The US-based Bittrex cryptocurrency exchange has announced support for the TRON (TRX) blockchain upgrade that is planned for 21 June 2018. This is an important date because it is when Tron Labs will begin migration of ERC20 tokens (on the Ethereum blockchain) to new TRX tokens on TRON’s own public blockchain (“Main Net” or “mainnet”), which will be launched on 3 May 2018.
TRON is moving away from Ethereum to its own decentralized platform because of the belief that its own platform is superior to Ethereum in several ways, which Justin Sun, founder and CEO of TRON Foundation, outlined in a tweet a few weeks ago:
Why #TRON is better than #ETH: 1. 10000TPS vs. 25TPS 2. zero fee vs. high fee 3. consistent Coinburn vs. no coinburn 4. Java vs. Solidity 5. strong extensibility vs. no ex. 6. 1 billion USD developers rewards vs. no plan 7. 100 million users vs. small number #TRX $TRX pic.twitter.com/WvxH5EToa8
— Justin Sun (@justinsuntron) April 6, 2018
He then announced on 9 April 2018 the upcoming launch of Main Net:
Thanks for @Nasdaq. On May 31st, #TRON main net will be launched, #TRX plans to shed its ERC20 identity and migrate from the #ETH platform. It will be a serious challenge for ethereum. $TRX https://t.co/LlNqIyJNck
— Justin Sun (@justinsuntron) April 9, 2018
Then, on 15 April 2018, the TRON development team made the following announcement on their Medium blog:
For the reason that Tron’s public blockchain main net will be launched shortly, the migration from ERC20 tokens to TRX, the cryptocurrency on Tron’s public blockchain, will begin on June 21, 2018(GMT+8). We highly recommend exchange that all transactions be frozen from June 22 to June 23. After June 24, ERC20 will no longer be valid for transactions, for we will only support transactions with TRX on the public blockchain.
For token holders, with your ERC20 tokens saved to cryptocurrency exchanges (the only required operation on your part), further operations for token migration will be automatically completed for you in due time.
Well, now, Bittrex, which listed TRON (TRX) on 1 March 2018, has confirmed that it will be supporting TRON’s move to Main Net and the accompanying migration of its tokens. In an announcement on their website, the Bittrex team provided more details:
Users' TRON Bittrex exchange balance totals will reflect the same total that they had prior to the swap in a 1:1 manner. The old TRON tokens will no longer be supported or be traded on Bittrex.
Bittrex will re-enable the TRON tokens (TRX) wallet when we and the TRON team agree that the migration is satisfactory.
Note: Bittrex will be closing our TRX wallet and may stop trading the token to take accurate snapshots of balances. If any TRX deposits you had sent to Bittrex are not settled (e.g. marked as pending) by 6:00 PM PT, on 06/20/2018 (1:00 AM on 06/21/2018 UTC), you may not be credited with TRX.
Featured image credit: “Litecoin IMG_3372” by Mike Mozart is licensed under CC BY 2.0
