HomeNEWSTron reduces TRX circulation supply by $10.3 billion in latest burning round

Tron reduces TRX circulation supply by $10.3 billion in latest burning round

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Tron has reduced the circulating supply of TRX by 10.30 billion which is worth about $950 million. In a Twitter post today, Tron revealed that it has burned more than 15 billion TRX as the firm attempt to enhance the value of the native coin of the Tron network.

Further, the firm revealed that TRX will continue to be deflationary for the next 67 weeks. As at 2017, when Tron held a token sale for TRX, about 15.75 billion went to private investors. Then, the firm put up about 40 billion TRX for participants of its Initial Coin Offering (ICO). More so, about 34 billion of the token went to the Tron Foundation, while another 10 billion went to a firm owned by Justin Sun. Justin Sun is the founder of the Tron foundation.

However, critics have faulted the token distribution of TRX over time. According to the distritbution model of the token, about 45% of the total supply went to the initiators of the coin. Leaving the remaining 55% for investors. Critics referenced that other projects do not have such a model that prioritizes giving the founding firm a higher percentage.

At inception, TRX coins were ERC-20 because the project relied on the Ethereum network. However, the network launched its own blockchain, moving the token to become TRC-20. According to Dappradar, the TRON houses more than 95 DeFi projects, with a TVL of $4.95 billion. Also, the blockchain is one of the host networks of Tether’s USDT. Presently, TRX is trading at $0.06354.

Notable sidenotes about Tron and TRX

In a recent development, Binbits in a Yesterday report disclosed that Tron launched a $100 million AI and Web3 development fund. According to the report, the network aims at encouraging developers to design solutions on its network via emerging AI apps. The firm is looking at how developers can design solutions via OpenAI and ChatGPT in backend and frontend creation.

Furthermore, the report established that Tron is pursuing to integrate AI with its network. The Founder of Tron, Justin Sun believes that AI is changing the narrative of the tech sphere. With that, the firm is seeking to place itself at the pinnacle of the emerging transformation.

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David Idowu
David Idowu
David Idowu is a crypto reporter and trader with wealthy years of experience. He believes that blockchain technology has numerous opportunities that are begging for proper utilization. Away from work, David is either reading about World Politics, History or Tech Innovations.

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