Connect with us
Active Currencies 14721
Market Cap $2,665,096,470,176.28
Bitcoin Share 51.51%
24h Market Cap Change $4.98

The story of Tron’s promising growth amid a bearish market

3min Read

Tron saw considerable improvements in on-chain activity and liquidity in recent weeks, driven in part by high-profile collaborations.

Share this article

  • The total count of transactions recorded since launch went past 6.5 billion.
  • Tron logged a decent growth rate of 2.23% in TVL over the last month.

Riding high on impressive on-chain indicators, adoption of disruptive technologies, and high-profile partnerships, layer-1 network Tron [TRX] has become a force to reckon with in the crypto space.


Is your portfolio green? Check out the TRX Profit Calculator


Tron’s status check

A thread posted by Luganodes on X delved into the ecosystem and revealed vital information regarding the state of the proof-of-stake network.

Most importantly, Tron saw considerable improvements in its network traffic. Over the last few weeks, an average of 5 million daily transactions were executed on the network, as per data from Tronscan.

With this, the cumulative count of transactions recorded since launch went past 6.5 billion.

Source: Tronscan

Notably, the growth in transaction count over the last month was majorly driven by a 39% increase in smart contracts triggered.

Apart from promising on-chain indicators, Tron also witnessed sizable capital infusion. In fact, it was the second-largest blockchain in terms of total value locked (TVL) at the time of writing, worth $6.69 billion, according to DeFiLlama.

The TVL has been steadily rising over the past two months as shown below. Tron logged a decent growth rate of 2.23% over the last month. In contrast, other major smart contracts networks like Ethereum [ETH] and BNB Chain witnessed monthly declines in TVL.

Source: DeFiLlama

Tron’s steep TVL growth in 2023 could be attributed to its vast reserves of stablecoins. At the time of publication, Tron’s stablecoin market cap was $45.14 billion, representing a 34% increase on a year-to-date (YTD) basis. A closer look revealed that Tron grabbed a big chunk of Ethereum’s market to increase its pie.

Tron has been a significant recipient of Tether [USDT] tokens, accounting for more than 91% of total stablecoin supply. In a recent development, the issuing company authorized a massive $1 billion in USDT for replenishing the Tron network.

The aggressive push aligned with founder Justin Sun’s vision of increasing the chain’s stablecoin supply to $60 billion by the end of 2023.

Noteworthy collaborations

While performance indicators painted a rosy picture, Tron also forged high-profile partnerships lately to broaden its reach.

Google Cloud’s serverless data warehouse added Tron dataset to its public blockchain repository earlier in the month. The integration would enable seamless tour of transaction history, token flows, user engagement, and various other data linked with the Tron network.

Apart from making blockchain data more accessible, Tron ventured into avenues connected to the all-pervasive artificial intelligence (AI) technology. It teamed up with ChainGPT – an AI model designed to provide solutions and use cases related to blockchain technology.

The collaboration was expected to unlock new possibilities for TRON enthusiasts. Leveraging the model, users could mint AI-generated NFTs and interact with an AI chatbot.


How much are 1,10,100 TRXs worth today


TRX sees significant weekly growth

The partnerships and impressive on-chain fundamentals signaled a healthy outlook for the network and its $7 billion worth token TRX. Notably, the coin grew 5.39% in value over the past month, data from CoinMarketCap revealed.

With the intention of long-term market value growth, TRON continued to apply deflationary pressure on TRX. As per the latest update, about 14.9 million TRX tokens were moved out of circulation in the last 24 hours. Adjusted against newly minted tokens, the circulating supply shrunk by 9.86 million.

Share

Aniket Verma works as a journalist at AMBCrypto. Contrary to most who are primarily interested in merely tracking price movements of cryptos, his focus is on examining the niche intersection between cryptocurrencies and traditional finance. A so-so Bitcoin maximalist, Aniket has a strong disdain for memecoins and the unfounded frenzy they seem to generate every market season. Coming from a strong engineering background, Aniket previously worked as a Content Manager for TV9 Network. Before his stint over there, he was an Associate Multimedia News Producer at Reuters.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.