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Tron tokens worth of $50 million burned, now what? Will TRX price rise?
Yesterday, June 25, 2018, was an exciting day for Tron Foundation; this is because the cryptocurrency scored its independence and became a ‘self-governed’ platform. Also yesterday, Tron celebrated its Independence Day, and Justin Sun stated on the official Tron Foundation Blog the events that were to commemorate and perhaps the most important of them all was the token burning event.
The burning of coins in the crypto-sphere ensures that the tokens left will be re-valued because most digital currencies have a finite average number. Furthermore, a coin burn can also be seen as a way of generating new tokens to destroy the tokens that were not sold.
Tron Foundation earlier disclosed that after the $1 billion worth of coin burn, it would conserve a substantial number of “locked” tokens to avoid an inflationary process and to protect the value of TRX tokens:
“The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.”
Tron’s coin burn marks the greatest in history as the most significant amount of currency burnt in a day in celebration of a historic moment, according to Tron Foundation.
It is important to note that Tron Foundation stated that the burning of tokens would begin from the foundation holdings making sure that token holders aren’t affected in any way. These events plus Tron’s MainNet (Odyssey) launch process will be the finale of all research and development works done by Tron Foundation and its users.
#TRON completed Coin Burn of 1 billion #TRX. ????https://t.co/5dGpF9DbVr
— Justin Sun???? (@justinsuntron) June 26, 2018
Nevertheless, Tron’s coin burn can be seen as a new phase for the blockchain platform. As this phase got actualized yesterday, new TRX tokens were distributed to exchanges, and also, wallets got swapped. It simply means that as a user of Tron (TRX), if you HODL the token, there is a high possibility that your wallet or exchange might be automatically swapped.
In addition, exchanges will decide when they would want to move their TRX tokens from ERC20 to Tron MainNet tokens. After TRX tokens have been moved to Tron MainNet tokens, users could withdraw their tokens and make deposits on the wallets supported by Tron and begin to vote for the first Super Representatives Election slated to hold on June 23, 2018. That’s all done.
Right now, the price of Tron (TRX) is in the red, and this is due to the current market situation. With Tron’s (TRX) coin burn and the migration of TRX tokens from ERC20 to Tron MainNet tokens, the price value of TRX has the ability change.
However, a change in the price value of TRX may not be actualized due to the market volatility and other factors that control the value of the tokens daily. Also, the tokens that got burned were not a part of the circulating supply, which means that the coin burn will not affect the market supply. So, it is not ‘must’ that the coin burn will affect Tron’s price dramatically. For now, let’s keep our fingers crossed and see how things unfold in the next few weeks!
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pxhere.com
Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.
Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.
The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.
NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more. One of the ways to have a successful…
2020 has been an incredible year for crypto as investors have generated windfall profits and crypto projects have seen their businesses gain the spotlight they’ve been looking for. While Bitcoin has received most of the attention after major institutional investors announced they were accumulating the increasingly scarce asset, many altcoins have also seen their fair share of glory. When looking at all the big winners of the past year, the first project that probably comes to mind is Chainlink, having appreciated by more than 550% YTD and now valued at over $4.5 billion. But, the actual biggest winner of the year is HEX with a YTD return of over 5,000%.
I mention both of the above projects as they have each taken slightly different paths to achieve greatness. Chainlink has devoted resources toward building a fundamentally sound business with many strategic partnerships while HEX has spent vast sums of money on marketing and promotion. Both approaches are valid, but one thing is certain, it is absolutely imperative for crypto projects to let the crypto community know what makes them special. Of course, one of the reasons that makes crypto so valuable is the powerful blockchain technology that most projects are utilizing.
Cryptocurrency vs. Blockchain Technology
It’s important to make a distinction between blockchain technology and cryptocurrency. Although they are often used interchangeably, they are different. Blockchain technology and crypto were both created after the 2008 financial crisis, but cryptocurrency…
Altcoins
XENO starts VIP NFT trading service and collaborates with contemporary artist Hiro Yamagata
Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
The XENO NFT Hub (https://xno.live) will provide a crypto-powered digital items and collectables trading platform allowing users to create, buy, and sell NFTs. Additionally it will support auction based listings, governance and voting mechanisms, trade history tracking, user rating and other advanced features.
As a first step towards its fully comprehensive service, XENO NFT Hub launched a recent VIP service to select users and early adopters in December 2020 with plans for a full Public Beta to open in June 2021.
“NFTs are extremely flexible in their usage, from digital event tickets to artwork, and while NFTs have a very wide spectrum of uses and categories XENO will initially focus its partnership efforts and its own item curation on three primary areas: gaming, sports & entertainment, and collectibles.”, said XENO NFT Hub president Anthony Di Franco.
He also added “This does not mean we will prohibit other types of NFTs from our ecosystem However, it simply means that XENO’s efforts as a company will be targeted into these verticals initially as a cohesive business approach.”
Development and Procurement Lead, Gabby Dizon explained, “Despite our initial focus, we found ourselves with a unique opportunity to host some of the works of Mr. Hiro Yamagata. We are collaborating with Japanese artist Hiro Yamagata to enshrine some of his artwork into NFTs.”
Mr. Yamagata has…
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