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TRON’s weekly round-up with its metrics to make sense of market condition

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TRON's weekly round-up with its metrics to make sense of market condition
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  • TRON launched a new stablecoin and collaborated with SushiSwap to launch an AMM.
  • Its TVL witnessed a spike while the number of TRX transactions declined.

Despite turbulent market conditions, TRON [TRX] made great strides in terms of development. Notably, on 15 December, the network launched a new Yuan stablecoin with the help of TrueUSD.

    Read TRON’s [TRX] Price Prediction 2023-24

The stablecoin will be pegged to the Chinese Yuan and will be deployed on the TRON blockchain. 

Along with this development, TRON also partnered with SushiSwap, so that SushiSwap could launch their automated market maker (AMM) on the BitTorrent Chain (BTTC), which is a part of the TRON ecosystem.

The increasing developments being made on the TRON blockchain impacted its TVL positively.

According to data provided by Defi Llama, the total value locked by TRON increased after 21 November, as it went from 4.23 billion to 4.52 billion at press time.

Source: Defi Llama

It wasn’t just the Defi Space where TRON succeeded. Along with the growth in terms of TVL, Tron made improvements on the social front as well.

TRON finally in good graces?

Based on information from LunarCrush, a social analytics firm, the number of social engagements for TRON increased by 11.4%. Alongside this, the number of social mentions on the network grew by 0.4% over the last week.

The sentiment of the crypto community towards the network improved as well. For most of last month, the sentiment against TRON was mostly negative, however, it improved in the last few days.

This implied that the crypto community had more positive than negative things to say about TRX, at the time of writing.

Source: Santiment

Not all roses and sunshine

Despite these positive developments, there were areas where TRON still needed to improve.

For instance, the number of transactions being made on the network declined significantly. According to data provided by TRONSCAN, the number of daily network transactions decreased from 7.5 million to 6.3 million over the last two weeks.

This decline was caused by the decreasing number of active accounts on the network, which declined by 15% in the last two weeks, according to TRONSCAN.

Source: TRONSCAN

It is yet to be seen whether TRON’s declining activity would have a negative impact on TRX.

At the time of writing, TRX’s price fell by 0.78% in the last 24 hours and was trading at $0.054. Its volatility fell by 40% over the last month, making it less risky for investors to buy TRX at press time.

Source: Messari

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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