Token migration to Odyssey Mainnet
Tron (TRX) is one of the most promising coins in the crypto industry today and it continues to push the limits in order to cement its place among the top crypto coins. The long awaited deployment of the platforms mainnet (Odyssey 2.0) and the token migration from the Ethereum blockchain to Tron’s own network has begun. The migration from the ERC-20 based tokens is currently underway on about 30 exchanges including popular platforms such as Bithumb, Huobi, OKEx, Binance, Coinegg and Bitfinex among others.
The migration is expected to continue until the 25th of June and holders of the its Ethereum based tokens are required to deposit them in exchanges that support the migration before 24th June in order to have their new tokens. However, Binance will continue to facilitate the token migration beyond 24th June to help users that will not have migrated to the Tron’s native currency built on a new standard referred to as TRON-20.
Election of Super Representatives
The launch of Tron’s mainnet is being carried out in four phases which began with the preparation stage on June 18th through to the constitutional phase which will follow after the genesis block has been created and consensus reached on the replacement of genesis representatives with super representatives, whose role will be to facilitate the development of Tron into a fully autonomous blockchain platform. The election of these representatives will be held on June 26th and is open to all users on the Tron network.
Tron (TRX) was created with the aim of becoming a decentralized internet platform with functionality that supports a variety of use cases across different sectors. The platform allows for development of decentralized applications and also supports the creation of other cryptocurrencies on the TRON-20 standard. Tron recently acquired BitTorrent, an early adopter of the blockchain technology with an estimated 40% of the internet traffic going through its protocol. With the acquisition, Tron inherits BitTorrent’s user base further improving its reach in the market. Through the acquisition, holders of Tron tokens will also have an opportunity to own high value tangible assets further enhancing the platform’s value proposition.
Tron Independence Day
Tron’s Independence Day has been set for June 25th and the platform is looking to burn Tron tokens worth USD 50 million to commemorate the day. Tron’s total supply will be reduced to 99 billion units and tokens held by the Tron foundation will remain locked until January 2020
The market capitalization for Tron (TRX) is estimated at slightly over USD 3 billion having dropped 5.6% and 0.14% against the dollar and the bitcoin respectively. It has however gained in value against Ethereum, from which it is gaining independence, rising 2.62% since the start of trading today. The token remains the 10th largest according to coinmarketcap.com with each of the 65.7 billion units currently in circulation trading at a price of USD 0.045. Daily trade volumes have remained consistent for the token over the past 3 weeks. There was however a spike in the trade volumes on June 19th and 20th, from an average of about USD 240 million to USD 360 million and USD 400 million respectively in anticipation of the token migration. Trades have however normalized with 24 hour volumes for today estimated at USD 217 million.