The TRON Foundation’s token migration is right around the corner. Currently, the tokens TRX supporters hold ERC20 tokens that were created on the Ethereum network and these will no longer be compatible with the new platform.
Justin Sun tweets guide to independence | Source: Twitter
Tron will be migrating from the ERC20 to the TRON20 standard, a native coin for the Tron Mainnet. This will be a 1:1 swap, and as of now, there are already 30 exchanges that are supporting the TRX token migration that is scheduled to happen on June 24th at 0:00 AM [GMT +8].
Each exchange is said to offer their own timelines on when they will halt deposits, for the June 24th token swap. These exchanges will begin the snapshots of the token balance and both deposits and withdrawals with be suspended until the process is complete.
Some of the participating exchanges are Bitbns, Bibox, Binance, Bitfinex, Bitopro, Bitforex, Bittrex, Coinegg, Coinrail, Huobi, etc.
Binance is the only exchange, as of now, that will continue to offer an ongoing coin swap for TRX tokens. At any time, the trader can transfer ERC20 TRON tokens to Binance and they will complete the process. Tron Foundation said:
“The token migration will be the final step that ushers in Tron’s Independence Day. We look forward to all the Tron supporters taking part in this process of swapping out their tokens for new TRX mainnet coins. Tron appreciates the assistance by all the exchanges that have offered to support the token migration and give Tron holders a reliable source for moving to the new TRX standard coin.”
Akaj Poo, a Twitter user commented:
“Nice, the same day is independence day in my country.”
Tron has been experiencing quite a change in the market prices for over a month now. Tron’s current price is at $0.047 with a market cap of $3,149 billion. It has seen a rise of 5.11% over the last 24 hours.
Tron trade history [7 days] | Source: CoinMarketCap
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