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The Tron Foundation burns some 50 billion ERC20 tokens

The Tron Foundation has successfully burned nearly 50 billion ERC20-based TRX tokens after its mainnet launch.

Written by Bryan Smith Published on

Following the official launch of its mainnet blockchain and official TRX asset last week, the Tron Foundation has now begun to burn ‘legacy’ ERC20 TRX tokens.

Tron officially began a migration to its own mainnet on June 25th, wherein all ERC20 TRON tokens stored on relevant exchanges where audited for accreditation.

ERC20 tokens where thereafter exchanged for official TRX tokens, and Tron trading resumed on June 26th – where users were able to keep their official TRON tokens on an exchange, sell them, or move them to a compatible wallet.

Following the conclusion of the token swap, the Tron Foundation has officially confirmed that some 49,491,130,776.584279 TRX have been burned by way of transfer to Ethereum address 0x0000000000000000000000000000000000000000.

tron

Users who were unable to move their funds to a relevant exchange in time have not been left behind – Binance will offer a continuous token swap service where users can exchange their ERC20 TRON tokens for official TRON tokens after the official swap has taken place.

The news comes after a week of bumper-to-bumper announcements for Tron; project CEO Justin Sun recently announced his plans to purchase BitTorrent, and Tron itself has now been accepted as currency by PornHub – the same leading adult entertainment site that made headlines earlier this year for its decision to accept Verge.

Tron token holders – those with un-exchanged ERC20 tokens and TRX tokens alike – will be able to observe Tron’s Super Representative election through the platform’s Tron Scan feature. The eventual conclusion of the election marks what officials have called “the ultimate phase of an independent Tron” – where the network will become a “free, autonomous, and self-governed decentralized protocol with robust community consensus”.

Tron’s mainnet is presently operational, and is supported by some 493 nodes. At press time, Tron is up by 3.08% and presently trades for $0.039745 USD.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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