TRON’s Token Swap
The cryptocurrency market is always booming with news of technological innovations and improvements, with developers working round the clock to ensure that future upgrades eliminate any plaguing issues a cryptocurrency has. Out of the many token events that are common among cryptocurrencies, token swaps are almost a regular occurrence. Primary reasons have always centered on token migration, with many coins migrating from an ERFC-20 based system to their own mainnet. One such example is TRON, which recently completed its token swap event, supported by over twenty of the top exchanges in the world. BitkopEx is just one of those exchanges.
Token Swaps are a common occurrence in the crypto-space, with many tokens undergoing token swaps in the past. In simple words, token swaps or token migration is performed when a particular cryptocurrency uses a certain blockchain platform (such as the Ethereum platform) to raise initial funds. In order to transfer their tokens into a proprietary blockchain system, token swaps are performed to complete the transfer to the project’s mainnet. Apart from TRON, EOS has recently conducted its token swap across many global exchanges as well.
According to a Medium post published by CEO Justin Sun, the token swap marks a pivotal change in the token’s lifespan, with a new token standard called TRON20 being introduced to replace TRON’s exiting ERC20 standard.
Dear investors, TRON Mainnet is launching soon. Token migration from ERC20 TRX to Mainnet TRX will occur between June 21st — June 25th (GMT+8). If your TRX is held on an exchange, no action is required. If your TRX is held in a wallet, you must deposit your TRX to an exchange before June 24, 2018, to avoid any losses. From June 21st– 25th, TRX withdrawals on exchanges will be suspended. On June 25th, both TRX deposits and withdraws on exchanges will be suspended. Deposits and withdraws will resume on June 26th. During this period, TRX trading will not be affected. If your TRX is held in a wallet and you were not aware of the migration notice, or saw the migration notice after June 25th, please visit our permanent token-exchange counter to exchange your tokens for Mainnet TRX.
New Protocol
The swap is a 1:1 token swap event, designed to not affect any existing TRON holder’s account balance. This means, that users will receive the same amount of TRON20 based tokens in exchange for the existing ERC20 based tokens.
The new TRON tokens can only be acquired through supported exchanges, which at the moment amount to almost thirty exchanges worldwide. Among the well-known exchanges include Binance, Bibox, Bitbns, Bitfinex, Bithumb, Bittrex, Bit-z and other big cryptocurrency exchanges. A full list of exchanges can be found in Justin Sun’s original Medium post. Each exchange had their own timelines for accepting the old token deposits before the major June 24th migration event. Some major exchanges like Binance offered flexible token swap periods.
Even though there are close to thirty exchanges supporting the TRON migration, there are several other crypto-related applications such as wallets which have not extended support for the migration. A popular example is MyEtherWallet, which is not supporting the swap and users have to look at alternatives for storing their TRON tokens. As such, sending existing TRON ERC20 to ERC20 compliant wallets may result in the tokens being locked and a loss of funds. The new protocol, TRON20 is still not supported by a host of different wallets, but this is expected to change soon. The TRON official wallet is the only TRON20 compliant wallet at the moment.
The Token Swap is regarded as a landmark milestone for TRON, which has distanced itself from the Ethereum network. Although it remains to be seen how the new protocol will address some of the lingering issues plaguing TRON, there’s no denying that EOS is on its way to establishing a fully independent system in the near future.
