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  • Tron 7th token burn removes $800 million of ERC20 TRX tokens from circulation.
  • Tron network hits 1.1 million transactions while Ethereum (ETH) is averaging at 600,000.

The Tron Foundation is still focused on making Tron one of the most valuable cryptocurrency projects in the industry. The network is currently working on achieving this goal using various methods including the common token burn process.

The founder of Tron (TRX), Justin Sun recently announced that the network has completed yet another token burn exercise. Sun said that $800 million in TRX ERC20 tokens have been destroyed in what was the network’s 7th “coin burn event”. Justin stated in a tweet message to his followers:

“I just burned 800 million USD worth $TRX ERC20 tokens. $TRX ERC20 tokens will soon become historical artifacts. Don’t forget to keep one as a souvenir.”

The “coin burn events” are carried out to ensure that the ERC20 TRX tokens are completely purged from the system. This comes after Tron Foundation migration the tokens to its blockchain launched mid this year. The network later published in a blog post on Friday last week that about 100,000,000 ERC20 tokens had been burned. This also means that 98% of the ERC20 tokens have been remove from circulation.

Skyrocketing Daily Transactions

The Tron network is delighted to announced that it has hit 1 million daily transactions only two weeks after clocking 500,000 transactions. Tron transactions are currently double those of the second largest crypto in the market, Ethereum (ETH). There was a slight retracement to 900,000 transactions but the number pulled above 1.1 million following a few days of stability. At the moment, the transactions on the Ethereum network are averaging 600,000. The developments on Tron network are the main boost for the rising transactions. Platforms like TRONbet and TronDice are currently achieving a 200 million TRX payout in a month.

Tron (TRX) is currently trading at $0.0234 after a 2.32% rise in the last 24 hours. The $1.5 billion crypto is ranked 11th in the market. It has a 24-hour exchange volume of $87 million.