- In addition to TVL, Tron’s daily active addresses and transactions have fallen over the past week.
- Trading volume fell, but funding rates looked bullish.
Trons [TRX] Total Value Locked (TVL) reached a new high on October 3 when it crossed the $16 billion mark. However, TRONSCAN’s latest tweet showed that the blockchain could not sustain the increase and the TVL fell again.
🔥Total value locked (#TVL) in #TRON #DeFi The ecosystem has surpassed $16 billion and everything continues to grow today! pic.twitter.com/hfeG3fZy6n
— TRONSCAN (@TRONSCAN_ORG) October 7, 2023
Read Trons [TRX] Price prediction 2023-24
Aside from TVL, a look at Tron’s other metrics also indicated that network activity has declined in the recent past.
Tron’s TVL maintains its momentum
TRONSCAN recently posted a tweet highlighting key blockchain metrics in recent days. It was interesting to note that after peaking at $16.2 billion, the blockchain’s TVL dropped to $15.9 billion.
🧐Statistics and recently updated statistics of #TRONSCAN on October 6. Look at it! #TRON #TRX pic.twitter.com/c7Sb2bYtvI
— TRONSCAN (@TRONSCAN_ORG) October 8, 2023
A drop in TVL immediately meant that Tron’s performance in the DeFi ecosystem was not up to par. While the blockchain’s TVL dropped, Tron’s total account count reached 188 million. Thanks to an increase in the number of accounts, the total number of transactions exceeded 6.5 billion.
While this seemed optimistic at first glance, closer inspection told a different story.
From Artemis, Tron’s daily active address has fallen over the past seven days, as have daily transactions. A similar downward trend was also noted in terms of TRX’s fees and revenues.
Source: Artemis
When assessing the state of Tron, it is also important to look at the staking ecosystem, which became extremely popular after Stake 2.0. TRONSCAN’s tweet also revealed that the total number of TRX deployed was 46.8 billion.
According to Staking Rewards, at the time of writing, TRX had a total of 369.3k, while the strike ratio reached 48.45%. At the time of writing, Tron had a market cap of over $3.8 billion.
Source: Staking Rewards
TRX’s weekly chart turns red
Just like the blockchain statistics, the price of TRX also fell last week. According to CoinMarketCapTRX fell more than 2% last week. At the time of writing, it was trading at $0.08808 with a market cap of over $7.8 billion, making it the 10th largest crypto.
Investors also seemed uninterested in trading the token, which was evident from the drop in trading volume.
Is your portfolio green? look at the TRX Profit Calculator
This past week, TRX’s one-week price volatility also dropped. However, the good news was that TRX’s Binance Funding Rate was red, meaning investors were reluctant to buy TRX at a lower price.
Therefore the possibility of TRX It cannot be ruled out that the price will change in the coming days.
Source: Santiment
