TRON Foundation to Unlock 33 Billion TRX

TRON Foundation to Unlock 33 Billion TRX

The TRON Foundation, a not-for-profit organization overseeing the affairs and adoption of cryptocurrency asset TRX, is going to be unlocking its 33 billion TRX, around $442 million, come 1st of January, 2020.

The foundation, headed by Chinese entrepreneur Justin Sun, locked the fund a few months after it left the Ethereum blockchain for its Mainnet.

June 25 is TRON’s Independence Day, and it is geared towards commemorating the day TRON moved out of Ethereum ecosystem to launch the TRON mainnet and generated the maiden genesis block.

The total supply of TRX at the beginning of mainnet launch was reduced to 99,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON Foundation was locked at that time.

The foundation made known that it would unlock the amount come January 1th, 2020, which is less than a week to this time.

The action was done purposely to make sure there’s “transparency and fairness of the TRON Protocol”.

As confirmed by NewsLogical, the foundation’s 33,251,807,424 TRX, which was formerly 34,251,807,524 TRX, but reduced due to the Mainnet token burn, were locked in 1000 addresses of TRON Mainnet.

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