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Cryptocurrency Exchange

Crypto Exchange OKEx Supports Airdrops For USDT-TRC20 Holders, Will Allow Conversion of USDT To USDT-TRC20 In Asset Account

Airdrops continue to be the most preferred mode of promoting digital tokens, especially at the initial stages. What it essentially means is distributing free tokens to new and existing users, to publicize them. Crypto platforms have been adopting this technique for a long time, and it has been quite successful in delivering results as well.

Promotion is one of the most important function of marketing in any industry, more so in digital oriented products and services. Crypto space is no exception and requires large scale promotion to get the token moving. In the market with over 1,600 players, it is difficult for a single token to leave a mark. This makes initial promotions even more important. Airdrops, especially for sub-$1 tokens, is one of the more viable forms of promotion, as the free coins help holders to understand the basic functionality of the token and its usability.

Following the same path, TRON has decided to airdrop USDT-TRON worth over $20 million. Recently, Tether (USDT), which was earlier based on OMINI Layer, moved on to TRON’s TRC-20 platform. The move now requires existing holders to convert to TRC-20 supportive platforms, and in return, they will be airdropped with USDT-TRC20.

OKEx, the famous crypto exchange is supportive of TRC-20, and hence, is also eligible to airdrop its USDT-TRC20 users, which it announced on Monday. The Platform tweeted on Monday,

The airdrop went live on Monday and will continue till August 14. To avail the airdrop, a user of USDT need to convert to the USDT-TRC20. Users will start receiving the bonus from 7th May.

OKEx explained the airdrop in detail on its website, where it listed the daily bonus ration and annual yield from May 7 to August 14. Talking further about the bonus, it stated,

Each phase’s bonus will be credited to user’s Assets Account > USDT-TRC20 balance within 5 working days after the phase ends. Bonus received will be counted towards users’ total holdings in the next snapshot. Airdrop bonus will be distributed in 7 phases. Bonus amount below 0.1 USDT will not be distributed.

As the name suggests, USDT is a stablecoin backed by the US Dollar. While TRON is a DLT and Crypto platform, which is particularly aimed towards mass adoption. TRON is among the fastest growing crypto platforms and is also amongst the most preferred ones in terms of adoption.

OKEx Crypto Exchange added USDT-TRC20 on April 25. The exchange is among the best in class and is touted to be one of the major factors in the success of TRON based Tether.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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