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Will TRON’s [TRX] high TPS be enough to improve its DeFi state?

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Will TRON's [TRX] high TPS be enough to improve its DeFi state?
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  • Active accounts and transactions on TRON increased.
  • However, the total value locked on the network declined.

According to a 28 February tweet by TRON Community, TRON [TRX] surpassed other major cryptocurrencies such as Ethereum [ETH], Bitcoin [BTC], and Ripple [XRP] in terms of TPS (transactions per second). At press time, TRON’s TPS had increased to 88.20.

Read TRON’s [TRX] Price Prediction 2023-2024

Due to this spike in TPS, the overall number of transactions on the TRON network increased from 5.6 million to 7.05 million in the past few days, based on TRONSCAN’s information.

Users get active

The high number of transactions resulted from a surge in activity on the Tron network. Inasmuch, the number of active accounts on the Tron network increased materially over the past few days. If the activity on the Tron network continued to rise, the overall activate addresses on the Tron network could surpass the 2 million mark.

Source: TRONSCAN

The high activity on the network could be attributed to the dApps on the Tron network. Similarly, SunSwap, a popular dApp on the Tron protocol, observed a 15.67% uptick in the number of unique active wallets on its network. The number of transactions on the dApp increased as well, reaching a high of 102,470 at the time of writing.

Source: Dapp Radar

Despite such a spike in activity on the Tron network and its dApps, its presence in the DeFi sector continued to worsen.

According to Defi Llama’s data, the overall TVL of Tron declined from $5.41 billion to $5.16 billion over the past week. The declining TVL on Tron’s network could prove to be detrimental to its success in the DeFi space in the long run.

No TRX up Tron’s sleeve

Tron’s native cryptocurrency, TRX, did not see any growth during this period despite the network’s high activity. Based on Santiment’s data, the volume on TRX declined from 422.51 million to 210.93 million in a month, despite soaring prices.

Is your portfolio green? Check out the Tron Profit Calculator

During the same period, the volatility of TRX increased. High volatility of TRX could prevent risk-averse investors from investing in TRX at the time of press.

A declining volume and high volatility could impact the state of TRX negatively in the coming future.

Source: Santiment

 

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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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