Tron [TRX], the 12th ranked cryptocurrency, has always had a foothold in the DApps department and that prowess had also led to several upgrades and additions within the company. One of the most awaited add-ons from the company was the Sun Network, touted to be the game-changer in the propagation of a decentralized internet.
On June 11, it was announced that the Sun Network testnet was officially launched, with Chief Executive Officer Justin Sun tweeting,
“#SunNetwork Testnet Has Officially Launched. The overall solution of #SunNetwork (http://tron.network/sunnetwork ) will provide unlimited scaling capacity for #TRON MainNet, bringing in more possibilities to development of TRON’s #DApps and entire ecosystem. #TRX”
The organization has claimed that the solution also aims to make a positive impact on the entire blockchain industry. The Sun network works with the framework of more community involvement, as well as improving transactions made per second and smart contract execution efficiently on Tron. Justin Sun added,
“As time goes on, lots of projects have made great progresses. We launched the TVM in October 2018. In just 7 months, nearly 500 quality DApps are running on the TRON network. TRON’s total account number reached 3,000,000. A total of 410 million secure transactions took place since the MainNet launch. Moving on, the energy-saving, highly secure and efficient Sun Network will contribute to a more active ecosystem of TRON.”
A feature that was well received by the community involved pledging assets, wherein users could use the ‘deposit’ command in the new sun-client to pledge mainchain assets on the side chain. The assets include TRX, TRC10, TRC721 smart contract assets and TRC20 smart contract assets.
Sun had previously spoken about the mainnet launch of the Sun Network, where he stated that the mainnet would not require an upgrade following the launch. He further assured users that DApps won’t be affected, if they don’t switch to the DAppChain.
The launch of the test net generated many positive comments from Tronics who opined in unison that TRX was about to ‘moon’ soon.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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