TRON (TRX) Independence Day is coming on June 24th 2018. Here are all the details you need to know about the event and how to avoid losing your tokens during migration. We will detail how to ensure your ERC20 tokens are safely migrated to the new TRON20 standard tokens. We finally offer a short analysis on the overall price performance for TRX in the last month and a price prediction for TRX in 2018.
Tron Foundation offered a detailed reminder to all the TRX holders of the upcoming migration on June 24th 2018 on their Medium page this Wednesday, June 20th. This migration of tokens occurs as a result of the successful switch of TRON’s network from the prior Ethereum smart contract platform to its own native TRON main net on May 31st 2018. Read on to get the most important points you should be conversant with if you own TRX tokens.
The TRX (ERC20) to TRX (TRON20) Migration
The migration will see the ERC20 standard abandoned for the native TRON20 token standard. The migration is set to start on June 24th at 0:00AM (GMT +8) and will be open to migration till December 31st at 0:00AM (GMT +8).
“This will be a 1:1 swap, which will not impact any TRON supporter’s balance. What you put on the exchange for the migration is what you will have after it is completed.”
Safely migrating your TRX tokens
TRON (TRX) migration will occur on the supported exchanges. Every TRX holder is urged to deposit their TRX balances on the exchanges that currently support the migration. Whether the balances are held on ERC20 compatible wallets, TRX wallets or any other wallet/non-supporting exchange move them to the recommended exchanges. This will ensure a safe migration of the tokens from the ERC20 to TRON20 standard. Once you deposit them on these exchanges, you don’t need to worry about the process of migration.
Once deposited, the exchanges will begin taking snapshots of the balances on June 24th at 0:00AM (GMT +8). The exchanges will suspend any transactions, withdrawals and deposits of TRX till the process is complete.
There are 30 confirmed exchanges that supports the migration with Binance being the most prominent. Binance will also have an exclusive service to swap your ERC20 TRX tokens to the TRON20 standard. If unable to move your tokens to a supported exchange, deposit them on Binance and the process will be completed for you.
Each exchange will offer their own timelines as to when they will no longer accept deposits for the June 24th token swap, so be sure to check with your appropriate exchange on the deadline for TRX token deposits.
Price analysis of TRX
TRON (TRX) is currently the only green-lit indicator in the top 50 rankings on Coinmarketcap. At a current price of $0.045267 USD per token, the coin sees its price rise by a slight 0.51% in the last 24 hours. This represents an overall 45% loss in the past 30 days as the whole market suffered a sell off during the month. The coin still holds on to its 10th position on the listings with a total market capitalization of $2,976,226,345 USD.