- Binance Purchases 12 Billion TRX In Votes To Become Tron’s Number 1 Super Representative
- Binance May Become a Model for Other Big Exchanges
Tron News Update- The exchange platform, Binance, has frozen 12 billion TRX after becoming number 1 Tron Super Representative (SR). Binance purchased the TRX and used it to vote for its platform on Tron. Also, Sesameseed.org, a blockchain community, and BeatzCoin took the second and third positions respectively.
TRX Used for Voting Frozen
Misha Lederman, the COO of the Tron-based BeatzCoin and a well-known supporter of Tron, summarized Tron’s recent bull points in his Sunday tweet. He mentioned Binance became the Tron Super Representative #1 with 12 billion TRX in votes. However, the exchange platform purchased the TRX it used to vote itself under the new Tron staking rules.
Misha further revealed that Binance has frozen the 12 billion TRX purchased for the voting on Tron. He made this revelation while replying to a comment to his tweet by a Tron fan. According to Misha, the frozen TRX is more than 1/6 of the total supply of TRX in circulation. However, he pointed out that the removal of the locked-up 12 billion TRX from the market is likely to favor the coin’s price.
Binance May Become a Model for Other Big Exchanges
Tron is likely to benefit from major exchanges such as Binance entering its ecosystem. The association may bring closer cooperation between Binance and working products built on Tron such as TronWallet.Me and VibraVid.io. Besides, many major exchanges are likely to join Tron just as Binance did. The crypto exchange, Binance, disrupted the SR voting system to become Tron’s #1 Super Representative.
TRON (TRX) Price Today – TRX / USD
The SR voting system has been in existence since the Tron SR voting process started on July 25, 2018. However, Binance’s sudden entry broke the SR voting system to some extent. The crypto exchange purchased 12 billion votes and voted for itself. Binance later froze the 12 billion TRX bought for the voting. Other major crypto exchanges are likely to emulate Binance and enter the line of Tron’s Super Representatives.
Effects of the Frozen 12 Billion TRX
Binance disrupted the SR voting system that has been in place since the launch of Tron last year. Though Tron will enjoy more recognition with Binance as its #1 SR, the freezing of the 12 billion TRX purchased by the crypto exchange for votes has both benefits and drawbacks. One of the advantages is the tendency of other major players to join the Tron ecosystem.
Besides bringing more recognition to the Tron blockchain, Sesameseed, BeatzCoin and other legitimate projects launched on Tron will also benefit from these platforms. The removal of the frozen TRX from the crypto is also an advantage to the coin.
On another development, BeatzCoin now allows content makers to earn crypto. Unlike on YouTube and other centralized platforms, the content-makers can earn directly from users. BeatzCoin fully rewards artists, protects free speech, and freedom of ownership.