On 23rd July, Justin Sun, the founder of Tron [TRX], made an official announcement on his Twitter post regarding the deposit of ERC20 TRX tokens on Binance.
It is said that Binance will automatically convert the ERC20 tokens to TRX20 tokens. Token holders are required to send their ERC20 TRX tokens to the previous Ethereum [ETH] platform deposit address.
Justin Sun in his Twitter post said:
“#TRON $TRX If you need to deposit ERC20 TRX tokens to @binance please send these tokens to your existing #ETH deposit address. @binance will automatically convert these ERC20 tokens to #TRX mainnet tokens for you.”
After the migration of Tron from ERC20 to TRX20, unlike Binance all the exchange platforms had listed the new token TRX20. On 10th July, Binance completed the swap of TRX tokens.
Post the migration of Tron [TRX] tokens from the Ethereum platform, Justin Sun announced the burn of 49 billion TRX ERC20 tokens in its third batch from June-July.
Fashion Bible, a Twitter user said:
“Thank you Justin for it) Love you)”
Another Twitter user, Titan, said:
“Price getting rediculously low on BTC pairing now. This has to improve now or it will be a mass exodus!”
Additionally, on 23rd July, OKCoin announced the completion of Tron’s [TRX] Mainnet swap. The token holders of TRX20 are asked not to deposit their tokens on ERC20 based TRX address as its existing address will be discarded. Users are required to make payments on the newly issued address.
The token holders need to be careful if the TRX token has switched to the Mainnet while withdrawing from other exchanges. Traders have also been warned that the token may be lost when transferring the password between the exchange where the Mainnet conversion has been completed.
A new TRON address will be issued after switching to the Mainnet. The TRX address starts with the letter ‘T’.
OKCoin on their official website said:
“Please be cautious about the transfer of the password between the exchange where the main net conversion has been completed and the non-convertible exchange, as this may cause loss of all assets, and OKCOIN is not responsible for the loss of your assets.”
Jayme Genz, a Twitter user said:
“Yet another day and your coin continues to go down in value. Great times ahead”
Brent Sprinkle, a crypto enthusiast said:
“I Want to buy TRX at 220 sats…come on TRX…move the price down !”