TRON Foundation Completes TRX Burn of 4.9 Billion ERC20 Tokens

A day after the Tron (TRX) – US Dollar (USD) pair was added to the Bittrex exchange, Tron Foundation completed the fifth successful burn of the now dysfunctional TRON ERC20 tokens where close to 5 billion tokens were burned.

4,917,487,036.059613 #TRX ERC20 token were burnt by #TRON Foundation. $TRX https://t.co/oBj00ksBQi

— Justin Sun (@justinsuntron) September 13, 2018

As it occurred the earlier four times, TRX has successfully completed the burn of 4,917,487,036.059613 TRX (ERC20 token) which were ditched after the move of TRON to its mainnet. The action was taken by the development team on Thursday with the announcement later made public on Tron Foundation’s Medium page.

The burn saw the coins sent to an address that cannot be accessed or retrieved ensuring the coins are forever lost as adoption of TRX takes place.

Etherscan address showing the address that 4.9 billion TRX ERC 20 tokens were sent to the process may have has an effect on the price of Tron as TRX price shot up by 15% in a day as the overall market regained a bullish momentum on price. TRX is currently trading at $0.020240 USD, representing a 15.08% increase in the last 24 hours. The token is currently placed 13^th on the Coinmarketcap listings with a total market capitalization of $1,330,748,194 USD worth of TRX tokens.

Further Developments On Tron Foundation

The blockchain is continuing to make headlines and having a global influence on the blockchain and cryptocurrency universe. Tron has 1058 nodes currently in operation as it pushes for a more decentralized platform and a trusted consensus mechanism for its governance. As at 8.21 PM Thursday, September 13, 2018 the TRX mainnet was at a block height of 2309162 with the token migration still taking place.

The burn is set to have a significant impact in ensuring Tron mainnet is adopted as a developer’s layer to ease efficient, fast and cost effective decentralized (dApps) on the blockchain.