Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Other Popular Cryptos / Coins => TRON (TRX) Forum + Ecosystem => Topic started by: Tnoy30 on July 02, 2020, 06:39:55 PM
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Does this week’s 300 million USDT migration from Tron to Ethereum blockchain mean trouble is brewing for TRX?
On June 29, Tether announced a sizable swap of USDT from the Tron blockchain to the Ethereum protocol. Tether explained that the amount of USDT in circulation would remain the same, meaning that USDT (TRC-20) will be burned and the same number of tokens will be issued on Ethereum.
Tether makes use of several blockchains to host the circulating supply of USDT, which allows users to bypass congestion in a certain chain if the need arises. This system also makes USDT use easier for users invested in a certain platform to continue transacting in USDT and makes the stablecoin somewhat of a platform-agnostic project.
Read on: https://cointelegraph.com/news/trx-in-trouble-binance-moves-300m-tether-from-tron-to-ethereum
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I think Tether is a big project and any such huge capital pull away from Binance may affect the Tron marketcap. May be the Tron project team must have been aware of such move and might had acted accordingly to safeguard the TRX coin from crashing.
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I think this is very sad news for TRX lovers and holders. I could not understand why they did it but it will come a big impact into market about TRX. I think that may be business problem between TRX team and Tether and let's see for next news from TRX team.
Thanks.
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I am personally surprised to hear this news, hopefully there are no internal problems between USDT and TRX. Could this be able to affect the TRX price conditions on the exchange later?
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It seems to be equalized in terms of transactions because if it is too crowded there will be congestion in one network from TRON.
I will analogy like this:
30% of USDT supply is on the Ethereum blockchain (erc20)
70% of USDT supply is on the TRON blockchain (trc20)
If 70% of the USDT in TRON is traded together, network compaction will occur.
But if it's like the post above then it will make it easy for USDT transactions.
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It could really give a negative feedback to the tron future in the market. Such huge amount being transferred from them to Eth also give a huge positive impression over tron. But of course we cannot make absolute conclusion as we know the power that crypto holds.
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Oh my god!
Money with a nominal 300,000,000 USD is very large and this if you are in the market the price will certainly not be unbearable.
If in lepasa in the form of altcoins can occur Pump and a large dump.
But fortunately this is only a move from the TRON network to EThereum.
I think TRON has a few problems with transactions, so Binance divides a portion of the network for transactions to Ethereum in the form of stable coins.
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Tron was still on Ethereum blockchain and preparing its mainnet launch. At the time, he was very adamant about "professionalising" the whole crypto space/area.
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Tether has withdrawn 1 billion USDT tokens from the Tron blockchain and transferred them to the Ethereum blockchain. The exchange of tokens is caused by the demand of users, which means that they prefer USDT to the ERC-20 standard. After the exchange, the amount of USDT on the Ethereum blockchain will increase from 7.5 billion to 8.5 billion, and on the Tron blockchain, respectively, will decrease from 4.3 billion to 3.3 billion.I immediately after that noticed that the withdrawal of Tether from Binance dropped from $ 4.25 to $ 3.05.
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So tron has recently begun to actively develop and constantly enter into new partnerships with very big companies and people see this and begin to invest in tron to create profit.
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SWAP networks like this are commonplace because it could be that the main coin in the blockchain has a problem.
Binance seems to know there are a few issues with the TRON network and Binance is quick to choose what is risky.
Binance does have smart and strong human resources and it is certain that Binance does not want to take risks with the TRC20 blockchain from TRON.
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Tether is a stable coin in the crypto market but Tron not a stable coin. So investors turn USDT or any other coins into Ethereum or bitcoin just not a worry of concern.
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I dont think so thats not bad news Tron will pump soon just wait.
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I dont think so thats not bad news Tron will pump soon just wait.
Dude!
Why can you say this isn't bad news?
Do you have the best news from TRON after moving USDT worth 300 million to the EThereum network?
If you don't have one, it might be bad news because logically this move to blockchain with a large amount of value is a big concern for the #DevelopmentTeam .