Following the lawsuits against Binance from the SEC, the exchange and its CEO have filed a motion of dismissal.
June 2018 looks to be remembered for being the month in which two high-profile cryptocurrencies launched their token swaps. While EOS launched earlier this month, TRON is the next major digital currency project set to undergo a token swap as it pivots to its own native blockchain, named Odyssey 2.0.
Earlier this month, proceedings kicked off with an announcement from CEO Justin Sun. Taking to Medium, Sun celeb ated the initial launch of TRON’s mainnet by offering that “development for TRON Mainnet, Odyssey 2.0 is complete and all materials have been submitted to Github. From this day forth, the TRON community will be able to download and run TRON’s official mainnet Odyssey 2.0 on the TRON Github page.”
While EOS’ token swap saw a flurry of last-minute investors confused as to how they could participate in the process and ensure their ERC-20 tokens were swapped for actual EOS tokens, TRON’s process instead relies on cryptocurrency exchanges to facilitate the transfer – meaning that the process should require little – if any – manual intervention.
ERC-20 TRON holders will be expected to ensure that their tokens sit on a supporting exchange so that they can receive their native tokens. Accordingly, TRON holders will be required to withdraw their tokens from wallet services or unsupportive exchanges and deposit their funds on a supporting exchange in order for the token swap to occur.
#TRON $TRX #TRX migration will occur from Jun 21 to Jun 25 11:59PM Singarpore time. If your ERC20 TRX are held in a wallet, you must deposit your TRX to an exchange supporting the migration before Jun 24th 11:59PM Singarpore time. Here are the exchanges supporting #TRX migration. pic.twitter.com/FQuY5vTpks
— Justin Sun (@justinsuntron) June 9, 2018
Through the swap, investors will receive official TRON tokens in exchange for their ERC-20 tokens on a 1:1 ratio. Each participating exchange will offer its own timeline as to when it will cease accepting ERC-20 TRON tokens.
A ‘snapshot’ process will bein on June 4th at 0:00AM (GMT+8), wherein all ERC-20 TRON tokens stored on relevant exchanges will be audited for accreditation.
At press time, the official list of supporting exchanges is as follows:
Bit-Z, Bibox, Binance, Bitfinex, Bitforex, Bithumb, Bitkop, Bitopro, Bitpie, Bittrex, Bixin, Coinegg, Coinnest, Coinrail, Cointiger, DragonEx, Gate.io, Huobi.pro, LBANK.io, Liqui, OEX.com, OKEx, OTCBTC, RightBTC, Upbit, Zebpay, and WazirX.
Thereafter, trading is expected to resume on June 26th – where users will be abe to keep their official TRON tokens on an exchange, sell them, or move them to a compatible wallet. In order to vote in the TRON Super Representative Election, users will be required to store their tokens in the official TRON wallet.
Should users be unable to move their funds to a relevant exchange in time, 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.
At press time, TRON is up by 14.91% day-on-day and is presently trading at $ 0.05 USD.
EDIT: Updated with new information on Binance’s continuous token swap. Price data remains from 19/06/2018.