Journalist
Posted:
- Tron widened the gulf with the long-dominant BNB Chain.
- Tron’s stablecoin market cap recorded a 30% YTD growth rate.
Tron [TRX] stamped its authority in the crypto space as it established a significant lead over other major blockchains in the ecosystem. Data from a blockchain analytics platform showed that Tron took the crown 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 increased on-chain activity
Tron was found to have 1.23 million daily active users, nearly 23% more than the second-best Bitcoin [BTC]. The Justin Sun-founded chain also widened the gulf with BNB Chain, which for long dominated the list.
Apart from the phenomenal increase in its user base, other on-chain indications were also positive. According to Artemis data, the proof-of-stake (PoS) network maintained its position as the second-largest chain in terms of transaction count, trailing only Solana [SOL]. In the last 24 hours, Tron recorded about 4.44 million transactions.
Source: Artemis
Tron’s stablecoin push
The uptick in network traffic was powered by stablecoin transfers as Tron registered a significant jump in its stablecoin circulating supply year-to-date (YTD), according to DeFiLlama.
At the time of publication, Tron’s stablecoin market cap was $43.87 billion, 30% more than what it was at the beginning of 2023. A closer look revealed that Tron grabbed a big chunk of Ethereum’s [ETH] market to increase its pie.
Source: DeFiLlama
The aggressive push aligned with founder Justin Sun’s vision of increasing the chain’s stablecoin supply to $60 billion by the end of 2023. Despite the extended bear market, one could say that Tron covered decent ground in pursuit of its goals.
How much are 1,10,100 TRXs worth today
TRX continues to go up in smoke
A noticeable development in the ecosystem was the continued burning of tokens. About 11.2 million TRX tokens were moved out of circulation on 10 September. Adjusted against newly minted tokens, there was a net decrease in the circulating supply of TRX by 6.13 million.
#TRON just burned 11,203,287 #TRX on September 10th 🔥 showcasing a commitment to deflation & 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 in order to achieve long-term market value growth. At the time of writing, the coin exchanged hands at $0.07852, marking weekly gains of 1.9%, per CoinMarketCap.
