TRON (TRX) Network Deemed Safe, Exchanges Test Deposits

Published on 05 July 2018 by Cryptovest Staff

For now, new TRX withdrawals see a cautious approach, but leading exchanges are starting to test their wallets with the new asset.

TheTRON (TRX)network is being deemed safe and stable by exchanges and some are testing the ground with deposits, or even withdrawals. However, the process is slow, and there are warnings against confusing the two sets of addresses. The TRX digital assets that existed on the Ethereum network are not compatible with the new tokens on Tron’s mainnet.

https://twitter.com/Huobi_Pro/status/1014413395552948224

OKEx has resumed both deposits and withdrawals for the new network. Binance has delayed TRX deposits and withdrawals, after seeing problems with rogue trades in several coins, most notablySyscoin (SYS).

The movement of TRX coins was very slow for days, with only a handful of transactions. Now, transactions have increased to several thousand a day, still low compared to the activity on the Ethereum network. However, with the inclusion of distributed apps and use cases for TRX, activity is expected to increase.

The TRON network is still run mostly by servers, with only three Super Representatives elected. The elections are ongoing, through the TRON wallet, and voting may accelerate as more tokens are freed.

As for market prices, TRON skeptics are still winning at this point, and just as the network is launching, enthusiasm for TRX is at its lowest. Trading volumes have thinned out to $100 million in 24 hours, and the price has hovered sideways again just below the $0.04 level.

Tether (USDT) trading supports 32% of TRX volumes, but Bitcoin pairings remain more influential, with more than 40% of volumes. It must be noted that TRX is now sliding in terms of BTC prices as well, and the mix of factors keeps the price stagnant.