Tron’s $3 Billion Token Migration
Tron has been recognized as one of the most valuable cryptocurrencies in the world and this week, it set in motion a migration process which may make it a top competitor.
The platform was established by Justin Sun, who is continuously working with his team to develop Tron’s infrastructure into a “truly decentralized internet.” The internet it aims for will be able to host decentralized applications, called “dapps.” The dapps project commenced on the Ethereum blockchain. Recently, the platform mentioned that it is planning to launch its own blockchain as well.
As Tron becomes a competitor in the market, it’s token may become more popular as well. According to the platform, token migration is a step toward “independence” that will enable it to stand out from its competitors and to depart from ethereum. Ultimately, the platform may be able to activate its mainnet technology.
The token migration isn’t without difficulties though. Tron may first need to succeed in its current challenges before the migration can fare well too.
As for token holders, there is little to no indication that the swap will lead to any significant changes. Essentially, placeholder ERC-20 TRX tokens distributed by Tron during the course of its developmental phase will be switch out for native “Tron 20” TRX tokens. Further, the swap will promote a balance of token in users’ ethereum wallets, which will then be transmitted to Tron wallets.
Another promising feature of the migration is that it will be facilitated entirely by the change, which is different from other projects, such as EOS, which required users to perform the swap manually. Users have until June 24 to deposit their ERC-20 TRX tokens into a participating exchange. Those who already have tokens in a participating exchange need not take further action.
The token migration is poised to end on June 24 and thereafter, users should be able to continue deposits and withdrawals.