92.4 Billion ERC20 tokens Burnt By the Tron (TRX) Foundation. Is it time to accept TRX is a coin?
The Tron (TRX) Foundation had initially issued 100 Billion TRX tokens during the ICO phase of the project. These tokens were offered via the popular ERC20 protocol on the Ethereum platform. Following the launch of the Tron Mainnet on the 31st of May and the launch of the Genesis Block on the 25th of June, the Tron Foundation has been dedicated towards total token migration to the new Tron Mainnet.
The Project had enlisted the help of approximately 52 cryptocurrency exchanges. Of these 52, approximately 20 have completed the process of token migration and users of these platforms can now withdraw as well as deposit their new TRX digital assets.
The 20 exchanges include: Binance, Bitfinex, Bitforex, Bitpie, Bittrex, Bit-Z, Bjex, Cobo, CoinEgg, Coinfalcon, Coinnest, Cryptopia, Gate.io, Hitbtc, Huobi, Liqui, Max Exchange, OKEx, Tokenomy and Upbit.
This is where the Tron Foundation is sourcing the old ERC20 tokens that they have burnt in three batches that can also be tracked via Etherescan. The total number of tokens burnt currently stands at 92,424,664,154.355837 TRX tokens. This accounts for 92.42% of the aforementioned 100 Billion that were initially issued.
It is therefore with this figures of 92.42% of the original ERC20 TRX tokens burnt, that it is safe to conclude that TRX is no longer a token, but rather a coin on its own Mainnet Blockchain of Tron. TRX no longer functions on the Ethereum platform. The Tron Foundation already declared independence from the Ethereum platform with the launch of the Genesis block on the 25th of June. TRX is officially a coin.
Further evidence of this can be seen on coinmarketcap.com when you select to view only coins on the online price tracking platform.
Current market analysis indicate that the new Tron (TRX) coin is currently trading at $0.0368 and up 1.95% in the last 24 hours. The current Bitcoin (BTC) rally has helped pump some much needed volume in the crypto markets. The total capitalization of the crypto markets stands at $271.25 Billion which is $21.25 Billion higher than it was on Sunday, July 15th.