Tron (TRX) token migration is progressing smoothly, with 98% of the old tokens worth about $800 million burned announced
90% of Supply Burn
Since the Tron mainnet launched in June 2018, to date, more than 100 exchanges and wallets, including OKEx, Huobi, Binance, and Cryptopia, have completed token migrations and resumed withdrawal and deposit services. All ERC20 tokens withdrawn have been processed by the Tron Foundation.
Justin Sun stated on Twitter the following;
“I burned $8 hundred million worth of ERC20 TRX tokens. ERC20 TRX tokens will soon become historical antiques. This event marks the seventh coin burn since the Tron Foundation completed a successful mainnet launch in 2018.”
Since the Tron blockchain’s independent mainnet launch, the Tron Foundation has announced that it will regularly burn old ERC20 tokens. By removing ERC20 tokens, only one type of TRX circulates in the market. This not only prevents confusion among new users and investors, but also guarantees that old tokens are unusable.
According to a blog posted on November 2, by the time of the seventh ERC20 token coin burn since June, about 100 billion TRX have vanished. “Official statistics show that 97,812,196,741.9 TRON ERC20 tokens have been burned to date. This accounts for 98.01% of the 100 billion TRX that had been issued in ERC20,” it states.
