The TRON (TRX) network not only freezes but also destroys the residual ERC-20 tokens after exchanges complete the migration to the new assets, the team announced in a recent blog post. The TRON foundation holds 3.4 billion additional ERC-20 tokens, which are locked away and will not be moved. The total coin burn, done in batches of a few hundred million, has now reached 92.42% of the total 100 billion supply of TRX tokens.
The TRON migration is ongoing, with more exchanges left to complete the process in time. Binance still swaps the tokens for users who missed the migration at the end of June. Gate.io is also open to deposits and performs swaps but has the added hurdle of a KYC (know your customer) procedure for US-based owners. Max Exchange is another market taking in ERC-20 TRX tokens and replacing them with the new digital asset.
At the same time, voting through the TRON wallet continues, and nine of the 27 positions for Super Representatives have been filled so far. The slow election of replacements for the TRON custodial representatives and network verifiers is partly due to the gradual token exchange. Additionally, some of the representatives distribute rewards, so holders of TRX have the incentive to vote for existing Super Representatives and claim short-term rewards instead of completing the network faster.
https://twitter.com/Tronfoundation/status/1018966479394332675
Unlike the very fast EOS network, TRX transactions are slow to pick up, numbering around 18,000 in a day. But the figure has gradually risen as more exchanges release the tokens.
TRX market prices are recovering slowly, climbing to $0.037, but trading volumes have dwindled once again, and there is little enthusiasm for the coin. The transition period and the lack of transactions could also be hampering the coin’s market performance.
!TRON!
TRX is up about 7% net in the past week, and the trading profile shows a mix of Bitcoin-based trading and an inflow of Tether (USDT), as CoinMarketCap data show. The past month has seen a gradual decline in TRX prices, from heights of $0.049 toward the end of June to as low as $0.031, just as the mainnet launch was going smoothly.
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