The TRON Foundation has successfully launched the migration process and is preparing to celebrate the transition from the Ethereum blockchain to the main network with the act of burning 1 billion TRX tokens.
The migration of TRX tokens began on June 22 and until June 25, coin holders need to withdraw their assets from crypto platforms. Currently, almost 50 exchanges have announced their support for the TRON update and token migration. Tron migrations are carried out exclusively by crypto platforms. Users storing their tokens on an exchange that supports the transition do not need to do anything. The list of partner exchanges is constantly growing and you can check whether the platform on which your assets are stored supports this swap on the website.
It is assumed that by June 24, all holders will bring TRX to the exchanges and it will be done a snapshot that fixes account balances for accurate transfer to new TRON wallets. The conversion will end at midnight on June 24.
For token holders, the essence of the transition is that the ERC-20 TRX tokens they used before will be replaced with TRON-20 TRX tokens. For holders who did not make it before the appointed deadline, the cryptocurrency exchange Binance will provide a token exchange service on an ongoing basis.
Over the next day, all transactions will be frozen, and already on June 26, TRX holders will be able to use existing tokens to vote in the election of validators, after which the launch of Mainnet Tron will take place.
The launch itself is divided into four phases, the successful completion of which determines the launch of the main network.
June 18-23 - preparation for generating the first block;
June 24 - system verification;
June 25 - creation the first block of Tron;
June 26 is the official launch of the network.
Justin Sun has already announced the successful completion of the second round of Mainnet testing and preparations for re-testing the network.
And the day TRON enters a new level, the transition to its own ecosystem, Sun called “Independence Day” and said that he would celebrate the day when the network becomes truly free and decentralized by burning 1 billion TRX tokens ($50 million).
The Burning Act will reduce the volume of TRX at the start of MainNet to 99,000,000,000 TRX, and the remaining 33,251,807,524 TRX owned by the TRON Foundation will be blocked until January 11, 2020.
The token migration and the burning of $50 million will likely result in to TRON rate jump.. However, against the backdrop of a general decline in the market, it is difficult to predict the growth of the exchange rate.
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