Justin Sun-led cryptocurrency project, TRON will postpone its $20 million incentive plan for users who swap Omni-based stablecoin, Tether USDT to the TRON-based version of the stablecoin
According to an April 29 tweet by founder, Justin Sun, TRON is monitoring events around Tether which recently came under fire after the New York Attorney General’s office alleged that crypto exchange, Bitfinex illegally borrowed $850 from the stablecoin’s reserve.
With that controversy still in the limelight, TRON has moved to postpone its $20 million incentive plan from the initially announced date, April 30, to May 7.
Although Justin Sun claims that the postponement will allow “exchanges more time to complete the [token] swap,” it appears more likely that TRON is only proceeding with caution following Tethers alleged incompetence.
Meanwhile, TRON’s USDT $20 million incentive plan will no have any other adjustments other than the postponement. Sun reiterated that the airdrop will still last for 100 days between May 7 to August 14.
Tron (TRX) Market Performance (Bearish)
While the TRON-based USDT is significantly different from the project’s native token, the latter is on the losing side on the daily and weekly trading charts according to data from Coinmarketcap.
Tron’s value at press time was $0.0237, a 1% decline on the day and 6% on the 7-day chart. The altcoin had a market cap of $1.56 billion at press time and lay just below the top-ten cryptocurrencies by market cap.
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