Tron is getting ready for the token migration which is just around the corner. The Tron foundation recently shared all the important guidelines regarding the migration
The token migration is important because currently, the token the TRX holders have are ERC20 tokens– created on the Ethereum network. As Tron has already moved to its independent MainNet, the tokens are not compatible with their new platform. This migration from the ERC20 to TRON20 will make it completely independent. At any of the participating exchanges, holders will be able to swap their ERC20 TRX for TRON20.
The guidelines mentioned that it will be a 1:1 swap and it will not be affecting any of the holder’s balance. The amount users will out on the exchange for migration, they’ll get back exactly the same after it is completed. For now, there are 30 exchanges that are supporting the TRX token migration that is scheduled to happen on June 24th at 0:00 AM (GMT +8).
Related Article: CoinEx to support the blockchain in Tron token migration.
When they will be accepting deposits for the June 24 token migration, all exchanges have their own timelines as to until. So, holders need to check the exchange deadline for depositing the tokens On June 24 at 0:00 AM (GMT +8) the exchanges will start the snapshots of the token balance. Until the process is complete, both deposits and withdrawals with be suspended. On June 26 (GMT +8) deposits and withdrawals will start again. During this period, TRX trading will not be affected.
In case, users fail to exchange the tokens before June 24, Binance will continue to offer coin swapping for TRX tokens. Token holders can just transfer ERC20 Tron tokens to Binance and the process will be completed by them. For now, this service is being offered only by Binance. After the token swap completes, the users may keep their new TRX coins on the exchange or move them to the Tron wallet, or to any other device used for token storage.
Things to know about the new tokens.
One needs to move their new TRX coins to the Tron Wallet to use them as the power to vote. It is also to be noted that after the token swapping the token will no longer be ERC20 compatible. In case, a user fails to withdraw the funds in time, the user can contact the Tron token holder support submitting a request for withdrawal.
A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Beyond Bitcoinx.