Cryptocurrency

Tron To Buyback TRX Up To $20 Million; Will Do It In Phases For A Year

It’s Tron Independence Day and new announcements are expected to pour in. One of the important news coming out is that Tron will buyback TRX worth up to $20 million. The buyback will take place for a year, in a phased manner. Justin Sun, founder of Tron stated that this will be the biggest TRX buyback ever.

The Tron Independence Day marks the platform’s breakout from Ethereum on 25th June 2018. During the past one year, Tron ecosystem has made significant developments, and hence a buyback at such a high level was, more or less, expected. In the official announcement made on Medium, Tron stated that as the ecosystem is expanding, user attention on Tron’s buyback and TRX holding plan is growing by the day. It further added,

In order to promote community activity and market stability, we will conduct by far the largest TRX buy-back plan with the widest coverage in the secondary market, which will last for a year and will be conducted in several batches with no less than $20 million.

The primary reason, therefore, behind the buyback is to drive community activities and ensure market stability. The buyback will take place in a phased manner, and the Tron Foundation will buyback in batches from secondary markets. The maximum limit for the buyback is set to be not more than $20 million.

TRON has become one of the most preferred platforms for developers. Recently, it surpassed Ethereum in terms of user accounts, as it crossed the 8 million mark. Also, it has become popular with specific industries like entertainment, blockchain gaming, and online gambling.

Tags

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.
Back to top button
Close