- The launch of the new L2 will take place in three phases.
- TRX’s price action remained bullish, but investor confidence fell.
Trons [TRX] The performance over the past month has remained promising as there has been consistent growth. While this already helped investors make profits, things also looked quite optimistic in terms of blockchain development.
Tron is planning something interesting
AMBCrypto’s look at Santiment’s data revealed that TRX development activity has increased over the past seven days. Thanks to that is the developer. The number of contributors to activities also increased last week.
Source: Santiment
The reason behind this increase in development work could be attributed to Tron’s upcoming project. The blockchain recently adopted the road map for his Bitcoin [BTC] L2 solution.
According to the announcement, this integration will connect the Tron network directly to Bitcoin, enabling access to more than $55 billion in value for the network. This integration will increase the financial accessibility of Bitcoin and its Layer 2s, such as Ordinals.
Tron plans to implement this integration in three phases.
The first will be to introduce Tron ecosystem tokens, including USDT-Trc20, TRX, BTT, JST, etc., into the Bitcoin network, while the second phase will see Tron forming alliances with multiple Bitcoin Layer 2 protocols.
The third and final phase will include the public launch of a Layer 2 solution that synergizes Tron, BTTC and the Bitcoin network.
Since L2s have created a lot of buzz in the recent past, the launch of TRX’s BTC L2 could help the blockchain further increase its adoption rate. According to TRONSCAN factsTron had more than 213 million accounts with a total of more than 7 billion on-chain transactions.
Source: TRONSCAN
Tron investors enjoy profits
TRX’s performance on the price front also remained notable over the past month. From CoinMarketCapTRX is up almost 30% in the past 30 days.
At the time of writing, TRX was trading at $0.1381 with a market cap of over $12.1 billion. However, it was surprising to note that despite the bullish price action, TRX’s social volume remained low.
Read Trons [TRX] Price prediction 2024-25
Moreover, with the exception of January 6 and February 21, bearish sentiment surrounding the token remained dominant in the market. This was evident in Tron’s low-weighted sentiment graph.
Nevertheless, the Binance funding rate remained high, meaning derivatives investors were actively buying TRX.
Source: Santiment