In recent days, with a series of developments, the TRON network seems to have positioned itself at the center of the entire cryptocurrency world. A move related to Bitcoin Layer-2 support had been announced as the golden egg of Justin Sun. In the past few days, a critical decision regarding USDC had dropped like a bombshell in the market.
Current State of the TRON Network
An examination on the TRON (TRX) side revealed that the daily network revenue soared to an all-time high of 2 million dollars on February 20th, while on the same day, stablecoin issuer Circle announced it would stop offering the US dollar-pegged stablecoin USD Coin (USDC) on the blockchain.
If we are to comment on how protocol revenue in Tron is generated, it is known to come from the burned TRX tokens paid as on-chain transaction fees. According to data provided by Tronscan, it was revealed that 13 million TRX tokens were removed from circulation on February 20th.
When the calendar showed February 21st, it was reported that Circle had plans to halt its USDC-related policies on the Tron network. According to stablecoin issuer Circle, this move aimed to ensure that USDC, the second-largest stablecoin by market value, was maintained as “reliable, transparent, and secure.”
TRON’s Recent Performance
According to data from Tronscan, there was a noticeable increase in the number of daily active addresses on the TRON network over the last two days. As of February 22nd, at least one transaction was performed on the blockchain by 2.07 million active accounts.
This data means that despite the development in daily active addresses on the TRON network, there was an 8% increase following Circle’s decision to stop USDC minting.
Interestingly, during the same period, there was a significant decrease in new demands for the blockchain network. Again, according to data provided by Tronscan, there was a 3% decrease in the number of wallet and contract accounts that made transfers since February 20th.
To clarify with data, it was revealed that three days ago, 193,000 new accounts were created on Tron. Again, as of February 22nd, the number of new accounts created on TRON had dropped to 188,000.
While all this was happening, a decline in the TRX price was observed over the last 24 hours. Considering the general structure of the market, this drop may not be too surprising. It was also observed that there was a decrease of about 1.31% in the Bitcoin price within the last 24 hours.
The TRX price is trading at the level of 0.1381 dollars with a 1% decrease, which could be interpreted as a better performance than BTC.
