- Tron witnessed growth in its staking ecosystem.
- Metrics suggested that TRX’s popularity declined last week.
Tron [TRX] adoption continues to rise at a commendable pace as the blockchain reaches a new milestone. The blockchain has recently announced that its total number of accounts has exceeded 178 million.
Read Tron’s [TRX] Price Prediction 2023-24
The blockchain’s staking ecosystem also witnessed growth over the past few weeks. However, despite a promising uptick in metrics, the blockchain performance in the DeFi space has somewhat plateaued.
Is Tron witnessing wholesome growth?
Not only did Tron’s total addresses go up, but its total transactions also climbed to over 6.2 billion. The metric clearly indicated increased usage and activity on the network.
On top of that, the blockchain also recently passed its committee proposal 89, which can help in further increasing its adoption. The proposal was aimed at activating the PUSH0 instruction in the TRON virtual machine (TVM).
Tron Spark, a popular X handle that posts updates related to the Tron ecosystem, pointed out in a recent tweet a few factors that might have been playing a role in boosting adoption.
?BREAKING: Tron Surpasses 178M Accounts
The TRON blockchain has recently announced that its total number of accounts has exceeded 178 million
Marking a significant milestone for the network
What Are Some of the Advantages Of Tron?
The rise in accounts could be attributed to… pic.twitter.com/q9EXP6Ttxm
— TronSpark (@TronSpark) August 12, 2023
As per the tweet, the non-fungible token (NFT) market has blossomed over recent years, and the blockchain’s ecosystem provides a suitable platform for its creation and trade.
In fact, if metrics are to be considered, TRX witnessed a massive boom in its NFT space during the last NFT summer. This was evident from the steep rise in the number of NFT trade counts and trade volume in USD.
Source: Santiment
Apart from NFTs, the tweet also mentioned that the blockchain has seen a surge in DeFi projects, which offer a range of financial services without intermediaries.
Thanks to that, Tron’s TVL has remained relatively high. However, it must also be noted that the metric’s growth rate remained low as the TVL graph somewhat plateaued. At press time, TRX’s TVL stood at $5.678 billion, as per DeFiLlama.
Source: DeFiLlama
The blockchain’s staking ecosystem also grew over the last few weeks. As per Staking Rewards’ data, the total TRX staked went up in the last seven days. Not only that, but the number of TRX stakers also increased slightly.
At press time, Tron had a staking ratio of 47.69% and a staking market capitalization of more than $3 billion.
Source: Staking Rewards
Realistic or not, here’s TRX market cap in BTC‘s terms
TRX is reluctant to move
While the blockchain’s health seemed up to par, its native token’s price action remained slow. As per CoinMarketCap, TRX’s price only went up by 0.8% in the last week. At the time of writing, it was trading at $0.07743 with a market cap of nearly $7 billion.
The token’s popularity took a blow last week as its social volume dropped. The weighted sentiment revealed that negative sentiment was dominant in the market. However, thanks to the efforts made by developers, the blockchain’s development activity remained high.
Source: Santiment
