TRON Sees 29% Jump in Q2 Transactions, Even as TVL Drops
The post TRON Sees 29% Jump in Q2 Transactions, Even as TVL Drops appeared on BitcoinEthereumNews.com.
A recent report by Messari revealed that in the second quarter of 2024, TRON saw a significant 29% rise in daily transactions, reflecting its growing adoption in the blockchain ecosystem. This increase is attributed to its infrastructure, particularly its Proof-of-Stake mechanism and efficient TRON Virtual Machine (TVM). These technologies have enabled TRON to process millions of transactions daily, attracting a growing number of users and developers. Balancing Growth and Challenges: TRON’s Q2 Financial and Network Performance The report further reveals that TRON’s total revenue for Q2 reached $117.5 million. This figure positions it just behind Ethereum and Solana in the blockchain ecosystem. The network also saw a 31% increase in daily active addresses. Read more: What Is TRON (TRX) and How Does It Work? TRON Daily Transactions and Active Addresses. Source: Messari TRON stands out as one of the few deflationary layer-1 networks, with its circulating supply of TRX decreasing from 88.2 billion to 87.7 billion during the quarter. This reduction translates to an annualized inflation rate of -2.4%. Juan Pellicer, Senior Researcher at IntoTheBlock, highlighted the significance of TRON’s deflationary nature. “TRON’s deflationary model is a rare and powerful feature among Layer 1 blockchains. By decreasing the supply of TRX, the network not only adds value to the token but also positions itself as a long-term player in the market,” he told BeInCrypto. TRON has also solidified its role as a leading platform for stablecoin transactions. As of the most recent data, the market capitalization of stablecoins on the TRON network is nearing $62 billion, with over 48 million holders. The report noted that USDT on TRON reached $57.1 billion by the end of the quarter, a 10% increase from the previous period. “Approximately 53% of all USDT in circulation is on TRON (flat QoQ),” Messari’s analysts wrote in…
Filed under: News - @ August 10, 2024 8:16 pm