19 Exchanges Complete Tron (TRX) Token Migration, Further Boosting TRX Liquidity
Liquidity is defined as the degree to which an asset or security can be quickly bought or sold in the market without affecting the asset’s price. Market liquidity allows assets to be bought and sold at stable prices. With respect to our favorite digital asset of Tron (TRX), its liquidity has been hampered from the 21st of June since the project started the process of token migration that was further assisted by the over 52 cryptocurrency exchanges supporting the migration.
Out of these 52, only 19 have completed the token migration. Justin Sun had earlier highlighted this fact via twitter when the number of exchanges that had completed the process were 17.
17 exchanges already resumed #TRX deposit and withdrawal as of July 13 (UTC+8). #TRON$TRX
These means that users of these exchanges who had deposited their TRX for migration into the new Tron Mainnet, can now withdraw their TRX for safe keeping in cold storage as well as stake their coins for the ongoing Super Representative elections.
On the issue of cold storage, popular hardware wallet of Ledger Nano S, now supports Tron (TRX). In an announcement by the team at Ledger, they stated that:
Tron (TRX) can be managed from a Ledger Nano S through the use of Tronscan Desktop and the Tron app on your Ledger device. Both are developed and supported by the Tron community.
This new development is very welcome by TRX HODLers for they believe the value of the coin will soon skyrocket as adoption of the Mainnet to develop Decentralized Applications begins to become popular. There is also the added news of the Tron Foundation locking up 33.25 Billion TRX to guarantee the circulating supply of the coin; further enticing investors to buy it.
There is also speculation as to what Justin Sun and the Tron Foundation intend to use the newly acquired BitTorrent platform to further decentralize the webs. Other exciting recent developments include Pornhub deciding to now include TRX as a form of payment on the platform. The future is indeed bright for the Tron Project.
Disclaimer: This article is not meant to give financial advice. It is an opinion piece. The opinion herein should be taken as is. Please carry out your own research before investing in any of the numerous cryptocurrencies available.