Tron says it has just burned an incredible amount of Ethereum-based TRX tokens – 49,490,749,752 to be exact.
The coin burn essentially means Tron sent the tokens to a wallet no one has access to, officially removing them from circulation.
The coin burn is part of the final steps in Tron’s migration from the Ethereum blockchain.
As more and more cryptocurrency exchanges complete the token swap and move their users’ coins onto the new Tron blockchain, an increasing number of Ethereum-based ERC20 coins will no longer be needed.
BitForex is the latest exchange to announce its completion of the token swap.
Tron is currently the 11th largest cryptocurrency by market cap.
The platform is looking to expand its adoption and recently announced the addition of TRX as a payment option on PornHub, Brazzers, Traffic Junky and Nutakugames.
The team at Tron is gearing up for the official release of Tron’s virtual machine, a crucial component for allowing developers to create decentralized apps on the network.
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Source: Daily HODL
Original Post: Tron Just Burned 49 Billion ERC20 Tokens as Crypto Exchanges Finish TRX Transition