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Tron [TRX]: Growing deflation, increasing transactions, other key highlights

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Tron [TRX]: Growing deflation, increasing transactions, other key highlights
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  • TRX has experienced deflation for 70 consecutive weeks.
  • The total number of transactions on the network went past five billion.

TRON [TRX] shared a report on the network’s notable developments that took place in the last week. One of the highlights was the significant increase in the deflationary pressure exerted on the native coin.

 

According to TRON, TRX has experienced deflation for 70 consecutive weeks starting from 28 October 2021 until 2 March 2023. During this time, its circulating supply fell by 10.57 billion. Data from Tronscan validated this assertion.

Source: Tronscan

 

How much are 1,10,100 TRXs worth today?

Tron reaches key milestone in transactions

The other major talking point was Justin Sun’s views on the regulation of crypto markets around the world. In an interview with CNBC. the Tron founder stressed the need for a unified blockchain standard for global payments and settlements.

The other major development was Tron’s integration with Uphold, a multi-asset crypto trading platform. The tie-up was expected to enable TRX holders to self-custody their assets and have more control over them.

At the same time, TRON got one more reason to cheer as the total number of transactions on the network went past five billion.

Strong growth in NFT trading

The boost in the number of transactions could be due to increased activity on the NFT front. As per Santiment, the total NFT trade volume hit $730.5K, an increase of more than six times over the previous week.

On the flip side, development activity fell sharply in the last week. This could cast doubts in the mind of investors regarding upcoming upgrades.

Source: Santiment

On the other hand, the total value locked (TVL) on Tron’s smart contracts dipped below $5 billion, registering a drop of more than 6% in the last seven days, data from DeFiLlama revealed.

The gains made in TVL since mid-February were reversed, at the time of writing.

Source: DeFiLlama

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

At press time, TRX exchanged hands at $0.06691 with a marginal drop from the previous day, as per CoinMarketCap. It logged gains of about 4% in the month-over-month period.

 

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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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