Tron Will Burn 1 Billion Coins to Celebrate Its Independence From Ethereum
The Tron Foundation just announced new details on its mainnet launch and block producer election, including a coin burn on June 25th to celebrate the occasion.
“To commemorate this exciting moment, TRON Foundation will conduct a burn of 1,000,000,000 TRX all at once, which is worth 50 million USD according to today’s market price.
This may set the record for the most amount of money destroyed in human history in celebration of a historic moment.
The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.”
Platforms burn coins in order to reduce the number of coins in circulation.
Coin burns are often used to encourage supporters to hold their coins for the long term, because a lower supply of coins can mean an increase in value. They are also used regularly after an ICO sale to eliminate unsold coins.
This particular coin burn is worth about $48 million, according to the current market value of TRX.
Tron has also released new details on the mechanics of its mainnet launch and says it will include four phases: Preparation, Guardian Phase, Genesis Phase and Constitutional Phase. You can find a breakdown of the phases here.
At least 37 crypto exchanges and wallets are now on board with the token swap and mainnet launch, when TRX will leave the Ethereum network and no longer be an Ethereum-based ERC20 token.
Those exchanges will automatically ensure TRX coins are transferred over to the new blockchain.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.