- The total number of transactions recorded since launch exceeded 6.5 billion.
- Tron recorded a decent growth rate of 2.23% in TVL last month.
Scoring high on impressive on-chain indicators, adoption of disruptive technologies and high-profile partnerships, layer 1 network Tron [TRX] has become a force to be reckoned with in the crypto space.
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Tron’s status check
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Most importantly, Tron saw significant improvements in its network traffic. According to data from Tronscan, an average of 5 million daily transactions have been carried out on the network in recent weeks.
This brought the cumulative number of transactions recorded since launch to over 6.5 billion.
Source: Tronscan
Notably, the growth in transactions over the past month was largely driven by a 39% increase in the number of smart contracts.
In addition to promising indicators in the chain, Tron also witnessed a significant capital injection. In fact, according to DeFiLlama, at the time of writing, it was the second largest blockchain in terms of total value locked (TVL), with a value of $6.69 billion.
The TVL has been rising steadily over the past two months, as shown below. Tron recorded a decent growth rate of 2.23% last month. Other major smart contract networks such as Ethereum, on the other hand [ETH] and BNB Chain witnessed monthly declines in TVL.
Source: DeFiLlama
Tron’s steep TVL growth in 2023 can be attributed to its massive reserves of stablecoins. At the time of publication, Tron’s stablecoin market cap was $45.14 billion, up 34% year-over-year (YTD). A closer look revealed that Tron had captured a large portion of the Ethereum market to expand the pie.
Tron has been a major recipient of Tether [USDT] tokens, accounting for more than 91% of the total stablecoin supply. In a recent development, the issuing company has approved a massive $1 billion in USDT to replenish the Tron network.
The aggressive push matched that of founder Justin Sun vision to increase the chain’s stablecoin supply to $60 billion by the end of 2023.
Notable collaborations
While performance indicators painted a rosy picture, Tron has also forged high-profile partnerships of late to expand its reach.
Google Cloud’s serverless data warehouse added Tron dataset to its public blockchain repository earlier this month. The integration would enable a seamless tour of transaction history, token flows, user engagement, and various other data associated with the Tron network.
In addition to making blockchain data more accessible, Tron also ventured into avenues related to ubiquitous artificial intelligence (AI) technology. It partnered with ChainGPT – an AI model designed to provide solutions and use cases related to blockchain technology.
The collaboration was expected to unlock new opportunities for TRON enthusiasts. Using the model, users could create AI-generated NFTs and interact with an AI chatbot.
How much are 1,10,100 TRXs worth today?
TRX is seeing significant weekly growth
The partnerships and impressive on-chain fundamentals pointed to a healthy outlook for the network and its $7 billion token TRX. Notably, the coin has risen in value by 5.39% over the past month, data shows CoinMarketCap revealed.
With the intention of growing its market value in the long term, TRON continued to exert deflationary pressure on TRX. According to the latest update, approximately 14.9 million TRX tokens have been removed from circulation in the past 24 hours. Adjusted for newly minted tokens, the circulating supply shrank by 9.86 million.