Justin Sun, the CEO of TRON, has made yet another exciting announcement that has left the crypto community pleasantly surprised. According to Sun’s Twitter announcement dated 9th July 2019, Raybo Technology which is the China partner of the TRON Foundation has come up with a $30 million incentive plan that rewards the holders of Tether’s TRC20 based token USDT.
The giveaway will commence from 15th July from 9:00 and run for a total of 30 days, ending on 15th August 2019 at 8:59 of the Pacific Daylight Time (PDT). Following the announcement on the micro-blogging site, TRON Foundation also published an official blog post on Medium to divulge further details on the giveaway.
.@Tronfoundation’s China partner Raybo Technology has announced a new 30 million US dollars incentive plan to reward holders of @Tether_to's #TRC20 based #USDT from July 15, 09:00 to August 15, 08:59(PDT).
New Incentive plan schedule: https://t.co/mZqjrocojy pic.twitter.com/3GIT2uaUtP
— Justin Sun (@justinsuntron) July 9, 2019
As per the blog, those holding USDT based on TRC20 will be receiving the airdrop bonus every day with an annual percentage rate of up to 100%. The massive giveaway is being supported by multiple well-known and popular crypto exchanges such as OKEx, Huobi, and Kucoin. Interestingly, the total value of this giveaway is anticipated to go over 30 million United States Dollars based on the estimated USDT holdings across the world.
What’s more exciting is users will be able to swap their existing Tether-issued USDT tokens that are based on Omni or ERC20 for USDT tokens based on TRC20 at all the exchanges supporting Raybo’s giveaway. Once the swapping is done successfully, users will be rewarded every day throughout the campaign.
On top of this, 24/7 technical support will be provided by Raybo Technology in partnership with Tether so that the crypto wallets and exchanges that intend to support USDT token based on TRC20 can do so without any hassles. Apart from that, the blog has also outlined the steps of upgrading to TRC20 based USDT for both the wallets and exchanges as well as individuals and small businesses to make things easier.
The primary advantages of this giveaway are its long duration, absence of any cap, annual interest rate that goes up to 100%, and the completely free nature of the reward (users need not pay anything to be rewarded).
Raybo Technology, based in China’s Beijing, is a technology firm that works towards its mission of bringing the best blockchain technologies to masses. A huge believer in the industry of blockchain, the company has contributed big time to the community of blockchain.
TRON, on the other hand, is steadily working towards offering a highly scalable and smart ecosystem for the blockchain developers ever since it launched its mainnet last year in June. TRON collaborated with USDT stablecoin issuer Tether in March 2019 to launch USDT on the TRON network.