After a long wait, the TRON MainNet has finally entered the process of swapping TRX tokens from Ethereum’s network to its native blockchain. As part of the celebration of this long-awaited event, the Tron Foundation will burn up to 50 billion ERC-20 tokens.
TRON “burns” 50 billion tokens
TRON (TRX) has had a busy June, with a lot going on. It launched its MainNet, started a token swap, and held a Super Representative election. Not to mention all the partnerships that it has formed, and has even purchased BitTorrent.
With all of that in mind, there is certainly a lot to celebrate and the Tron Foundation has decided that the part of this celebration will include token burning, the process of destroying a part of the total supply of a cryptocurrency.
The burning is being done in several rounds, with the first seeing up to $2 billion TRX coins being destroyed, those that are still in form of ERC-20 tokens, belonging to the Ethereum network. Considering that these tokens will soon be rendered completely useless, it came as no surprise that TRON was willing to say goodbye to such a large amount of its coins.
Following the map
So far, the roadmap TRON has published to give its token holders an idea of what awaits the cryptocurrency has been followed precisely. All of the announced events were held at exactly the right date and time, just as the roadmap predicts.
Currently, the price of TRON is $0.038913, with a market cap of over $2.5 billion. We have yet to see how recent events will reflect on the price once the token migration has been completed, but for the time being at least, all seems to be going well for this cryptocurrency.