Tron achieves a new milestone in terms of adoption, but TRX still struggles as…
- 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.
— TRONSCAN (@TRONSCAN_ORG) April 27, 2023
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.
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.
Justin Sun shared earlier that a large nation plans to legalize #TRON as tender this year; could it be #China? ? If they endorse it, this could lead all #BRICS countries to adopt the same approach ? pic.twitter.com/RIZjMto5DH
— TRON Community (@TronixTrx) April 27, 2023
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%.
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.
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.