TRON (TRX) Mainnet Launch and Token Migration: Everything You Need to Know

Siamak Masnavi

On May 31st, TRON (TRX) will launch its own blockchain (or "Mainnet") and begin its "Odyssey" (v 2.0) phase of development. The countdown clock is currently on display on the TRON Foundation website. In this article, we try to answer the most important questions about TRON's blockchain upgrade and the migration of its tokens to this new blockchain from the current Ethereum blockchain.

What Is Happening on May 31st?

Currently, Tron does not use its own blockchain; instead, it runs on the Ethereum blockchain and its TRX tokens are based on the ERC20 standard. The "Exodus" in Tron's development roadmap started on March 31st, when a test version of Tron's native blockchain ("Testnet") was launched. And on May 31st, it will be time to launch the production version of Tron's native blockchain ("Mainnet").

What Will Happen After the Mainnet Launches?

Starting on June 1st, the Mainnet will undergo intensive testing for the next three weeks. One thing users will be encouraged to help with during this period is testing of the voting functionality. Another is testing of the Tron network wallet. 

What Is Going to Happen to My TRX Tokens?

If your TRX tokens are currently held on a wallet at a crypto exchange such as Bitfinex or Binance, you don't need to do anything; the exchange will take care of migrating your ERC20-based TRX tokens to native TRX tokens (or coins) on June 25th, and these will be available to you on June 26th.

The following exchanges have already promised support for Tron's blockchain upgrade and token migration: 

  • Cayman Islands: Gate.io
  • China: BixinIM
  • Dubai: RightBTC
  • Estonia: Bibox
  • Hong Kong: Bitfinex (with operations center in Taiwan)
  • India: Zebpay 
  • Malta: Binance
  • New Zealand: Cryptopia
  • Singapore: DragonEx (with operations center in Thailand)
  • South Korea: Bithumb; Coinnest; Coinrail; Upbit
  • Taiwan: Bitfinex
  • Ukraine: Liqui Exchange

If, however, your TRX tokens are stored on any other wallet -- for example, a mobile wallet such as Trust, a web-based wallet such as MyEtherWallet, or a hardware wallet such as the Ledger Nano S -- you MUST move your TRX tokens to one of the many crypto exchanges that are supporting Tron's blockchain upgrade and token migration.

According to a blog post titled "Guidance for users after TRON mainnet launch" on 23 May 2018 by the Tron Labs, this must be done before 24 June 2018. However, this advice may be incorrect since there are exchanges that have an earlier deadline.

For example, according to another blog post by Tron Labs titled "DragonEx will support TRON blockchain upgrade and token migration", for the DragonEx exchange, users need to "deposit TRX’s ERC-20 tokens to DragonEx before June 20, 2018 23:59 (UTC+8)."

So, please try to play it really safe and transfer your tokens to one of the crypto exchanges that has promised support for the token migration BEFORE 20 June 2018 00:00 (UTC).

Between 21 June 2018 and 24 June 2018, TRX withdrawals will be suspended on all exchanges.

On 25 June 2018, there will be no TRX deposits/withdrawals allowed on any exchanges.

And finally, on 26 June 2018, since exchanges will have completed token migration by now, there will only be native TRX coins on the Mainnet. TRX deposits and withdrawals will resume. Users will need to withdraw TRX to a wallet if they want to vote. 

Weekly Newsletter

Bitfinex to Unveil EOS-Based Decentralized Exchange ‘EOSfinex’ This Month

Francisco Memoria
  • Bitfinex is set to unveil its decentralized EOS-based exchange EOSfinex on September 26.
  • The exchange will initially feature three pairs: EOS/USD, ETH/USD, and BTC/USD.

Bitfinex, a leading cryptocurrency exchange, is set to unveil an EOS-based decentralized cryptocurrency exchange called ‘EOSfinex’ on September 26, during the Blockchain Live event in London.

According to a blog post, the new decentralized exchange is going to offer its users an “entirely trustless trading experience.”

The platform will initially have three trading pairs: EOS/USD, ETH/USD, and BTC/USD. It may, per the post, quickly add new ones as the exchange’s contract is flexible and makes it easy to add new trading pairs. As the exchange states, “adding a new pair is trivial and can be done by anyone after the trusted contract issues a new tradable token.”

At first, EOSfinex will have market limit, immediate-or-cancel, and post-only order types, although more are set to come in the future, according to customer feedback and what will be considered logical, the post adds.

Bitfinex touts the platform is built on three pillars: decentralization, trust, and performance. The post reads:

The key to a truly valuable decentralised trading experience comes through eliminating the need for trust. With EOSfinex, we are creating a transparent and auditable network of peer-to-peer exchange which can be monitored and verified by participants from around the world at any time”

As Finance Magnates points out it’s notable it mentions “auditable” as Bitfinex itself has been embroiled in controversy after failing to provide users a proper audit. The exchange shares its management with Tether, which issues the US-dollar pegged stablecoin USDT.

Various critics claim Tether doesn’t have USD reserves to back up the over 2.7 billion USDT tokens in circulation, and that new tokens are issued to help pump BTC whenever the cryptocurrency’s price drops.

Tether has revealed the law firm of EX-FBI director Louis Freeh looked into its financial situation in the past, although it stopped short of an official audit. A study conducted by University of Texas professor John Griffin has suggested the USDT was used to manipulate bitcoin’s price as there was a correlation between the cryptocurrency’s price rising and Tether issuing new USDT.

Bitfinex itself has, as covered, recently partnered with Market Synergy GmbH in a move that’s set to improve its connections to institutional clients, as the latter will help professional traders have access to Bitfinex’s cryptocurrency pairs.

The crypto exchange touts EOSfinex will be a way to “innovate with EOS.” As covered, the cryptocurrency has recently become a quote currency on another leading exchange, HitBTC. According to CryptoCompare data, EOS is currently trading at $5.4, after rising 3.2% in the last 24-hour period.