Analyzing Tron’s state a week after Periander’s release
- The number of TRX stakers increased over the last seven days.
- However, daily active addresses and transactions declined.
Tron [TRX] recently posted its weekly highlight, which highlighted the ecosystem’s major developments. The most notable one was, of course, the release of a major update that brought along quite a few changes.
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However, the update could not help TRX’s decline in key metrics. Even then, though several metrics dwindled, it was interesting to see the blockchain’s value increase.
Tron launched a new update
A few days earlier, Tron released a mandatory update named GreatVoyage-v4.7.2 (Periander). The Periander version introduced several important optimizations and updates, adding two governance proposals to optimize Stake 2.0, greatly improving the flexibility of Tron’s staking mechanism.
Additionally, it added a governance proposal to implement the EIP-3855 Instruction, which guarantees Tron and Ethereum’s [ETH] compatibility at the virtual machine level. Moreover, it decreased the cost of using Tron smart contracts.
?Check out #TRON Highlights from last week (Jul 01, 2023 – Jul 07, 2023).
— TRON DAO (@trondao) July 10, 2023
Since the update brought changes to the blockchain’s staking ecosystem, let’s have a look at how TRX staking is performing. As per TRONSCAN, the blockchain’s staking ecosystem has been relatively stable over the last 30 days.
On top of that, Staking Reward’s data revealed that the number of stakers increased last week. At press time, Tron had a staking ratio of 41.6% and a staking market capitalization of over $2.9 billion.
Key metrics are falling
A similar declining trend was also noted in terms of daily transactions, suggesting less network activity on the blockchain.
However, it was interesting to note that despite the drop in network activity, the blockchain’s TVL gained upward momentum over the last month.
Read Tron’s [TRX] Price Prediction 2023-24
TRX’s price action remains sluggish
Amidst these updates, TRX’s price action turned sluggish, as it moved marginally over the last seven days. According to CoinMarketCap, at the time of writing, TRX was trading at $0.07737 with a market capitalization of over $6.9 billion.
Surprisingly, despite the slow-moving price, it remained a popular token among traders, as evident from its volume.
However, things can change soon, as the token’s Open Interest declined at press time. Additionally, TRX’s funding rate dropped as well, and usually prices move the opposite way of the metric.