TRON Completes 8th Burn of ERC20 TRX Tokens
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TRON Completes 8th Burn of ERC20 TRX Tokens

In a recent tweet, Justin Sun, the Founder and CEO of TRON Foundation, announced that TRON has successfully completed burning 182,359,804.286079 ERC20 TRX tokens.

While the “coinburn” doesn’t make any difference in the number of TRX tokens in circulation in the market, it has certainly shaken things up—perhaps even a possible rise in the prices of TRX.

Also Read: TRON-based TronWallet Reaches 58% Soft Cap

With just 6 days left, the TRON-based digital currency wallet, TronWallet, has managed to raise 2,931,655 SEED, which is 59 percent of the total soft cap.

On its SEEDGerminator page, TronWallet introduced itself as:

“TronWallet is a secure peer-to-peer crypto wallet and exchange for TRON. Send, receive, pay, request payments, vote and participate on a new decentralized world.”

Talking about the full plan, the team said:

“On TronWallet, users are able to securely store and exchange crypto directly on the blockchains.
Today, we’re excited to announce the TronWallet – TWX Token Sale. TWX is a token hub. TRON Token holders can swap tokens using the TWX as proxy token and liquidity pool, it will allow users to instantly purchase tokens directly through a smart contract.
We believe great projects are ideated, created and executed by great people. In order to reap the full potential of TronWallet, today we are joining a team of the brightest and nicest people in the TRON ecosystem: Sesameseed and the SEEDGerminator.”

Moving on to the soft cap, the team said:

“TronWallet.me will utilize the softcap funds generated through SEEDGerminator to introduce both Ethereum and Bitcoin Atomic swaps to the TWX ecosystem. The addition of a simple, effective in wallet exchange to ETH and BTC will greatly improve the versatility of the Tron ecosystem, creating yet another way for the community to interact with TRX.”

Talking about the hard cap, the team said:

“The hardcap target of TronWallet.me will be utilized to build a featured web and desktop versions of the popular application, complete with ledger support.”

Coming to the rewards plan, the team said:

“TronWallet.me has established a 5,000,000 TRX minimum funding target to continue the development of their Wallet, P2P exchange platform, incorporating Atomic swaps with ETH and BTC. Upon meeting the hardcap and Ledger supported Desktop wallet will also be prioritized, incorporating TronWallet features.
During this funding round the SEEDGerminator platform will offer an exclusive 0.6 TRX per TWX token for the duration of the listing. During this time SEED token will be accepted at a 0.125 SEED per TWX rate.”

Adding to it, the team said:

“The distribution of TWX shall take place 24 hours after 00:00 UTC on the day this funding round closes. Only whole amounts of TWX will be distributed and all remaining fractions of TRX will be returned to their originating address.
In addition to community contributions, the SEEDGerminator itself will contribute 200,000 SEED from the SEEDGerminator development fund. These funds will be contributed from the SEEDGerminator development fund, upon meeting the softcap. 1,000,000 additional TWX will be provided to SEEDGerminator to airdrop to the SEED community in proportion to SEED held on 00:00 UTC the day funding closes.”

As of now, 1 TRX = 1.66 TWX and 1 SEED = 8 TWX. As a part of the rewards plan, each of the top 10 SEEDGerminator contributors would be rewarded with a TronWallet Lifetime Subscription (TWLT) token.

In a previous Medium article introducing the token, the team said:

“TronWallet has created a brand new TRC10 token, the TronWallet Lifetime Subscription Token (TWLT). Holding just one TronWallet Lifetime Subscription Token (TWLT) in your TronWallet will entitle you to an exclusive level of subscription, the Lifetime VIP tier. The Lifetime VIP tier will be yours for as long as you hold the token. You can resell your token at any time, but your Lifetime VIP Tier subscription will transfer with it to the new token owner.”

Adding to it, the team said:

“The Lifetime VIP Tier subscription will allow you unlimited free access to every feature of your TronWallet, with the exception of the vote for listing fee. This means you can: vote for super representatives, send or receive accepted cryptocurrencies, utilize 2FA authentication, enjoy premium support, save your contacts on cloud, perform atomic swaps to ETH or BTC, request payments, make payments, participate, claim airdrops, and perform unlimited no fee trades on the TronWallet Dex.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.
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