Tron (TRX) Foundation Confirms 1 Billion TRX Coin Burn and Updates On Token Migration
The Tron (TRX) foundation, via its medium.com page, has confirmed that the 1 Billion TRX coinburn was executed immediately after the MainNet was launched on the 25th of June. Based on the address of Tron’s MainNet blockchain browser, the total distribution of TRX now stands at 99 Billion. This is exactly 1 Billion less than it was a few days ago.
Justin Sun had expressed his distress in witnessing the coinburn that was worth approximately $50 Million but he declared there was not turning back as it was for the betterment of the TRON community. The token burn was aimed at boosting investor confidence in the form of reducing the supply of the token to guarantee price stability by avoiding inflation. To further guarantee that the Tron Foundation would not dump the remaining 33 Billion TRX it owns into the market, Justin Sun and the Tron Foundation have gone ahead and locked them up till 2020. A similar move was witnessed when Ripple locked away 55 Billion XRP in Escrow late last year. What then proceeded was a gradual increment of XRP as the act boosted investor confidence by creating a sense of supply predictability.
The Tron Foundation would also issue a progress report of the ongoing token migration as well as the running of the MainNet. In a medium post only yesterday, June 26th, the Tron Foundation stated that:
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 also add the following statements:
All TRX ERC20 toekns will remain valid until all ERC20 tokens are converted to Tron’s MainNet tokens
Binance and Gate.io will continue to support the token migration past the deadline until all tokens are converted to the new platform. A list of more exchanges to also support continual migration will be announced by the foundation
Super Representative elections is currently ongoing
Current market analysis indicate that TRX’s value has decreased by 6.16% in the last 24 hours. TRX is currently trading at $0.038. However, the decline in value is not unique to just TRX. Currently, the entire cryptocurrency market is showing a slight decline with Bitcoin trading at $6,100 at the moment of writing this. The total market capitalization is currently at $245 Billion; which is $10 Billion less than it was on Monday, June 25th.