Tron Burns 182.35 Million TRX Tokens to Reduce its Total Supply with Its 8th Coin Burn
The Tron Foundation has already completed the 8th ERC20 token burn of TRX tokens. 182,359,804.286079 TRX have been burned.
The information was released by Justin Sun, the founder of the Tron Foundation on January 2. The recently burnt funds can be seen here.
— Justin Sun (@justinsuntron) January 2, 2019
This is not the first time that the Tron Foundation burns TRX tokens. They have been doing so during the last year. Since they’ve started to burn these tokens, more than 98.2% of the total issued tokens in the ICO phase have been eliminated.
In order to burn tokens, companies or people send funds to an address that cannot be accessed, making these funds unavailable. At the moment, there are 1,805,443,453.8 ERC 20 tokens that have to be swapped by holders.
Tron has usually had a very good communication strategy. Justin Sun usually writes on Twitter about the latest improvements on the network and informs about how Tron continues to evolve in the market.
The Tron project issued 100 billion TRX coins on the Ethereum blockchain. Investors were able to pay for these tokens and help the company develop its platform. Back in June 2018, Tron decided to leave the Ethereum network and start operating from its own blockchain network. In order to allow individuals and investors have the same amount of tokens they had on top of the Ethereum network, they’ve performed a token swap of these ERC20 coins.
There are some exchanges such as Binance that support the process until 100 billion TRX are finally swapped.
Tron is the 10th largest digital asset in the market. Each TRX coin can be purchased for $0.0199 and it has a market capitalization of $1.33 billion.