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During the ICO phase of the Tron project, 100 TRIX 100 billion tokens were released to the investor on the Ethereum blockchain. When Tron declared independence on the Ethereum network on 25 June, there was a symbolic exchange of these ERC20 tokens with the new TRX coins minted on the Tron blockchain. The token exchange continues to this day as important exchanges such as Binance, promised to support the process until all Billion's initial 100 TRIs have been traded.
Tron Foundation completes the eighth Token Burn of 182.4 million TRX ERC20 tokens
It is with this background that Justin Sun has announced via twitter that the Tron foundation has completed the 8th ERC20 token mastering consisting of 182,359,804,286079 TRX. Justin also went ahead and provided an EtherScan connection to verify the transaction. Justin's complete tweet can be found below.
#TRON completed 8 # ERC20 token with token of 182.359,804,286079 #TRX, we welcome the supervision of our supporters and believers. $ TRX https://t.co/u6R67eX8VY pic.twitter.com/2E3MJyBEk6
– Justin Sun (@justinsuntron) 2 January 2019
Others Tron Token Burns
A token burn simply sends a specific amount of the digital resource to an address that can not be accessed. This address is generally made public as can be seen with the EtherScan transaction by highlighting the token burn. The last 7 token burns and their dates are as follows:
- 49,490,749,752,120578 Token ERC20 – 30 June 2018
- 8,277,069,772,160253 ERC20 token – 13 July 2018
- 404,956,275,175006 ERC20 tokens – July 17, 2018
- 670.045,551.449388 ERC20 tokens – 27 August 2018
- 4,917,487,036,059613 Token ERC20 – September 13, 2018
- 524,181,033,820172 ERC20 tokens – 1 November 2018
- 34,251,888,354.9 Token ERC20 – 1 November 2018
Still 1.28 billion left
In reckoning, the eighth token burn brings the total ER20 TRX destroyed to 98.194.556.546.2. This is 98.2% of the tokens issued in the ICO phase, thus leaving another 1,085,443,453.8 ERC20 TRX that have yet to be exchanged by their holders. However, when we look at the address to which the tokens were sent, we find the tokens 98.719.128.533.048233. This lowers the number of ERC20 tokens still to be exchanged at 1.280.871.466.95.
The Tron Foundation is committed to continuously updating the crypto community on the progress of other ERC20 token burns as well as providing details of such transactions on the Ethereum network.
Performance of the TRX market
Tron is currently in number 10 position based on market capitalization. The currency is currently valued at $ 0.020 and up 2.69% over the last 24 hours. Also Bitcoin (BTC) and other cryptocurrencies are in the green as we introduce an optimistic 2019. In addition, the Tron Foundation predicts that the NiTRON event is scheduled for the 17th and 18th of this month. The month of January should be an exciting time for the Tron and TRX community.
What are your thoughts on the token burn currently in progress of the "old" TRC ERC20 tokens? Let us know in the comments section below.
Disclaimer: This article is not intended to give financial advice. Any other opinion present here is purely that of the author and does not represent the opinion of Ethereum World News or one of its other writers. Perform your research before investing in one of the many cryptocurrencies available. Thank you.
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