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Tron is no longer an ERC20 Token: Time to make the switch!

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Tron

Since Tron’s new network went live, the price of TRX has not performed as expected. Impatient holders of TRX waited with baited breaths for a bullish rally in terms of price while the new month of June ushered in a new chapter for TRON. During the live stream of the launch that went public on May 31st, Odyssey 2.0 was set in motion as the TRON team once again proved their commitment and dedication to the project’s vision of web decentralization.

Frankly, TRON has outperformed most cryptocurrency projects, including big hitters like Ethereum, considering it’s a young company that is barely over a year old. For instance, the Ethereum mainnet development process took years while Tron has managed to complete its own mainnet in just 3 months. That says a lot about the team and the passion of the leaders of this startup company.

Independence Day

June 25th is fast approaching and with that comes the much anticipated TRON independence day. In a bid to prepare the TRON community for this, TRON has moved to officially announce the discontinuation of ERC20 services on its official Tron website. At the moment, ERC20 deposit services have already been discontinued while June 22 will see the discontinuation of ERC20 withdrawal services. This means that anyone holding ERC20 TRX tokens should submit a request for withdrawal to the Tron support system before the deadline set at the end of the year elapses. Community members have also been encouraged to confirm their remaining ERC20 TRX balance and make plans to withdraw and migrate to mainnet tokens.

What next for TRON

By now, Tron has accumulated over 1 million token holders and the migration after the launch of the mainnet is certainly going to affect a good chunk of the crypto world. To make sure everything is up to speed, especially on the technical part, Justin Sun (Tron’s CEO) introduced a bounty program for developers and bug finders to assist in the development of the mainnet once it went live on GitHub.

Tron’ mainnet is still at its early days, and even though TRX’s price has not reflected the hype and excitement that came with the mainnet launch, there is certainly more to expect in the coming days. There are already a couple of exchanges that currently support the token migration. According to Sun’s twitter post, CoinEgg is one of the latest supporters of the Tron Blockchain migration and token holders can move their ERC20 tokens to this exchange so as to receive the new mainnet tokens. CoinEgg will be joining other crypto marketplaces like OTCBTC who has already announced their support for the migration.

Moving forward

It doesn’t stop there. Tron is set to be the new solution for increasing liquidity for both fiat and cryptocurrencies with its new partnership with Shift Markets. Shift Markets is a New York-based FX broker with years of experience coming up with crypto exchange solutions. The partnership between Tron and Shift Markets will enable the use of TRX to bridge the gap between tradition currencies and cryptocurrencies. As a result, Tron will be available in more than 9 countries.

Final word

As it stands, it might just be too early to dismiss Tron even after the much hyped up mainnet launch seemed to disappoint. Granted, the price of TRX hasn’t skyrocketed as most investors expected, however, with more partnerships and platform developments, a lot is to be expected from this young project.

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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.

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Altcoins

My Crypto Heroes Announces Issuance of MCH Governance Token

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Tokyo, Japan, 24th November, 2020, // ChainWire //

My Crypto Heroes is happy to announce the issuance of MCH Coin as an incentive to players in the My Crypto Heroes ecosystem, aiming to allow them to craft a “User-oriented world”. The MCH coin is available on Uniswap with a newly created pool with ETH. 

My Crypto Heroes is a blockchain-based game for PC and Mobile. It allows users to collect historic heroes and raise them for battle in a Crypto World. Officially released on November 30th, 2018, MCH has recorded the most transactions and daily active users than any other blockchain game in the world.

What is MCH Coin?

MCH Coin is being issued as an ERC-20 Standard Governance Token. The issuance began on November 9th, 2020, with 50 million tokens issued.

Of the funds issued, 40% are allocated to a pay for on-going development and as rewards for advisors and early investors. 10% are allocated to marketing and the growth of the ecosystem, and 50% are allocated to the community. The Distribution Ratio of the MCH Coin is subject to change via a governance decision.

The MCH coin will be used as a voting right as part of the ecosystem’s governance, with 1 coin being 1 vote. It will also be used for in-game utilities and payments. Additional information can be found here:

https://medium.com/mycryptoheroes/new-ecosystem-with-mchcoin-en-a6a82494894f

During December 2020 the first governance…

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Altcoins

Rewards Platform StormX Offers 50% Crypto Cashback Bonus for Thanksgiving

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Singapore, Singapore, 23rd November, 2020, // ChainWire //

Blockchain-based rewards platform StormX has released a seasonal promotion for its award-winning Crypto Cash Back App. The promotion will allow app users to earn a 50% bonus on top of their cashback between Thanksgiving Day and Cyber Monday (November 26-30).

StormX has also introduced a brand-new staking service, allowing users to earn an additional 50% per year when they stake STMX tokens. The native ERC20 token of the StormX ecosystem, STMX has a total supply of 10 billion and is available to trade at many of the world’s top exchanges, including Binance and Bittrex.

“With Bitcoin’s price approaching its all-time high, interest in cryptocurrencies has renewed, though some people believe it’s now too expensive to buy in,” said StormX CEO and Co-Founder Simon Yu. “What we have done is create an easy way for such individuals to accumulate bitcoin, ethereum and other cryptocurrencies via everyday shopping.

“We’re also excited to provide users with the ability to earn greater rewards simply by staking their tokens.”

Since the StormX mobile app launched its Shop feature with over 700 stores in February 2020, some 400,000 unique users have been added to the rewards platform. StormX has also witnessed over 50% month-on-month growth for sales. The app is available for download on the App and Google Play Stores, and can be downloaded as a browser add-on from the Chrome Web…

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Altcoins

BITTREX GLOBAL CONFIRMS FREE TRADING AND LISTING FOR TOP DEFI TOKEN

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Valduz, Liechtenstein, 17th November, 2020, // ChainWire //

International cryptocurrency exchange promotes free trading and no gas fees for leading DeFi tokens

17th November 2020 — Bittrex Global GmbH. announced today 8 new DeFi tokens will be listed this week including:

  • UMA (UMA)
  • Aave (AAVE)
  • Balancer (BAL)
  • REN (REN & renBTC)
  • Kyber Network (KNC)
  • Band Protocol (BAND)
  • YF Link – (YFL)

Bittrex Global’s users can trade all of their DeFi  tokens with no trading or gas fees until 2021. The decision to enable free trading on Bittrex Global for DeFi tokens  follows on from the 1,000% growth of the DeFi asset class over the course of 2020.

The decision to enable free transactions will see more investors enter the Blockchain Act’s digital asset regulatory system, supervised by the Financial Market Authority in Liechtenstein (FMA) under the Due Diligence Act which requires traders to comply with the KYC/AML/CFT standards.

“The last year has seen huge growth in DeFi as an asset class and a number of significant milestones completed,” said Bittrex Global’s CEO Tom Albright. “As the asset class matures and more institutional and professional investors look at the fundamentals, we are likely to see increased demand and higher trading volumes for DeFi in 2021.

We’re really excited about what we’re seeing in the space and want to see these DeFi projects grow and help them build stronger platforms through increased adoption. Offering free trading fees…

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