Tron Burns a 9th Batch of ERC20 TRX Tokens, Bringing the Total to 99 Billion Destroyed
The Tron Foundation through its CEO, Justin Sun, announced that they had carried out the ninth ERC20 TRX token burn. The coin burn involved 339,707,697.730671 TRX tokens thus bringing the foundation closer to destroying all the ERC20 tokens issued during the token sale in 2017. Justin’s tweet making the announcement can be found below.
A token burn is simply sending a specified amount of tokens to an irretrievable address. The Tron Foundation has on all occasions provided the transaction on Etherscan so the investor and crypto communities can track the address and amounts sent to it.
The ninth token burn brings the total tokens destroyed to 99,058,445,277.7. This is 99% of the tokens issued during the ICO thus leaving 941,554,722.3 ERC20 TRX tokens still in circulation (close to 1 Billion). The last 8 token burns were as follows.
49,490,749,752.120578 ERC20 Tokens – June 30th, 2018
8,277,069,772.160253 ERC20 Tokens – July 13th, 2018
404,956,275.175006 ERC20 Tokens – July 17th, 2018
670,045,551.449388 ERC20 Tokens – August 27th, 2018
4,917,487,036.059613 ERC20 Tokens – September 13th, 2018
524,181,033.820172 ERC20 Tokens – November 1st, 2018
34,251,888,354.9 ERC20 Tokens – November 1st, 2018
Earlier this month, the Tron website stopped supporting ERC20 token migration to the Mainnet. The service was initially discontinued on the 22nd of June last year but the Tron foundation extended its services to a new deadline of January 1st,2019. The latter date was extended once again till the 31st of January, 2019.
Holders of the old ERC20 tokens who wish to convert them to TRX on the Mainnet need to visit exchanges that support permanent token migration. They include the following 3 exchanges as provided by the Tron foundation.
What are your thoughts on the ERC20 TRX token burn still going on almost 8 months after the Mainnet was launched? Will the process finally be complete? Please let us know in the comment section below.
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