- Tron witnessed growth in its staking ecosystem.
- Statistics suggested that TRX’s popularity waned last week.
Tron [TRX] adoption continues to rise at a commendable rate as the blockchain reaches another milestone. The blockchain recently announced that the total number of accounts has surpassed 178 million.
Read from Tron [TRX] Price prediction 2023-24
The blockchain staking ecosystem has also grown in recent weeks. Despite a promising rise in metrics, blockchain performance in the DeFi space has leveled off somewhat.
Is Tron witnessing healthy growth?
Not only did the total number of Tron addresses increase, but the total number of transactions also increased to more than 6.2 billion. The statistic clearly indicated increased usage and activity on the network.
Moreover, the blockchain has also recently passed committee proposal 89, which can help further increase its adoption. The proposal focused on activating the PUSH0 instruction in the TRON virtual machine (TVM).
Tron Spark, a popular X-handle that posts updates related to the Tron ecosystem, pointed out some factors in a recent tweet that may have played a role in driving adoption.
BREAKING: Tron surpasses 178 million accounts
The TRON blockchain recently announced that the total number of accounts has passed 178 million
An important milestone for the network
What are some of the benefits of Tron?
The rise in bills can be attributed to… pic.twitter.com/q9EXP6Ttxm
— TronSpark (@TronSpark) August 12, 2023
According to the tweet, the non-fungible token (NFT) market has blossomed in recent years and the blockchain ecosystem provides a suitable platform for its creation and trading.
In fact, if statistics are to be considered, TRX witnessed a huge boom in its NFT space during the past NFT summer. This was evidenced by the sharp increase in the number of NFT transactions and trading volume in USD.
Source: Sentiment
Aside from NFTs, the tweet also mentioned that the blockchain has seen a surge in DeFi projects, offering a range of financial services without intermediaries.
As a result, Tron’s TVL has remained relatively high. However, it should also be noted that the metric’s growth rate remained low as the TVL chart leveled off somewhat. At press time, TRX‘s TVL was $5.678 billion, according to DeFiLlama.
Source: DeFiLlama
The blockchain staking ecosystem has also grown in recent weeks. According to Strike Rewards data, the total TRX stakes have risen in the past seven days. Not only that, but the number of TRX strikers also increased slightly.
At the time of writing, Tron had a stake ratio of 47.69% and a market cap of over $3 billion.
Source: Staking Rewards
Realistic or not, here it is TRX market cap in BTC‘s conditions
TRX is hesitant to move
While the health of the blockchain seemed fine, the native token’s price action remained sluggish. From CoinMarketCap, the price of TRX is only up 0.8% in the past week. At the time of writing, it was trading at $0.07743 with a market cap of nearly $7 billion.
The popularity of the token took a hit last week as social volume plummeted. The weighted sentiment showed that negative sentiment was dominant in the market. However, thanks to the efforts of developers, blockchain development activity remained high.
Source: Sentiment
