Tron (TRX) has officially initiated the $20k incentive plan. The announcement was made just before the token migration or Tron’s Independence Day as Justin Sun mentions.
Tron foundation mentioned that the plan offers a $20,000 reward to projects similar to the blockchain’s browsers and current outstanding wallet. The purpose is to reward the contributions made by the participants to Tron and provide funds for subsequent R&D. As soon as a project passes the evaluation of the blockchain’s product technology committee, the reward will be granted immediately. They hope that the rewards will encourage more projects similar to theirs to come up. It will be enhancing MainNet ecosystem, provide a better user experience for Tronics and will also be creating a powerful ecosystem for the developers. Tron’s incentive plan will be a direct reward, unlike Tron Accelerator Loan which is an 18-month interest-free convertible bond.
Related Article: Tron (TRX) provides guide to token migration as its Independence Day approaches
This method was chosen because the non-borrowing reward works better than that of loans when it comes to encouraging developers. With this, one need not follow the tedious process of borrowing as it is Tron Accelerator Loan. It will definitely result in outstanding product production at a faster pace. With this new Incentive Plan, the Accelerator Loan will come to an end after serving its purpose, Medium reported.
Token migration is just around the corner and Justin Sun announces the exchange address as the day comes close. Recently, CoinEx announced to support Tron during token migration. The other exchanges that are supporting the TRX migration include Bitbns, Bit-Z, Bibox, Binance, LBank, Bitfinex, BitoPro, BitForex, Bitthumb, Bitkop, Bittrex, Bixin, Bitpie, Coinegg, Liqui, Coinnest, Coinrain, Cointiger, Dragronex, gate.io, Huobi, OEX, Okex, OTCBTC, RightBTC, Upbit and Zebpay.
All TRX withdrawals will be suspended from June 21 to June 25. Deposits will also be suspended on June 25. Withdrawals and deposits will resume on June 26. The TRX trading will not be affected during this migration period. In case, users fail to swap their token by June 25, they can visit permanent token-exchange counter. They’ll be exchanging your tokens for Mainnet TRX.