Beijing China, — TRON Foundation’s China partner Raybo Technology has announced a new 30 million US dollars incentive plan to reward holders of Tether’s TRC20 based USDT.
Raybo Technology, a technology company based in Beijing, China, announced a 31-day giveaway beginning from July 15, offering to pay bonus to whoever holding TRC20 based USDT. The holders will receive airdrop bonus on a daily basis, with up to 100% annualized percentage rate.
Cryptocurrency exchanges Kucoin, Huobi, OKEx, Poloniex and other exchanges will be Raybo’s launching partners supporting the giveaway. Based on projected USDT holdings around the world, the total giveaway value is expected to exceed $30 million USD.
Raybo Technology as a big believer in blockchain industry and big contributor to the blockchain community, has its mission to take the best blockchain technology to the masses. Inspired by Justin Sun, Raybo now decided to start this brand new campaign so as to introduce the advantages of TRC20 based USDT to the rest of the blockchain community.
Omni based USDT issued by Tether is based on the Omni protocol; ERC20 based USDT issued by Tether is based on the ERC protocol. Users can swap their existing Omni based USDT, or ERC20 based USDT for TRC20 based USDT at the supporting exchanges and will get rewarded on a daily basis during the campaign.
Raybo Technology will also be working with Tether to provide 24/7 professional technical support for exchanges and wallets that wish to support TRC20 based USDT.
1. New Incentive Plan advantages than the previous one：
This program has 5 distinctive features:
1. Long duration: the whole incentive program lasts for a duration of 31 days;
2. Attractive reward: the annualized interest rate reaches as high as 100%;
3. Free of charge: users are expected to pay nothing to get the reward;
4. Gigantic prize pool: based on the current total amount of USDT, the total giveaway will be $30 million and there is no cap according to the current situation.
5. Short period of time: The 30 million USDT incentive plan will be completed in 31 days.
2. The Rewarding Plan
Since its mainnet launch in June 2018, TRON has been working steadily to provide a highly smart and scalable ecosystem for blockchain developers. TRON recently announced a hard fork that will increase performance and account management. It is steadily adding both centralized and decentralized exchanges to make it easy for consumers and businesses to trade digital tokens.
Launched in October 2014, Tether was created in response to a clear market need to allow movements of funds quickly between different exchanges, while benefiting from the stability of the US Dollar. While there have been several alternative stablecoins launched since March 2018, Tether still enjoys market dominance. Several large companies, including Facebook and JPMorgan, recently have discussed using blockchain to speed money transfers and minimize volatility across their networks.
TRON is creating a boundary-free decentralized internet that inspires innovation across industries. Founded in September 2017 by Justin Sun, TRON is the world’s largest decentralized network and BTT connect BitTorrent to the world of Blockchain, enabling faster downloads and torrent lifetimes, creating a tokenized content ecosystem that benefits 100M+ existing users. TRON is connecting thousands of developers across the world through its consumer-focused ecosystem based on Blockchain, cryptocurrency, dApps, and leading peer-to-peer file sharing products; respectively TRON, Peiwo, BitTorrent & µTorrent.
Tether, based in the British Virgin Islands, announced the partnership with TRON Foundation to introduce USDT to the TRON blockchain back in March 2019. “TRC20 based USDT will minimize volatility across the TRON blockchain and boost confidence in the ecosystem,” Justin Sun, Founder of TRON Foundation said to the press on that partnership. “To enable speedy adoption, I’m personally offering this incentive plan to help advance the potential of decentralized finance through TRC20 based USDT.” However That giveaway got postponed amid concerns on potential Tether’s finances and legal issues with state and federal officials in the United States.
3. How to upgrade to TRC20 based USDT
- For exchanges or wallets:
1. Contact Raybo’s USDT service email (firstname.lastname@example.org). You will be introduced and working directly with Tether team, telling Tether the amount of OMNI based USDT or ERC20 based USDT to swap
2. Suggest to keep 2 weeks of withdraw supply of OMNI based USDT or ERC20 based USDT if needed, and swap the rest to TRC20 based USDT
3. Tether will confirm the destruction address, and will ask for the TRC20 based USDT for the receiving address
4. Exchange would need to make sure the TRON address is activated, the simplest way is to have 1 TRX on it.
5. Both parties double confirm the destruction and receiving addresses are correct.
6. Exchange will transfer the amount of OMNI based USDT or ERC20 based USDT to Tether’s destruction address accordingly. Normally, multiple confirmation steps would be involved in this process pending on the total amount.
7. At the same time, exchange would ask Tether to transfer the same amount of TRC20 based USDT to the exchange’s TRC20 based USDT receiving address.
8. Tether would transfer the requested amount of TRC20 based USDT to the exchange’s receiving address.
9. Both parties confirm on completing the transaction.
- For individuals/small business institutions:
1. Deposit OMNI based USDT or ERC20 based USDT to the exchange/wallet that currently supports TRC20 based USDT. Please refer to the TRC20 based USDT supporting exchanges/wallets below
2. Follow exchange/wallet’s instruction on TRC20 based USDT swap notification or announcement.
3. Check your USDT balance.
TRC20 based USDT Website: https://tron.network/usdt
If any further questions about the TRC20 based USDT, Please contact email@example.com
For all the USDT related conversations, please make sure you are only communicating with the official email firstname.lastname@example.org and following the instructions from these channels. TRON Foundation is not responsible for the results of any swaps or transfers organized.