A TRON (TRX) Independence Day FAQ Guide

Siamak Masnavi
  • 20 Jun 2018
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  • 574 views
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  • In #Tronix

Although the TRON Mainnet launched on 31 May 2018, it has been in test mode since then. On 25 June 2018, "TRON Independence Day", TRON's transition to its own blockchain will be complete. This FAQ guide tries to answer any last minute questions you may have.

What Is Going to Happen to My TRX Tokens?

At 00:00 (UTC + 08:00) on June 25th, TRON's Mainnet goes into "production mode" and the first block ("Genesis Block") is created. TRON's native network only understands TRON20 standard TRX coins and not Ethereum's ERC20 standard TRX tokens. To make sure that your TRX tokens get swapped for TRX coins, your TRX tokens will need to be on one of the 30 crypto exchanges officially supporting the token swap/migration process before the deadline set by each individual exchange, which will be earlier than 0:00AM (UTC + 08:00) on June 24th when exchanges will start the token swap process.

For example, in the case of Bitfinex, this is what they have said on their blog about the deadlines for the token migration:

"Between June 21st and June 24th, all TRX withdrawals will be suspended from Bitfinex. Deposits and withdraws will be suspended on June 25th and will resume on June 26th. TRX trading will not be affected by this."

It is strongly recommended that (if you have not done so already) you move your TRX tokens to an exchange that is supporting the token swap as soon as possible so that you do not miss the deadline for TRX token deposits.

It is important to note that on June 24th at 00:00 (UTC + 08:00), each exchange will take a snapshot of the TRX token balances of its customers, and that both deposits and withdrawals with be suspended until the token migration process is complete,

How Many TRX Coins Will I Get After the Token Migration Process Is Over?

There will be a 1:1 swap, meaning that your TRX balance will remain unaffected: "what you put on the exchange for the migration is what you will have after it is completed."

Which Are the Exchanges Supporting the TRX Token Migration?

TRON exchange list.png

What Happens If I Don’t Manage to Get My Tokens Moved to an Exchange Before the June 24th Deadline?

Thankfully, Binance may be able to help you since it has promised to continue to offer an ongoing coin swap for TRX tokens. So, if you miss this important deadline, you will need to transfer your ERC20 TRON tokens (from any Ethereum wallets you may be using) to Binance, so that it can will take care of the token migration for you. Currently, Binance is the only exchange offering such a service.

What Happens After the Token Migration Process Is Over?

Once the token migration is complete, you could keep your new TRX coins on the exchange that took care of the token migration for you, you could move them to the TRON Wallet, or perhaps to a compatible hardware wallet. 

However, if you want to take part in the TRON Super Representative Election, which will take place on June 26th, you will need to move your new TRX coins to the TRON Wallet and use them as TRON Power in order to vote. 

Finally, it is important to note that once the token migration has completed, your TRX coins will no longer be ERC20 compatible, and so you will not be able to move them to an Ethereum (ERC20) wallet; these TRX coins will need to either stay on the exchange or be moved to a TRON20 compatible wallet.

 

Featured Image Credit: Photo by "rovenimages.com" via Pexels; licensed under "CC0"