TRON Will Burn $50 Million Worth Of TRX, Celebrating ‘Independence Day’

One of the most hyped cryptocurrencies over the past few months, TRON, is preparing something for the much-expected Independence Day this year. As part of the commemorative events that will take place, the Tron Foundation recently revealed that TRX tokens worth approximately $50 million (1 billion TRX coins) will be burnt.

This is probably one of the largest sums of money ever destroyed for celebrating a monumental event. Below is a tweet from the founder of TRON, Justin Sun, with a letter that marks out the reasons why this is happening.

Letter to the community: #TRON Independence Day. Celebrate on June 25th as we become a free, autonomous, and self-governed decentralized internet. Join us in celebrating with a 🔥🔥1 billion #TRX coin burn! @Tronfoundation https://t.co/NZrpDq6V9V pic.twitter.com/NFmIjRAF6u

— Justin Sun (@justinsuntron) June 21, 2018

After the burn, the volume of TRX coins will fall to 99 billion. Currently, the Tron Foundation is holding 33,251,807,524 TRX tokens which will remain locked till January 1st, 2020.

Meanwhile, TRON launched its mainnet which was a process that consisted of four stages. The mainnet test was launched late in March and the preparation phase has still been underway, involving things like selecting Genesis Representatives from among the Super Representatives that were already picked.

The successful mainnet launch for Tron will be dependent on 27 Genesis Representatives. So far, many rehearsals have been conducted to ensure that the launch of the mainnet will take place without any hitches. At some point, the official migration of Tron from the ERC20 blockchain will also occur.

If Tron is listed on more than 100 exchanges across the globe, each exchange will have to determine when to migrate tokens to the Tron mainnet from the ERC20 blockchain – where the migration exchange rate is 1:1.