Yes, TRON foundation (a non-profit organization) is about to unlock 33.000.000.000 TRX – something like 440 Millon USD – tomorrow first time in the morning.
This organization manages the Tron network’s development and maintenance. Justin Sun, the Tron Foundation’s former CEO, created both the company as well as the blockchain protocol.
A few months after leaving the Ethereum blockchain for its Mainnet, the project, led by Chinese entrepreneur Justin Sun, locked the fund.
The big burn move by TRON foundation:
Several successful decisions and acquisitions are often known to be taken by the team inside Tron. One such move was Bit torrent’s acquisition to somehow enhance the company’s goal of decentralizing the web. Another brave move by Tron was to burn back its 1,000,000,000,000 TRX token ($50 million USD at that time) in 2018, marking its transition from the Ethereum blockchain to its mainnet.
TRX’s initial supply before the big burn was 100 billion, considering the circulating supply of 65.75 billion TRX, the Tron Foundation still held another 33.25 billion. After the burning, the organization announced it would lock the Tron MainNet’s 33.25 billion TRX in 1,000 accounts until 1 January 2020.
The decision was made as a security measure. If the network was breached at any moment, such funding could be used by the foundation to stabilize the network and preserve trust among investors. This move also addresses the question of supply predictability because investors know there are 65.75 trillion TRX in circulation.
When 2019 is about to end, the TRX group has mixed thoughts on what happens on New Year’s Eve after Tron releases the 33 billion TRX. In terms of the crypto market situation and TRX trading at $0.01 at time of publication, if demand remains stable and supply increases, the price will fall.
Several Tron Foundation community members also went right ahead to say Tron could even burn the locked tokens to trigger a bull run. Because supply seems to have a major price influence, the token can be pushed back to its glory days with another TRX token burn.
Whatever Tron has in mind for its stakeholders is still to be seen. So far, the community is somewhat worried about the percentage of Tron’s supply against demand. With their fingers and toes crossed, TRX holders are ready to move into 2020.
The full list:
You can check the address holding as well the date of release in this link.
We will be updating about this and looking forward for Tron Foundation decision.