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