Tron (TRX) Token Migration Is Happening Now! Have you Migrated Your Tokens?
The Tron (TRX) token migration began yesterday, June 21st and is currently taking place in the numerous exchanges as outlined earlier by Ethereum World News. The ERC20 Tron tokens are currently being replaced with Tron’s own coins in a process that is meant to last till midnight on the 24th of June. Therefore, HODLers are reminded to migrate their tokens to the said exchanges.
However, Binance will be supporting permanent token migration after the 24th of June for any users who do not manage to transfer by the said date.
After the token migration is complete, the Tron Independence Day will commence soon after. The current countdown on the Tron Website currently reads 2 days and 21 hours at the moment of writing this. The team at Tron had also provided an official guideline for its HODLers to follow during the events that will happen between now and the Independence Day.
With the event drawing closer, Justin Sun announced that the organization will be carrying out a TRON token burn of 1 Billion tokens or the equivalent of $50 Million, during the Independence Day on the 25th. This is some welcome news for many TRC HODLers who had all along suspected a coin burn was in the offing.
The MainNet is being launched via a string of 4 phases which are:
Preparation: A preliminary stage that would last from June 18th to June 23rd. This will allow for all necessary arrangements for the launch of the Genesis Block
Guardian Phase: The entire day of June 24th where the final touches on the platform will be made
Genesis Phase: A phase that would begin on June 25th and last as long as necessary to create the genesis block and reach an agreement to replace the 27 Genesis Representatives with Super Representatives
Constitutional Phase: In which the independent MainNet of Tron would be launched with an official migration of the ERC20 tokens.
Justin Sun has also recently issued a technical update via twitter as follows:
Technical update: Round 2 of the mainnet launch preview has successfully ended. 35 community members participated. The mainnet will be redeployed again at 2 PM UTC+8 for the walkthrough. After the start-up is complete, the initial transfer test will be performed.
Users are also requested to vote during the Super Representative elections on the 26th of June.
Market analysis indicate that the crypto-markets have once again been hit by a decline in values. The total market capitalization has dropped by approximately $10 Billion to current levels of $273.7 Billion. The value of TRX has also dropped by 7% to current levels of $0.0456. Perhaps with the aforementioned events on the TRON calendar, the price of the token, and later coin, will rise in the next few days.