The TRON Foundation, a not-for-profit organization overseeing the affairs and adoption of cryptocurrency asset TRX, will unlock 33 billion TRX on January 1, 2020. However, the plan to use this token has not been determined yet.
TRON Foundation to unlock 33 billion TRX on 1st of January, 2020
The total supply of TRX at the start of the mainnet launch was reduced to 99,000,000,000 TRX, and the remaining 33,251,807,524 TRX held by the TRON Foundation was locked at that time.
TRON will launch in 2020 with a large number of tokens unlocked and will increase traffic by 50% compared to the current figure of 66 billion. Accordingly, 33 billion TRX will be unlocked on the first day of the new year. The Tron Foundation locked this amount several months after moving from the Ethereum network to its mainnet. The address has also been published to the public.
The action was intentionally taken to ensure the transparency and fairness of the TRON Protocol. Even so, it seems that 33 billion TRX distributed has not yet had a specific usage plan. TRON News also via Twitter to consult the community about how to use this token.
#TRON(#TRX) 33 billion $TRX will be unlocked on January 1st, of 2020.
What would you like to see @Tronfoundation, @justinsuntron do with this 33b #TRX?https://t.co/15FvwxDP4K
— TRON News | 新聞 (@TronNews_) December 27, 2019
A part of 33 billion TRX will probably be burned. Earlier in June, TRON planned to buy TRX worth $20 million. Many argue that this amount should not be unlocked, while others say a portion of this amount should be reserved for TRON network developers.
Tron still has many scandals
Although the TRON Foundation is a network that seems “not for profit,” there is still a significant risk that vast tokens will be released to the market. At present, 33 billion TRX is worth $445.5 million.
Recently, CEO Justin Sun made a move to buy Poloniex, and 33 billion TRX could be used to develop the exchange. Earlier this month, the exchange encountered criticism when it posted the tweet “LET’S BUY TRON,” even though the status was removed shortly after that.
With no specific plan, we still need to wait for more statements from TRON. However, keep in mind that trust in the cryptocurrency market is not something that can help you survive.
Read more:
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- TronWallet And TronWatch Go Separate Ways After Accusing TronWatch Founder Of Stealing 180 Million TWX