Tron’ TRX token migration to its own blockchain has started yesterday. Users should place TRX tokens on crypto exchanges that support migration. TRX tokens are held on the Ethereum ecosystem, as ERC20 tokens. As Tron moves to independent mainnet, these tokens will no longer be compatible with Tron platform.
TRX Token Migration
At the moment, 39 crypto exchanges have supported the migration process and agreed to make a swap of tokens, which will not require direct participation of TRON holders.
From June 22 to June 25, users will not be able to deposit or withdraw TRX tokens from exchanges. On June 24, the exchanges will take a snapshot of user balances for a correct transfer to the new TRON wallets. On June 25, deposits and withdrawal of funds will also be frozen.
Considering that the TRON mainnet will operate on the basis of the delegated Proof-Of-Stake, the holders of the tokens will have to vote for the block validators. As soon as elections are completed, TRON mainnet will be fully activated. It is expected that this will happen on June 26.
If you could not transfer your TRX tokens to an exchange before the June 24th TRX token migration, Binance will go on providing an ongoing coin swap for TRX tokens. At any time, users can transfer their ERC20 TRX tokens to Binance and they will complete the process. As of now, Binance is the only exchange that is providing this service to TRON holders.
Once the swap has completed, TRX coins will no longer be ERC20 compatible. If the user tries to transfer them to an ERC20 wallet, he can lose his TRX coins. TRON (TRX) must stay on the exchange or be transferred to a TRON20 compatible wallet.
TRON Will Burn $50 Million
Justin Sun, the founder of the TRON (TRX) cryptocurrency said that in honor of the “Independence Day” of the project, the Tron Foundation will burn 1 billion TRX tokens (worth about $50 million at today’s market price). According to him, this event will be the destruction of the largest sum of money in human history.