During the ICO phase of the Tron project, 100 Billion TRX tokens on the Ethereum blockchain were issued to investors. When Tron declared independence from the Ethereum network on the 25th of June, there was a token swap of these ERC20 tokens with the newly minted TRX coins on the Tron blockchain.
The token swap still continues to this day as prominent exchanges such as Binance, promised to support the process until all 100 Billion initial TRX were swapped.
It is with this background that Justin Sun announced via twitter that the Tron foundation had completed its 8th ERC20 token burn consisting of 182,359,804.286079 TRX.
Tron Foundation Completes its 8th Token Burn of 182.4 Million TRX ERC20 Tokens
Justin also went ahead and provided an EtherScan link verifying the transaction. Justin’s full tweet can be found below.
#TRON completed the 8th #ERC20 token coinburn of 182,359,804.286079 #TRX, we welcome the supervision from our supporters and believers. $TRX https://t.co/u6R67eX8VY pic.twitter.com/2E3MJyBEk6
— Justin Sun (@justinsuntron) January 2, 2019
Other Tron Token Burns
A token burn is simply sending a specific amount of the digital asset to an address that cannot be accessed. This address is usually made public as can be seen with the EtherScan transaction highlighting the 8th token burn.
The last 7 token burns and their dates, are as follows:
- 49,490,749,752.120578 ERC20 Tokens – June 30th, 2018
- 8,277,069,772.160253 ERC20 Tokens – July 13th, 2018
- 404,956,275.175006 ERC20 Tokens – July 17th, 2018
- 670,045,551.449388 ERC20 Tokens – August 27th, 2018
- 4,917,487,036.059613 ERC20 Tokens – September 13th, 2018
- 524,181,033.820172 ERC20 Tokens – November 1st, 2018
- 34,251,888,354.9 ERC20 Tokens – November 1st, 2018
Still 1.28 Billion Left
Doing the math, the 8th token burn brings the total of destroyed ER20 TRX to 98,194,556,546.2. This is 98.2% of the issued tokens in the ICO phase thus leaving another 1,805,443,453.8 ERC20 TRX yet to be swapped by their holders. However, when we look at the address the tokens were sent to, we find 98,719,128,533.048233 tokens. This then brings down the number of ERC20 tokens yet to be swapped to 1,280,871,466.95.
The Tron foundation has pledged to continually update the crypto community on the progress of other ERC20 token burns as well as providing the details of such transactions on the Ethereum Network.
TRX Market Performance
Tron is currently in the number 10 position according to market capitalization. The coin is currently valued at $0.020 and up 2.69% in the last 24 hours. Bitcoin and other cryptocurrencies are also in the green as we usher in an optimistic 2019. Also to note, is that the Tron foundation has the NiTRON event scheduled for the 17th and 18th of this month. The month of January should be an exciting time for the Tron community and TRX.
What are your thoughts on the currently ongoing token burn of the ‘old’ ERC20 TRX tokens? Please let us know in the comment section below.