Tron [TRX] burns more than 670k coins ahead of TVM launch
Tron marked the beginning of a new age of democracy with its recent coin burn. It has burnt its fourth batch of ERC 20 tokens. This event took place following the token burn on June 25, Tron Independence day, which saw the foundation burn one billion tokens. This time around the foundation burned 670 thousand coins ahead of their TVM launch.
According to their Medium post, “Currently, TRON mainnet runs smoothly, there are 909 nodes around the world, block height: 1818185(As of 16:16, August 27, SGT), token migration is still in process.” In another Medium post, the company announced that more coins will be burnt and also coins will be eliminated by TRX rewarding mechanism. “As the TRON Network is witnessing growing transactions, accounts, as well as an expanding DApp ecosystem, more TRX will be burned. On the other hand, as the Network evolves, adjustments to the TRX rewarding mechanism are expected to be made based on votes by the community — on August 13, the Foundation published ‘ A Proposal to Increase Rewards for the TRON SR Candidates’. Therefore, the total number of the TRX is not constant; instead, it is determined by the changing rewarding mechanism and coin burns,” read the post.
The foundation has been working to increase the adoption of Tron. Recently, 6,666 TRX private key bounty hunt announced by Justin Sun led to an increase in the adoption of the cryptocurrency. After the announcement of the bounty hunt Seedit, the multi-platform payment system of Tron, tweeted that it has surpassed the 10 million TRX tip mark. The community carried out a massive airdrop where its members also tipped celebrities including Snoop Dogg, Pope Francis, and Ellen Degeneres.
We’re truly grateful to have a wonderful community of supporters! Thanks to everyone who helped make this momentous achievement possible. ?#GoSeedit @sesameseed_SR @justinsuntron @Tronfoundation #TRON $TRX #cryptotwitter #Crypto pic.twitter.com/pWW826bQBn
— Seedit (@GoSeedit) August 24, 2018
Tron is fast becoming a popular cryptocurrency among the ordinary citizens and the elite. The coin is driving towards mass adoption through teamwork and participation from its members, followers, and believers. TRX is currently trading at $0.023 and is ranked 12th by market capitalization.
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