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Tron [TRX] website’s ERC20 Wallet Withdrawal Service shut down; Exchanges open to token holders

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Over seven months since Tron [TRX] launched its main net on June 25th last year, its website shut down its ERC20 Wallet withdrawal service yesterday. The announcement was made by the Tron Foundation on Medium, following the completion of the one-month extension the Foundation had provided its users for the same service.

Since the launch of the main net in June, Tron had given its users the option to exchange their Ethereum-based tokens, the ERC20 tokens in favor of Tron-powered ones on the main net. This effort, running since 13 July was an attempt by Tron to make token migration easier for those holding tokens. The ERC20 wallet’s withdrawal service allowed a seamless exchange of ERC20 tokens for the new Tron main net-enabled tokens.

However, a month after the end of the extension Tron had given its users to do so, the deadline is now reached and the ERC20 Wallet service is no longer available for token holders.

However, as announced by the Foundation, this does not mean that current token holders who had been unable to exchange their tokens won’t be able to do so anymore.

Although the website’s wallet service has shut down, token holders still have the option to approach licensed cryptocurrency exchanges to finally exchange their ERC20 tokens for Tron-powered ones. The Foundation has suggested that token holders approach Binance, Kucoin, and Gate.io as these are exchanges that support permanent TRX migration. These exchanges will “automatically convert ERC20 TRX to the TRX Mainnet coins.”

The announcement comes as a relief to many token holders, who for fear of the viability and sustainability of the Tron main net hadn’t converted their Ethereum-based token to the main net ones.

The announcement by the Tron foundation comes soon after Tron’s Justin Sun had announced the successful airdrop of BitTorrent tokens on 28 January in record time.

 

Source: ambcrypto.com