Binance announces completion of TRON mainnet swap, enables TRX withdrawals
Cryptocurrency exchange Binance has just announced that it has finished the token swap process for TRON’s TRX cryptocurrency. As of today, users will be able to deposit and withdraw mainnet TRX from the exchange.
So far the migration of TRON to its own blockchain has gone well, particularly when compared to the problems faced by EOS, whose own transition has been plagued by delays and teething problems relating to its controversial constitution.
By contrast, TRON’s token migration, dubbed “Independence Day” by the TRON team, started on June 26th, as scheduled. The next big step is the release of the TRON virtual machine, expected on July 31st.
In preparation for “Independence Day”, holders of the original TRX, an ERC20 compliant token on the Ethereum blockchain, were instructed by the Tron Foundation to deposit those tokens with a participating crypto-exchange who would handle the process of swapping them into the new TRON mainnet token.
Binance have been particularly supportive of TRON throughout the process, revealing last month that not only would it be enabling the token swap, it would also be adding the option to trade TRX against the US dollar.
The TRON community is already testing the new functionality and initial reports are that everything is working smoothly, though there have been some complaints about the size of the Binance withdrawal fee.
MAX and CoinEgg exchange also complete swap
Today two other exchanges confirmed that they had completed the TRX token migration. Taiwan’s MAX digital asset exchange infomed users that they were now able to withdraw or deposit both the ERC20 or mainnet version of the token.
￼😍 MAX Exchange has completed TRON token migration, and support withdrawals and deposits of both TRX Mainnet and ERC20 versions.
If your TRX is still the ERC20 version, you could deposit it at MAX and withdraw mainnet version TRX.@Tronfoundation @justinsuntron #crypto pic.twitter.com/6UhaR3pJyp
— MAX Exchange (@Max_exch) 10 July 2018
CoinEgg highlighted to its users that the migration will entail the creation of new TRX addresses and that “the old TRX addresses will be discarded.” All deposits to the exchange should be made to the new addresses.