Journalist
Posted:
- Tron has widened the gap with the long-dominant BNB Chain.
- Tron’s stablecoin market cap recorded a 30% YTD growth rate.
Tron [TRX] has stamped its authority in the crypto space as it has gained a significant lead over other major blockchains in the ecosystem. Data from a blockchain analytics platform showed that Tron took the cake in terms of user base.
#Tron, #Bitcoin and #BNBChain maintain their positions in the top 3, with Tron leading with an impressive 1.23M daily active users pic.twitter.com/neC8g9rk48
— Coin98 Analytics (@Coin98Analytics) September 10, 2023
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Tron celebrates the increased activity in the chain
Tron was found to have 1.23 million daily active users, almost 23% more than the next best Bitcoin [BTC]. The Justin Sun-founded chain also widened the gap with BNB Chain, which had long dominated the list.
In addition to the phenomenal increase in the user base, other indications on the chain were also positive. According to Artemis data, the proof-of-stake (PoS) network maintained its position as the second-largest chain in terms of number of transactions, behind only Solana. [SOL]. In the last 24 hours, Tron has recorded approximately 4.44 million transactions.
Source: Artemis
Tron’s stablecoin push
The increase in network traffic was made possible by stablecoin transfers, as Tron recorded a significant jump in circulating stablecoin supply since the beginning of the year (YTD). DeFiLlama.
At the time of publication, Tron’s stablecoin market cap was $43.87 billion, up 30% from early 2023. A closer look revealed that Tron had acquired a large portion of Ethereum’s shares. [ETH] market to expand its pie.
Source: DeFiLlama
The aggressive push matched that of founder Justin Sun vision of increasing the chain’s stablecoin supply to $60 billion by the end of 2023. Despite the prolonged bear market, you could say that Tron has come quite a distance in pursuing its goals.
How much are 1,10,100 TRXs worth today?
TRX continues to go up in smoke
A notable development in the ecosystem was the continued burning of tokens. About 11.2 million TRX tokens were withdrawn from circulation on September 10. Adjusted against newly minted tokens, there was a net decrease in TRX’s circulating supply of 6.13 million.
#TRON just burned 11,203,287 #TRX on September 10 ???? demonstrating our commitment to deflation and value growth ???? With a net negative production ratio of -6,137,480 ???? pic.twitter.com/BAwLFsCnLH
— TRON Community (@TronixTrx) September 11, 2023
TRX, like other crypto assets, was burned to achieve long-term market value growth. At the time of writing, the coin was exchanging hands $0.07852, which means a weekly gain of 1.9% per CoinMarketCap.