TRON Foundation will conduct a burn of 1 Billion TRX
Tron (TRX) has grabbed the attention of the entire crypto community as the date when the token would become an independent cryptocurrency is just around the corner. What makes the developments further interesting is the fact that the Super representative elections will follow the event where an autonomous community would be formed. In order to attract everyone’s attractions, Tron has prepared a new milestone that would surely be noticed by the token holders. Well going unnoticed is definitely not the way Tron goes around.
As the date is drawing nearer, further information is being shared with the crypto community regarding the future steps for the coin. Justin Sun, CEO of Tron, tweeted that a coin burn would be organized by the company to mark the arrival of the hugely awaited independence.
Sun said that “To commemorate this exciting moment, TRON Foundation will conduct a burn of 1,000,000,000 TRX all at once, which is worth 50 million USD according to today’s market price.”
Coinburn is used for a number of reasons ranging from generation of new tokens, destruction of unsold tokens or for the advantage of existing token holders. Tron would be using this method to reward the existing token holders on the occasion of independence day.
This announcement holds great significance for the token holders, as the elimination of one billion TRX tokens would result in a scarcity of the supply of the coin which would result into increased demand. This increased demand would lead to appreciation in the value of the remaining TRX tokens and would benefit the token holders substantially.
It has been forecasted that after its independence, Tron would be performing incredibly and might go even higher after two days, when the Super Representative elections are proposed to be held. All these developments have led to increased expectations in the community, which is now eagerly awaiting the next probable steps for the coin. Maybe this was one reason behind further information being shared by Justin Sun regarding the future actions.
The community was informed that the when the Mainnet would be launched entirely in 3 days, it will be integrated into four phases, which have been defined by the company as: –
- Guardian Phase
- Genesis Phase
- Constitutional Phase
Great things are being expected for Tron (TRX) as it completes its migration phase which is currently being supported by around forty exchanges globally. Undoubtedly, after decoupling from Ethereum, Tron is expected to witness some significant traction. So, the coin holders should prepare for the skyrocketing of Tron (TRX)