Tron Token Migration: Recap and Answers

 

The Tron Foundations mainnet will go live on May 31st, with the token migration to begin on June 21st. For those who are still not sure what to do or have questions regarding the terms and process, here is a quick breakdown for you.

A little background on your token:

All Tron holders currently possess a $TRX token on Ethereums network known as an ERC-20 token. These tokens are compatible with any ERC-20 wallet. (MEW, Ledger Nano,etc.) On June 21st, the migration process will begin, which will convert your TRX ERC-20 token into a TRX TRON-20 coin. Tron’s mainnet will not be able to run or support the ERC-20 token any longer. The new platform will run the TRON-20, designed and built for Trons own network.

How to convert your token into a coin:

If your coin is already on the exchange, then you do not have to do anything but wait. The exchange will automatically convert the token for you.

If your TRX ERC-20 is currently in a wallet, you will need to move it to one of the exchanges that will be participating in the token migration. If you move it before June 21st, the token will sit on the exchange and the exchanges will automatically convert the token for you. You will not have to do anything, just have the token on the exchange and they will do the conversion.

On June 21st, the exchanges will put a freeze on the wallets so they can do a snapshot and process the conversion. The wallets will be frozen until the exchanges agree that the migration is satisfactory. This process should only take a few days. You will not be able to trade or move your TRX during this process. Here is the current list of exchanges assisting in the conversion.

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After the migration is complete, you will no longer be holding an ERC-20 token. Your new currency will be a TRX TRON-20 coin. It is crucial that you understand this. Your coin is no longer an ERC-20 and will not be compatible with any ERC-20 wallets. You cannot send these coins back to your ERC-20 wallet. MEW is no longer compatible. Ledger Nano will need to make updates to their ledger to support these. Until they have notified users of this, your coin will not work on their storage device.

You will have two options:

First option is to leave it on the exchange. Some do this anyway, others prefer to have it off. The decision is yours, but the coin is compatible with the wallet on the exchange.

Second option is to move it to an official Tron wallet. Tron is currently holding a contest with cash prizes for wallets designed for their coin. Once their wallets are complete, you can move your TRON-20 coin to an official Tron wallet.

No hard wallets have yet to be announced that they will be ready by the time token migration has completed.

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From June 1st to June 24th, Tron will be running a testing period of their mainnet. The first Genesis Block will be produced on June 25th, with the elections following on the 26th. By this time, the exchanges should have the token migration complete and you should be able to use your new TRON-20 coins on the Tron mainnet platform. Justin Sun has stated that the exchanges will do the token conversion “forever,” so if you are not able to get your ERC-20 tokens on the exchange by June 21st, the exchanges will still assist in the conversion, just remember that your ERC-20 tokens will not work on the mainnet nor will they be able to be used or traded on the exchanges until they have converted them. I do recommend, however, that you put them on the exchange by the 21st of June so that you eliminate any issues or confusion by having a token that essentially no longer exists.

Hopefully that helped everyone out, if you still have more questions, feel free to shoot them my way and I’ll be happy to help out!

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