Tron Burns 49bln. ERC20 Tokens, Binance Announces TRX Competition

Tron (TRX), whose mainet was officially launched on June 25, has issued an update regarding the mainnet. According to the announcement, the mainnet runs smoothly, with around 493 nodes around the world and the token migration (from Ethereum to its own mainnet) is still in progress.

The first batch of ~49 billion ERC 20 tokens was burnt (sent to an address with no access to anyone). Notably Tron burnt 1 billion of its own coin (TRX) to celebrate ‘Independence Day’, a term coined to refer migration from Ethereum network. Contrary to expectations, TRX coin burn did not create any spike in the price.

Notably, Pornhub, the adult website with more than 85 million visitors, has announced its interest to accept subscription payments in Tron (TRX). Furthermore, Tron is also accepted by Brazzers (a Canadian adjult website with more than 35 million monthly visitors) and TrafficJunky, a Canadian internet marketing company.

49,490,749,752.120578 #TRX ERC20 token were burnt by #TRON Foundation. https://t.co/2iF859kHyP

— Justin Sun (@justinsuntron) June 30, 2018

$TRX is now accepted on @PornHub @Brazzers @trafficjunky and @nutakugames! #TRON is the people’s #blockchain ? Where would do you want to see TRX next? pic.twitter.com/sU3OX6GBGw

— Justin Sun (@justinsuntron) June 28, 2018

Binance, arguably the largest cryptocurrency exchange in the world, is also celebrating the migration with a 1,000,000 TRX give away.

#Binance #TRON Trading Competition: 10,000,000 $TRX to Give Away!https://t.co/2Iy7oQhgPQ pic.twitter.com/ErCBK6eTF1

— Binance (@binance) June 28, 2018

The trading competition, which began on June 29, will run through July 6 00:00 AM (UTC). The winners will be selected based on the volume traded (buys, sells, excluding wash trades) across all TRX trading pairs.

• The trader who does the maximum volume will receive 2,000,000 TRX coins
• Top 2-11 traders by traded volume will evenly share 2,000,000 TRX
• 20 traders who are listed 69, 99, 169, 189, 399, 599, 899, 999, 1299, 1699, 1899, 1999, 2099, 2399, 2599, 2999、3299, 3599, 3899, or 3999 in the rank list will evenly split a pool of 1,000,000 TRX.
• Those who record a volume of at least 65,000 TRX will evenly share a pool of 5,000,000 TRX.

Binance has also suggested using BNB to receive a discount of 50%. Winners will be rewarded within two weeks after the completion of the competition.