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Binance to automatically convert Tron from ERC20 to TRX20
Justin Sun, the founder of the cryptocurrency Tron (TRX), recently published an update concerning the TRX ERC20 token deposit on the Binance crypto trading platform. Apparently, the Binance exchange should automatically convert tokens from the ERC20 pool to TRX20, a standard based on the Tron blockchain. Justin confirmed this speculation and further advised users to transfer deposited tokens to their existing Ethereum portfolio addresses. This is because the tokens must be converted before being admitted to the TRX network.
#TRON $ TRX If you need to deposit ERC20 TRX tokens on @binance, please send these tokens to your existing ones #ETH deposit address. @binance will automatically convert these ERC20 tokens into #TRX token mainnet for you. pic.twitter.com/mZ5euXLBxA
– Justin Sun (@justinsuntron) 23 July 2018
Unlike many of its competitors, Binance was slow to exchange Tron from the ERC20 standard to the new TRX20 protocol. The process, however, was completed within the first two weeks of July. After Tron's migration process was completed, Justin revealed that the company destroyed 49 billion TRX ERC20 tokens in the last two months of the exchange. This sparked mixed reactions on Twitter, with some users praising the decision. On the other hand, other users expressed their concerns, highlighting the poor performance of TRX compared to Bitcoin. These dissatisfied users demanded an improvement or otherwise initiated a mass exodus from the Tron network.
In addition, OKCoin also completed the TRX mainnet exchange procedure. In this regard, the platform required TRX20 token holders to refrain from depositing their tokens in the ERC20-based TRX address as they will soon be discarded. However, the user will be authorized to make payments to the newly issued addresses. In cases where the TRX token has undergone the mainnet update during the withdrawal process, complications are likely to occur. In addition, users have also been warned that the token may be lost when the password is changed to an exchange in which the mainnet exchange was conducted.
The new TRX address will begin with the letter "T", followed by a series of alphanumeric characters. As for the value of TRX, Twitter users were critical of the appalling performance of the currency in recent times.
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