Binance completes Tron [TRX] migration as Super Representative elections heat up

Month of July has been one of minor turmoil and volatility for TRX, as the Tron foundation seemingly remained dedicated to their mainnet migration responsibilities. The price of the token/coin hovered around $0,037 USD up until the latest Bitcoin price crash. TRX today fell to a monthly low of $0,032892 USD and has since stabilized in a sideways pattern. The coin is currently traded at $0,033471 USD which represents a 7.84% drop in the last 24 hours. With a market cap of $2,200,681,344 USD, TRX remains the 12th most valuable cryptocurrency in the world.

In Tron-related news, probably the biggest one that dropped today was that Binance has finally completed the TRX token swap. The announcement dropped in the afternoon and satisfied many unsettled voices in the TRX community. The completion of the swap will now allow bag holders to deposit, withdraw and use their tokens in upcoming Tron super representative votes. A short twitter post was enough for Binance to confirm the swap, adding that ICX tokens have been swapped as well:

#Binance Completes #TRX and #ICX Mainnet Swapshttps://support.binance.com/hc/en-us/articles/360006871472 …

Tron Foundation followed this up with an announcement of their own, looking to explain why the swap took more than two weeks after the mainnet launch to complete:

“Binance have much stricter security requirements than other exchanges and rigerously conduct tests until deem the chains to be in stable and secure states.

Take into consideration that there are a couple of swaps being done in the same time, as projects decided to move to their own blockchains in the second half of June and at the end of June.

Speaking of TRON, Binance is responsible for ~19 billions TRX (1/5 of total supply) thus that’s why we have to be 100% sure that everything will go well.

Thank you for your patience and support.”

Binance wasn’t the only platform to enable the full functionality of TRX tokens today, as COINEGG and MAX Exchange confirmed today that they have completed their own Tron migrations as well.

The announcement of these updates came at the best time possible, as Justin Sun posted a short guidance video on his official Twitter page which details how Tron holders can go and vote for the networks super representatives. Check out the full video here. At the moment, 42 candidates are running for 27 super representative spots. With an upcoming “secret project” that Justin Sun said is going to be announced on July 30th, it looks like there is a lot of work ahead of Justin Sun and the company in the coming weeks.

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CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com

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