Binance to Automatically Convert Tron’s TRX Coin from ERC20 to TRX20
Binance To Automatically Convert Tron From ERC20 To TRX20
Justin Sun, the founder of the Tron (TRX) cryptocurrency, recently issued an update concerning the deposit of TRX ERC20 tokens on the Binance crypto trading platform. Apparently, the Binance exchange is expected to automatically convert the tokens from the ERC20 pool to TRX20, a standard based on the Tron blockchain. Justin confirmed this speculation and further advised users to transfer the deposited tokens to their existing Ethereum wallet addresses. This is because the tokens must be converted before being admissible to the TRX network.
#TRON $TRX If you need to deposit ERC20 TRX tokens to @binance, please send these tokens to your existing #ETH deposit address. @binance will automatically convert these ERC20 tokens to #TRX mainnet tokens for you. pic.twitter.com/mZ5euXLBxA
— Justin Sun (@justinsuntron) July 23, 2018
Unlike many of its competitors, Binance was slow to swap Tron from the ERC20 standard to the new TRX20 protocol. The process, however, was completed within the first two weeks of July. After the migration process of Tron was completed, Justin revealed that the company destroyed 49 billion TRX ERC20 tokens within the last two months of the swapping. This drew mixed reactions on Twitter, with some users praising the decision. On the other hand, other users expressed their concerns, highlighting TRX's poor performance against Bitcoin. These disgruntled users demanded an improvement or otherwise initiate a mass exodus from the Tron network.
Additionally, the OKCoin also completed the TRX mainnet swapping procedure. In this regard, the platform requested TRX20 token holders to abstain from depositing their tokens in the ERC20-based TRX address because they will soon be discarded. However, the user will be allowed to make payments to the newly-issued addresses. In instances where the TRX token has undergone the mainnet upgrade during withdrawal process, complications are likely to arise. Moreover, users have also been cautioned that the token might get lost when changing the password in an exchange where the mainnet swapping has been conducted.
The new TRX address will start with the letter ‘T’, followed by a series of alphanumeric characters. Concerning the value of TRX, Twitter users were critical of the coin’s appalling performance of late.