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Tron achieves a new milestone in terms of adoption, but TRX still struggles as… 

2min Read

The total number of accounts on the Tron network reached a new milestone on 27 April. At the same time, TRX staking also showed signs of improvement.

Tron achieves a new milestone in terms of adoption, but TRX still struggles as... 

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  • TRX again became the top blockchain in terms of daily active users. 
  • TRX’s open interest declined, which could be good news for investors.

Tron [TRX] has been trying to increase adoption for quite a while now and it recently reached a new milestone. TRONSCAN pointed out on 27 April that the total number of accounts on Tron surpassed 156 million, which is a commendable number. 


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


This helped Tron to remain as the top blockchain in terms of daily active users, outperforming BNB by a huge margin of over 900,000. Apart from TRX and BNB, Bitcoin [BTC] made it to the top three on the list. 

Source: Token Terminal

This can propel further growth 

Justin Sun mentioned earlier this year that he believes China will eventually accept Tron. The possibility was again highlighted recently by Tron Community as it tweeted that China could be the country that plans to accept Tron as a legal tender. 

If this happens, it will be a major breakthrough for Tron, as China is a major player in BRICS, an association of countries that are trying to break the US dollar’s monopoly in global trade. China’s adoption can influence others, which can change Tron’s fate for good. 

Tron Staking is improving

Tron also witnessed growth in staking, which earlier showed a declining trend. TRONSCAN’s data revealed that total TRX staked gained an upward momentum since 19 April with a staking rate of over 48%. 

Source: TRONSCAN

Tron’s network health also seemed to be on point, as evident from its TVL. DeFiLlama’s chart showed that Tron’s TVL was on the rise, which looked optimistic for the network’s overall health. 

TRX remains flat

While adoption and network value increased, TRX failed to register any gains over the last week. According to CoinMarketCap, TRX’s price increased marginally last week, and at press time, it was trading at $0.06616 with a market capitalization of over $5.9 billion.

A look at Santiment’s chart pointed out quite a few metrics working against TRX.


Realistic or not, here’s TRX’s market cap in BTC terms


For instance, TRX’s funding rate was down considerably, reflecting low demand in the futures market. The token’s social dominance also fell over the last week. Another negative metric was its development activity, which went down. 

Source: Santiment

However, it was interesting to note that, as per Coinglass, TRX’s open interest declined. A drop in open interest indicates that the market is closing out. This suggests that the current price trend is coming to an end and that TRX could register gains in the days to come. 

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Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.
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