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

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. 

Coinbase Users Are Now Able to Withdraw Their Bitcoin SV Tokens

Francisco Memoria

Those who had a Bitcoin Cash (BCH) balance on the popular US-based cryptocurrency exchange Coinbase on November 15, when the cryptocurrency underwent a hard fork, are now able to withdraw their Bitcoin Satoshi’s Vision (BSV) balances from the platform.

As CryptoGlobe covered, the hard fork saw the BCH community split in two, as one side supported technological upgrades while the other was looking to further increase the block size. While one – Bitcoin Cash ABC – was supported by its development team, Bitcoin.com, and Bitmain, the other – that led to the creation of BSV – was supported by self-proclaimed Satoshi Nakamoto Craig Wright and CoinGeek.

As the hard fork saw the cryptocurrency’s blockchain split, BSV was created and users with BCH on their wallets “received” a BSV airdrop at the time. Those who held funds on Coinbase are now being given access to their corresponding BSV holdings.

In its announcement, Coinbase notes that BCH ABC retained the “Bitcoin Cash (BCH)” designation on its platform, meaning users are only able to withdraw their BSV holdings. The announcement reads:

Coinbase does not support purchases or sales of BSV, so customers cannot sell their BSV for fiat currency on Coinbase. They may send their BSV balance to an external wallet.

Other cryptocurrency wallets and exchange have already started supporting BSV withdrawals, with some adding full support or the cryptocurrency. Crypto exchange Kraken has been supporting both BCH and BSV, although it has warned that Bitcoin Satoshi’s Vision is an “extremely high risk investment,” and that its representatives are “openly hostile.”

Blockchain.com has also added “limited support” for BSV, as it allows users to view their balances in the cryptocurrency, withdraw their tokens, or exchange them for one of the four cryptos they support: BTC, BCH, ETH, and XML.

Most firms didn’t initially support the cryptocurrency as the hard fork didn’t include replay protection.