investor confidence by giving off the appearance of supply predictability.
The Tron Foundation would also make available a report in which it presents the progress of the ongoing token migration along with the launch of the MainNet. The Tron Foundation stated that in a medium post made yesterday, June 26th, the following:
“TRON’s mainnet was launched by TRON Independence Group based on community consensus at 10:00 on June 25, 2018 (Singapore time), and has been running smoothly ever since. The migration of TRX from ERC20 tokens to TRON’s mainnet tokens has commenced simultaneously; exchanges that support the migration have started the technical integration. All is going well.”
The Tron Foundation would further add the following accounts:
- All TRX ERC20 tokens will be valid until all ERC20 tokens are swapped to Tron’s MainNet tokens.
- Token holders can make the conversions at any of the exchanges supporting the migration
- Binance and Gate.io will keep on supporting token migration past the deadline until all tokens will be converted into TRX tokens. The foundation will also list more exchanges which will also support continual migration.
- Super Representative elections still continue at the moment.
Current market analysis shows that TRX’s trading price has dropped by 4.39% in the last 24 hours.at the time of writing, TRX was priced at $0.038. However, the decrease in value is not only happening to just TRX. At the moment, the whole cryptocurrency market is on a downward path, with Bitcoin trading at $6,093 at report date.