TRON Foundation announces ambitious $20 million TRX buyback 🚨 This article is 5 years old...
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TRON Foundation announces ambitious $20 million TRX buyback
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Updated: Nov. 7, 2019 at 2:31 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
The TRON Foundation announced a $20 million TRX buyback, one of the biggest in the industry to date.
A $20 million repurchase plan
As part of TRON’s first “independence day” anniversary celebration—the day when the Foundation completed the TRX token swap from the Ethereum blockchain to its own—CEO Justin Sun held a live stream where he revealed one of the most ambitious token buybacks in the industry.
Over the next year, the TRON Foundation plans to spend $20 million repurchasing TRX in different batches in the secondary market at market prices. Even though the Foundation’s token holdings will be unlocked on Jan. 1, 2020, the non-profit organization has “no specific plans” on what to do with them and claim they will actually “continue to add more TRX to its holding.”
As part of last year’s migration to its own protol, 1 billion tokens worth $50 million, at the time, were burned to honor the event. Now, the TRON Foundation controls of 32.79 percent of the total supply of 99.4 billion TRX—worth over $1.2 billion at current prices.
The token buyback and the Foundation’s statements on adding TRX to its reserves are likely to address concerns around its control over the token supply. Considering the size of the Foundation’s reserves, there is a risk of falling token prices should the organization choose to convert its holdings into fiat.
Nonetheless, TRON advertises that it has made substantial progress, as evidenced by its bimonthly mainnet upgrades. So far TRON has added more than 500 dApps over the last year, mainly around gaming, to its platform with an average daily transaction volume of $15 million.
TRON Market Data
At the time of press 2:31 am UTC on Nov. 7, 2019, TRON is ranked #10 by market cap and the price is up 0.18% over the past 24 hours. TRON has a market capitalization of $2.57 billion with a 24-hour trading volume of $1.02 billion. Learn more about TRON ›
Crypto Market Summary
At the time of press 2:31 am UTC on Nov. 7, 2019, the total crypto market is valued at at $345.15 billion with a 24-hour volume of $79.65 billion. Bitcoin dominance is currently at 60.58%. Learn more about the crypto market ›
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Justin Sun has carved a name for himself as a leading figure in the blockchain sector.