The disbursement of $20 million airdrop that was announced a couple of weeks ago in the quest to encourage the crypto community to adopt USDT-TRON has finally gone live on TRON (TRX) on blockchain according to the latest update.
The update by the TRON Foundation reads that Tether is presently issuing USD-pegged stablecoin USDT on Tron blockchain where they will be giving out an incentive of about 20% annualized bonus rate on daily basis.
The TRON-USDT is the result of partnership between Tron and Tether in order to anchor the token to USD at ratio 1 to 1.
What the TRON based token is all about
OMNI protocol based USDT is upgraded to TRON based token, giving it the ability to hold and transfer through smart contract on TRON with a process that is totally transparent and free, coupled with instant delivery service.
Moreover, the upgraded token allows the exchange of valuable information with TRON-based protocols and Decentralised Application (DApps). It also gives the users the ability to transact and exchange fiat pegged currencies across the TRON Network.
The Benefit of the Disbursement
TRC20 based USDT holders will be rewarded with 20 million USDT by TRON for 100 consecutive days. For efficient disbursement, TRON partnered with world’s largest exchange like Huobi, OKEx and others between April 30th and August 7th for it proper and effective publicity.
Steps to Participate in USDT-TRON incentive
In order to qualify for USDT-TRON Incentive Programme, users are expected to adopt the asset before the process is initialized, while parent users of USDT will qualify as soon as they convert their token to USDT-TRON.
This above action will prompt Tron (TRX) to start disbursing rewards to users that followed the command without hesitation, starting from April 30 via partnered exchanges mentioned earlier.
The Process to Upgrade to TRC20 based USDT
To upgrade as an exchange or wallet, you are to reach out to USDT service official email (firstname.lastname@example.org), where you will be formally introduced to working directly with Tether team, informing Tether the amount of USDT-OMNI or USDT-ETH you intend to swap.
Tether will request for the TRC20 based USDT meant for the receiving address after it has confirmed the destruction address. The simplest way for Exchange to activate TRON address is to have 1 TRX on it, while both parties confirm that destruction and receiving addresses are correct at both ends.
Multiple confirmation steps are expected in the process where exchange will be requested to transfer the amount of USDT-OMNI/USDT-ETH to Tether’s OMNI/ETH destruction address pending on the total amount.
Exchange would also summon Tether to send the same amount of TRC20 based USDT to the receiving address of exchange’s TRC20 based USDT. The command which Tether would follow suit will make the both parties to confirm and complete the transaction.
Upgrading as an individual or small business institution; you are to deposit USDT-OMNI/USDT-ETH to the exchange or wallet currently supporting TRC20 based USDT.
Below are the supporting exchanges and wallets:
Then wait and follow the exchange or wallet’s instruction on TRC20 based USD notification after the deposit is made successfully. You can then conclude the process by checking your USDT balance.