TRON just has completed a coin burn of 1 billion TRX to mark its total independence from Ethereum and the launching of its new blockchain system.
The move has reduced TRX distribution to 99 billion from 100 billion. TRON chief Justin Sun said he was upset to witness the destruction of $50 million worth of tokens but that was inevitable for the betterment of the TRON community.
While the burned coins came from TRON Foundation’s stash and not from circulation, its impact on the market price is something that remains to be seen.
The TRON Mainnet went live on June 25, the firm’s Independence Day, now running on its own public blockchain which its engineers claim to be faster than Ethereum, its former host.
TRON is currently the 10th-ranked crypto coin with almost $3B in market capitalization.