TRON To Celebrate Its Independence And Burn Billion Of Its Own Tokens
TRON Foundation team intends to burn one billion of exchange's own tokens (TRX) for $50 million.
Justin San, founder of the company, said that the destruction of cryptocurrency that could be the biggest in history, will be held on the occasion of TRON Independence Day celebrations, when it will launch its own mainnet, and TRON cryptocurrency will leave the Ethereum blockchain. Thus, the total number of TRX will drop from 100 to 99 billion. TRON Foundation management reported that the company currently holds 33,251,807,524 tokens which are to be frozen until January 1, 2020.
Burning coins is an important part of the functioning process of the cryptocurrency. Such measures lead to an increase of the tokens value. The total value of assets is simply redistributed between the remaining amount of the cryptocurrency. Decreasing the total supply of coins plays an important role, too. This allows to control their number and maintain the normal network operation.
As previously reported, the Binance exchange announced the third token burn of BNB cryptocurrency during the period from 15 to 18 April.