Tron (TRX) liquidity boosts as 19 exchanges complete token migration
Tron (TRX) had a successful MainNet launch and it was followed by token migration, a process which started from June 21. It was supported by 52 cryptocurrency exchanges. Currently, 19 exchanges completed the Tron token migration, boosting the liquidity of the cryptocurrency.
Liquidity is the degree to which a digital asset or security can be sold or bought with affecting the price of the asset. Market liquidity means allowing an asset to be sold and bought at stable prices. The liquidity of TRX took a setback since the migration process began. However, there’s a boost as users who deposited their TRX in these exchanges for migration into the new Mainnet will now be able to withdraw their TRX. They can either stake their coins for the on-going Super Representative elections or keep them safely in cold storage.
Ledger supports Tron
Popular hardware wallet Ledger Nano S recently announced that it will be supporting the blockchain. They mentioned, “Tron (TRX) can be managed from a Ledger Nano S through the use of Tronscan Desktop and the Tron app on your Ledger device. Both are developed and supported by the Tron community.”
In the last few months, Tron had a number of exciting developments such Pornhub accepting TRX as a payment option, acquiring BitTorrent and more. Currently, the Tron community is hoping for an exciting announcement from Justin Sun on July 30 where he would be revealing about a secret project.
Meanwhile, BitTorrent founder gave a strategy hint to Tron to use the newly acquired platform for good. Reportedly, co-founder Ashwin Navin has said that Tron should give incentives its 170 million users in exchange for their computing resources.
“I would say that BitTorrent for a lot of reasons was a pioneer in distributed computing. And we know that the crypto space is built around decentralization and creating incentives for consumers to do certain things. In the case of BitTorrent you’ve got hundreds of millions of people who have made their computers available for making files available. And so, what I imagine you could do if you’re a blockchain company is you could then incentivize people with more than just free content. But maybe there’s financial incentives for making your computer available for people who want to pay for it,” Navin said in an interview with Cheddar.
Image via Shutterstock
Join our Telegram group