More Exchanges to Partner Tron in Core Platform Upgrade

A major restructuring will see Tron move its TRX token to its own blockchain.

by Kalina Tekelieva
29 May • 2.5 min
In Coins

Two digital asset exchanges - Hong Kong-based OKEx and Singapore-based CoinTiger – said they will provide support for the upcoming upgrade of Tron’s main network (mainnet) and migration of its TRX token.

The partnerships add to an intense strip of events surrounding the upcoming overhaul of the Tron decentralized digital content platform. On May 31, Singapore-based Tron Foundation is due to launch its own mainnet, Odyssey 2.0, and will consequently migrate its TRX coin off the Ethereum blockchain onto Odyssey 2.0 by June 21.

A mainnet is where real transactions take place on a distributed ledger, while a test network (testnet) is the preliminary version where, for example, new decentralized applications (DApps) are tested before going live.

A detailed timeline of Tron’s blockchain upgrade can be found here.

 

Partnering crypto exchanges

The scheduled restructuring means that TRX will leave the ERC-20 list of tokens based on Ethereum. To carry out the swap, however, Tron needs the support of cryptocurrency exchanges. Under the recently disclosed partnerships, OKEx and CoinTiger will allow their users to deposit their ERC-20 TRX tokens before June 26, so that they can receive the equivalent TRX tokens after the mainnet swap.

During the blockchain upgrade, both TRX deposits and withdrawals will be suspended, but once the mainnet has stabilized, they will be resumed.

So far, Tron has got support from several other exchanges, including major platforms like Binance, Bittrex and Bitfinex.

 

Future plans

Currently, TRX is the ninth biggest cryptocurrency by market cap, according to data by Coins.Online. Its capitalization at the time of writing was just below USD 4.3 billion, roughly as much as that of IOTA (MIOTA), at number 10.

Tron, however, aims higher. Founder Justin Sun said in a tweet on May 9 that the company’s goal is to see TRX in the top six.