Altcoin
Will TRON’s [TRX] high TPS be enough to improve its DeFi state?
- 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.
Of the TOP 5 blockchain networks by number of transactions per second, #TRON ranks first ahead of #XLM, #XRP, #Ethereum, and #Bitcoin pic.twitter.com/5EPFRvu2Gv
— TRON Community (@TronixTrx) February 28, 2023
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.
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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
