Just a week after ICON initiated the ICON Tokenswap, TRON is the next on the line. The project finally arrived to the point of swapping the TRX ERC-20 Token with the mainet TRX Tokens, that will mark the beginning of a cornerstone chapter of TRON’s project. TRON has been mocked before for the resemblance between their whitepaper and Ethereum’s whitepaper, but it is undeniable that TRON is one of the most valuable cryptocurrencies.
TRON currently stands on the 9th place in the cryptocurrency list by market capitalization with a total market cap of 3$ billion. TRON is currently trading for 0.045$ ad is staying strong in the leading bracket.
The TRON Tokenswap will mark the beginning of the TRON mainet
The TRON project was created by Justin Sun, a former representative from Ripple. In TRON’s whitepaper, it’s said that TRON wants to decentralize the internet and is striving to build an infrastructure around that. The TRON platform strives to enable decentralized apps and creators of decentralized applications. With these features, TRON wants to compete with Ethereum for the top spot for decentralized applications. TRON was first initiated on the Ethereum blockchain network, but they have launched the TRON blockchain in May this year.
That’s why the TRON Tokenswap is a crucial step for the project’s progress. The token migration will make TRON and the TRX token independent from Ethereum and will mark the real start of TRON’s mainet. But the original whitepaper of TRON did not include a tokenswap, nor a launch of a TRON mainet. TRON’s creator, Justin Sun’s initial intentions was for TRON to remain on the Ethereum network, but network issues and general mocking of TRON prompted the decision to leave the Ethereum network. He added:
“This is the only way to propel the industry into a stage of large scale and rapid growth… Independence from Ethereum is our answer to the calling of the blockchain era.”
It remains to be seen if TRON’s mainet is a good product or not. The launch of TRON’s main network is a big step for the project and will probably have an effect on TRON’s price.
3$ billion in TRX Tokens will be swapped in a day
If you have ERC-20 TRX Tokens, the Tokenswap will only mean that your ERC-20 Tokens will be swapped with the TRX native tokens. If your TRX Tokens are in exchanges, those exchanges that support the TRON Tokenswap will exchange your Tokens automatically for TRON-20 TRX Tokens. If you have TRX Tokens in your Ethereum address, then your Token balance will be transmitted to the TRON wallet.
The Tokenswap will happen automatically and it’s the exchange’s job to make it happen. The process started this week and all TRON holders will have until 24th June to deposit their ERC-20 TRX Tokens to one of the 30 exchanges that support the TRON Tokenswap. Those investors that are holding their TRX tokens in exchanges like Binance or other supporting exchange, they don’t need to do anything, the exchange will do all the work.
TRX Tokens won’t be available for withdraws from exchanges from 22th to 25th June, because on 24th June the exchanges will take a picture of all existing TRON balances. All of the wallets and the TRX balances will be recorded so that there is no possibility for fraud. TRON Tokens will still be available for trading, only withdraws and deposits will be frozen. On 25th June, the TRON Tokenswap will complete, which will mark TRON’s independence from Ethereum. The TRON Tokenswap will move a hefty 3$ billion dollars into all users’ wallets.
The TRON Tokenswap comes less than a week after the ICON Tokenswap, where the same thing happened to the ICON mainet and the release of the real ICX Tokens. Click here to read about the ICON Tokenswap.
Earlier this month, EOS launched their mainet and made their Tokenswap. The main network of EOS – EOSIO was launched which ended their year-long Initial Coin Offering that raised more than 4$ billion. Click here to read about the EOS Tokenswap, the EOSIO mainet and other details about the project.
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