- Tron Foundation announced through their official twitter that they had carried out the twelfth ERC20 TRX token burn.
- According to the present Migration has been done over 100 exchanges and wallets, and the recovered tokens then given to the Tron foundation.
- Token burning or token destruction is the process used by blockchain giants to burn the tokens, which are in circulation.
The Tron foundation’s team brought the process of token burning in the market with mainnet updates after they officially launched the public chain leading network in June 2018.
Tron Foundation announced through their official twitter that they had carried out the twelfth ERC20 TRX token burn. The coin burn involved 13,786,420.786607 TRX tokens, thus bringing the foundation closer to destroying all the ERC20 tokens issued during the token sale in 2017. Tron foundation’s tweet making the announcement can found below.
According to the present Migration has been done over 100 exchanges and wallets, and the recovered tokens then given to the Tron foundation. The foundation recently destroyed its 12th batch of tokens. The leading network is currently much stable. Every firm announces the destruction of its tokens.
Why Tron Token Burn
Tron Project official launched on Ethereum’s blockchain, 100 Billion ERC20 based TRX tokens generated on ethereum’s blockchain and issued to investors. Soon after, on June 25th, TRON emerged as an ethereum killer and declared independence from the Ethereum network.
To Migrate to Tron’s blockchain, the Token swap of newly minted TRX coins with ERC20 tokens took place. The token swap will continue until all prominent exchanges extend support permanent ERC20 Migration.
Previous TRX Token Burns
Token burning or token destruction is the process used by blockchain giants to burn the tokens, which are in circulation. This is done to deflate the amount and create favorable markets.
In the token burn process, a specific amount of token sent to an address, which is inaccessible. The token transfer transaction is visible on Etherscan. The summary of the previous token burn event with their dates provided below:
· On June 30th, 2018 – 49,490,749,752.120578 ERC20 Tokens https://etherscan.io/tx/0xe9adbe7e538ccf9f9d4ede8cc4200581dac131976738d3bbf0eb90700cd8a2b6
· On July 13th, 2018 – 8,277,069,772.160253 ERC20 Tokens
· On July 17th, 2018 – 404,956,275.175006 ERC20 Tokens
· On August 27th, 2018 – 670,045,551.449388 ERC20 Tokens
· On September 13th, 2018 – 4,917,487,036.059613 ERC20 Tokens
· On November 1st, 2018 – 524,181,033.820172 ERC20 Tokens
· On November 1st, 2018 – 34,251,888,354.9 ERC20 Tokens
· On January 2nd, 2019 – 182,359,804.286079 ERC20 Tokens
· On February 18th, 2019 – 339,707,697.730671 ERC20 Tokens
· On April 9th, 2019 – 129,952,716.716656 ERC20 Tokens
· On August 26th, 2019 –ERC20 Tokens
· On January 9nd, 2020 – 13,786,420.786607 ERC20 Tokens
Tron currently ranked in 12th position in terms of market capitalization. The TRX coin is presently trading at $0.013 against US dollars and down by 0.54% in the last 24 hours. The volume of TRON is recorded $999,776,391 in the past 24 hours, with the circulating supply of 66,682,072,191 TRX.