Tron (TRX) is a cryptocurrency that has its fair share of supporters and critics. Almost every time TRX does something, the two sides jump to prove them right or wrong. But one thing everyone can agree on is that for any blockchain project, the launch of mainnet is a really positive outcome.
Tron’s mainnet is launching on May 31 and the ERC20 tokens will have to be swapped between June 22 and June 24. Beyond that, TRX tokens on ethereum protocol will be useless.
Unlike EOS’s easy swap for everyone, the TRX migration is quite different and it has attracted a lot of criticism.
THE TRON MIGRATION CONCERNS
Since Tron’s team is migrating to a new native blockchain in coming weeks, the ERC20 token TRX will have to be swapped with the new tokens on the new blockchain. Basically if you hold TRX now, they will become useless and you will have same amount of new TRX on the new blockchain (mainnet) of TRON.
To make the transfer, users will have to undergo a specific process which is not necessarily to the liking of a lot of people.
Specifically, users will have to move the tokens from their private wallets to an exchange for a successful migration. Some users are disappointed as they cannot convert the current TRX to the new TRX through existing hardware and software wallets.
Many people currently store their ERC20 tokens on software wallets on clients like MyEtherWallet, even hardware wallets are accessed using MEW client or metamask. These people will have to transfer the tokens to an exchange that will support the TRON migration before June 21.
Then again, a lot can happen between now and June 21. A new method of swapping these tokens may be introduced in the future, but for now, only this one has been announced.
If you are tech savvy, you can explore the option to swap the tokens yourself, like exchanges will. Check out the process on GitHub.
EXCHANGES SUPPORTING TRON MIGRATION
SOME WELL-KNOWN INTERNATIONAL EXCHANGES
IMPORTANT POINTS TO NOTE
Make sure you take the note of the time exchanges will freeze deposits and withdrawals of TRX. To be on the safe side, move your TRX to an exchange from the list above before June 21 and trade freely or hold it there.
Which exchanges are you moving your TRX tokens to? Let us know in the comments below
Comments are closed.