TRX metric skyrockets, beating ETH and UNI, but concerns prevail
- The Tron blockchain outperformed most DeFi projects in terms of protocol revenue.
- Longs were liquidated as TRX failed to make a significant increase.
According to DeFi Llama, Tron [TRX] improved its protocol revenue as of 15 February. The protocol revenue is calculated by considering the protocol’s supply side actors and combining it with the liquidity providers’ interest rates.
How much are 1,10, 100 TRXs worth today?
Tron: Outpacing ETH and UNI but…
At press time, Tron’s revenue was $1.31 million over the last 24 hours. This was far more than that of Ethereum [ETH] and Uniswap [UNI]. However, Tron had also surged in transaction fees earlier, but the overall ranking in fees and revenue left Tron in fourth place.
In terms of the Total Value Locked [TVL], Tron was second after its 24-hour volume hit 14.02 million. This represented a 14.70% increase in the last 30 days. The TVL in the DeFi ecosystem measures the rate at which unique liquidity deposition flows into a protocol.
So, the increase implied that Tron was a top beneficiary of asset lock ups into DeFi contracts. However, the Tron landmarks per its TVL did not seem to extend to every part of the blockchain.
According to Santiment, the total NFT trades volume under the Tron blockchain was 125,00. Usually, a hike would contribute to the fees and revenue, but it seemed that digital collectibles restricted participation.
An assessment of the on-chain data showed that the last time Tron recorded million-dollar sales was on 10 February.
However, development activity was at its peak. This metric describes a project’s allegiance to continually upgrade the state of its network. Since Tron’s development was at the year’s highest, there was no doubt that the developers contributing their part were putting in work.
TRX traders opting out
Although Tron may have recorded giant strides, traders downplayed the motive of opening more contracts for TRX. According to Coinglass, the futures open interest regarding the cryptocurrency was mostly negative across the top exchanges.
Realistic or not, here’s TRX’s market cap in BTC’s terms
The decrease in interest had also affected the rate at which liquidations occurred. At the time of writing, the 24-hour TRX liquidations were not up to $500,000.
The data shown by the derivatives information portal also revealed that longs suffered most liquidations in the last four hours. This occurrence could be linked to TRX’s 1.21% increase in the last 24 hours, alongside the stagnant $0.06 regions.