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In a call for independence, TRON (TRX) launched its long-awaited mainnet. Odyssey 2.0, as the project is called, was announced on May 31 st at 12 a.m. UTC.
Despite what is supposed to be a game-changing event in the project’s path, altering its existence for good, the price of its native cryptocurrency marked a decline.
Justin Sun, the founder of TRON, announced the launch of the project’s mainnet in what seemed like a very celebratory tweet: #TRX $TRX #TRONSR A beginning of a new era. A CALL FOR INDEPENDENCE: #TRON main net Odyssey-v2.
0 just released. Please join #TRON in @github and download Odyssey V2.
0. https://t.co/f2V1wccQqk
— Justin Sun (@justinsuntron) May 31, 2018
The event followed a massive airdrop , held earlier in May as a token of appreciation of Ethereum’s community and a symbolic farewell before TRON’s Independence Day. TRON Main Net – What’s it About?
Up until this moment, the TRX token was ERC-20 compliant, meaning that it didn’t have its own underlying blockchain but instead ran on Ethereum. With the announcement of Odyssey 2.
0, that’s supposed to change.
Technically, TRX tokens are still ERC-20 compliant as the official migration should happen between the 21 st and 24 th of June.
Throughout this period, investors will be able to exchange their ERC-20 compliant TRX tokens for the equivalent amount of new ones on the Odyssey mainnet.
The project’s network is supposed to turn TRON into a main competitor of Ethereum, delivering an underlying public blockchain, which supports the creation of decentralized applications (dApps). Odyssey is a Java-based network using a Proof-of-Stake (PoS) consensus algorithm.
The developers of the new network claim that the latter would be able to seriously improve the transaction throughput, vastly outperforming its competitor Ethereum. They also tout regular coin burns, lack of transaction fees, massive incentives to dApp developers, and more. Mooning Postponed, Again
Despite what should have been a massive kick-start for TRON’s native currency TRX, the token actually depreciated since the announcement.
According to Coin Market Cap , as of press time, TRX trades at $0.058166, marking a nearly 5% decline in the last 24 hours. What is more, TRX is one of only three top 10 cryptocurrencies which are dropping in what is an otherwise sea of green.
In all fairness, two big events in the project’s lifecycle are still to come.
As we mentioned above, the token swap will take place later this month and we’ll also see TRON’s Super Representative Election on June 26th.
Super Representatives will supposedly play a major role in the overall governance of the project, representing the will of contributors to the project. Whether or not these upcoming events will trigger any major price increase is something we have yet to see.
Why do you think TRX’s price depreciated after such a major milestone achievement? Please let us know in the comments below!
Images courtesy of Bitcoinist Archives, Shutterstock
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