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Justin Sun, founder and CEO of the Tron Foundation, announced that he had finished burning $ 800 million Tron ERC-20 tokens on Wednesday. He also referred ERC-20 tokens as artifacts and told his followers that they had to keep a token as a souvenir, as tokens would soon become artifacts. The original tweet said:
"I just burned $ 800 million of $ TRX ERC20 tokens, and the $ TRX ERC20 tokens will soon become historical artifacts – do not forget to keep one as a souvenir.
Since its launch on the mainnet in June, Justin Sun has announced coin fires on many occasions. Between June and July, Tron would burn about 100 billion TRX tokens. About a month ago, the community burned more TRX tokens, which were believed to hold about $ 2 billion.
The reason stated by Justin Sun for several coin burning events is to remove those tokens from the total offer. This leads to an increase in the value of cryptocurrency because the demand is constant but the supply is lower, leading to a higher price for the currency.
At the start of this year, the Tron Foundation also stated that the process of burning the coins will help the ecosystem to curb inflation, to maintain a fair distribution of tokens and to act also as a reward for the HODLer.
Under recent developments, Tron has created more and more partnerships to maintain a healthy network in the cryptocurrency and outside space. The largest exchange of cryptocurrencies in the world, Binance was also seen to be associated with the Tron ecosystem. Other big names involved in the Tron Foundation are BitTorrent and Baidu.
Atlas, a Twitter user and a follower of the cryptocurrency space has confused the old TRX tokens for new ones and wrote:
"Did you burn half of the circulating supply really?" – Atlas
Here, Brad, a follower of Tron and another Twitterati have clarified and responded to Atlas's comment, stating:
"Token ERC-20, not the Tron coins, it burned old and now useless symbols." – Brad
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