Tron Community Vocalizes Support For Maximum TRX Token Supply of 100 Billion
Tron Community Calls for Maximum Token Supply of $100 Billion
According to an AMB Crypto news post, Tron community was busy since last week trying to understand where its mentioned hard capitalization is. Questioning the source code, members of the Tron Community quickly took to Twitter demand an increase in TRX supply to a maximum of $100 billion.
Noticing the recurring posts and comments being made, Tron’s CEO, Justin Sun has noted that the necessary changes will be made to its reward mechanism. In particular, Sun tweeted:
$TRX burn and the Reward Mechanism will be changing based on #TRON network development and in sync with our community to ensure a #decentralized, #autonomous and #democratic TRON ecosystem. #TRX https://t.co/y6fkBSLilc
— Justin Sun (@justinsuntron) August 27, 2018
Many Twitter users were not buying into what Sun shared, as many pointed the fact that SRs have too much control. For instance, Lucas (@crypchart) said:
Some of your own SRs don't even give any interest back to it's voters.
What kind of decentralized system is that? These blockrewards belong to the community. It still feels like a bank…
— Lucas (@crypchart) August 27, 2018
Similarly, Josh (@Joshedwards06) noted that:
Transparency is necessary and funding directed towards sr’s should absolutely come down to growing the network. We aren’t voting for sr’s to become wealthy. I’ve had real concerns about @team_tronics @drewawise. They never seem to respond.
— Josh (@Joshedwards06) August 27, 2018
In addition to the possibility of TRX losing its decentralized aspect, many fear that TRX ongoing supply will result in an undervalued token, which might ultimately lose current user adoption. Tron Community wants Sun to conduct token burning as soon as possible to prevent any further downward trend from taking place.
AMB Crypto also shared TronScan statistics, and by the looks of it the total TRX supply is 99 billion, with 66 billion in circulation and only one billion burnt to date. Similarly, 33 billion tokens have been since been frozen, which will only be released in the beginning of 2021.
In response to the claim that a 100 billion TRX exists in the source code, Tron’s developer, Rovak confirmed that it was false. Like many members of the Tron Community, Rovak suggests that Sun should start burning the frozen tokens so that total supply does not surpass 100 billion. He was also quoted saying that:
“total supply will hit 100B in around 2 years if no action is taken.”
In a post shared by Bitcoin Exchange Guide, Morgan Creek Capital Management’s recent Digital Asset Index Fund excluded tokens that had high pre-mine rates, where the TRX token made its list as well. Some of the reasons that pre-mined tokens are not preferred is because of the influence it can have on the crypto market and manipulation over tokens to name a few.
Therefore, Sun’s next endeavor should definitely revolve around TRX’s maximum token supply, otherwise, investors will see its prices going down some more. At the time of writing, TRX unit price is about USD$0.02, with a trading volume of a little over USD$143 million.