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📰 News

TRON (TRX) Continues Burning Old Coins, Not All Exchanges Have Switched to New Tokens Yet

  • Yuri Molchan
    📰 News

    Users keep returning old ERC20 tokens, validator elections are incomplete


TRON (TRX) Continues Burning Old Coins, Not All Exchanges Have Switched to New Tokens Yet

The TRON Blockchain is currently busy freezing and destroying old ERC20 coins as crypto exchanges proceed with the migration to the new tokens– this was reported by the project’s team in their latest blog post.

The TRON foundation has kept 3.4 bln extra of these coins, they are locked away securely and there are no plans to move them.

Currently, exchanges have burnt in batches a few hundred million tokens and the amount of the action is now equal to 92.42 percent of the total TRX supply.

Token swap

The TRX token migration continues, not all exchanges have completed it in due time. For example, Binance is still swapping coins for those who missed the opportunity in late June. Gate.io platform has already opened TRX deposits and it still carries out swaps. However, this exchange has added the KYC (know your customer) feature for US-located holders.

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Voting still underway

The validator voting for the TRON network still continues, it is far from over, since only nine out of almost 30 Super Representatives have been elected at this point. The slow elections can be partly explained by the slow process of token exchange.

Besides, some of the election candidates offer awards to buy votes, so some TRX owners prefer to vote for the existing validators, rather than complete the network as soon as possible.

TRX transactions are slow to gain volume after the migration, unlike it was with EOS, and so far they total just around 18,000 per day. But as more exchanges are letting new tokens out, this figure is gradually getting bigger.

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TRON Virtual Machine

One of the recent innovations added by Justin Sun, the TRON CEO, and his team has been the TRON Virtual Machine, which is to launch in two weeks. It is compatible with Ethereum Virtual Machine and allows connecting the two Blockchain platforms, TRON and Ethereum, for easy migration.

Cover image via u.today
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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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