- Tron outperformed other layer 1 networks in terms of activity.
- The price of TRX grew, but sentiment around the token fell.
Tron [TRX] has been one of the protocols that has benefited greatly from the recent wave of bullish sentiment in the market. Not only has it seen a price increase over the past month, but it also saw an increase in activity on its protocol.
Realistic or not, here is the market cap of TRX in BTC terms
Number one in terms of layer 1
According to recent data, Tron surpassed all other layer 1 networks in terms of activity.
Layer 1 Network activity#Tron $TRX#BNBChain $BNB#NEARProtocol $NEARBY#Bitcoin $BTC#Polygon $MATIC#Ethereum $ETH#Solana $SOL#Sui $SUI#Cardano $ADA#Cosmos $ATOM
Source: @Artemis__xyz pic.twitter.com/U7hxnTROiS
— Sjuul | AltCryptoGems (@AltCryptoGems) November 3, 2023
Tron’s recent achievement of surpassing all other layer 1 networks in the industry presents the potential for several positive outcomes.
First, it increases Tron’s reputation and credibility within the blockchain community. This achievement demonstrates the technical prowess and reliability of the network, making it a more attractive option for developers and users.
Additionally, this could lead to greater adoption as developers and projects may be more inclined to build on Tron for its superior performance.
An increase in the number of decentralized applications (dApps) and growing network activity can be expected.
Tron’s newfound prominence also provides a competitive advantage in the blockchain space. It positions the network as a robust player and attracts interest from investors and companies looking for a reliable blockchain platform.
Looking at the DeFi statistics
As for the DeFi sector, Tron’s TVL and DEX volumes grew significantly. First, a substantial increase in TVL indicates that more assets are being locked into DeFi protocols on the Tron network.
This could lead to a more secure and robust DeFi environment, attracting both users and developers looking for more secure platforms.
Higher DEX volumes indicate increased trading and liquidity within the network. More trading activity often implies a more vibrant and active DeFi ecosystem, which can capture the attention of traders and investors.
Source: Artemis
Is your portfolio green? Check out the TRX Profit Calculator
At the time of writing, TRX was trading at $0.098. However, weighted sentiment around TRX has declined. This showed that even though the price of TRX rose, people’s sentiment around TRX was negative on a social level.
Additionally, development activity on Tron also dropped.
Source: Santiment
