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Tron (TRX) has established its authority in the crypto space by taking a significant leadership position compared to other major blockchains in the ecosystem. Data obtained from a blockchain analysis platform showed that Tron has a high level of active users, with a daily count of 1.23 million.
Comparison Between Tron and Bitcoin!
This puts Tron nearly 23% ahead of Bitcoin (BTC), the leading cryptocurrency. The chain, founded by Justin Sun, has widened the gap with BNB Chain, which has long dominated the list. In addition to the extraordinary increase in user base, other indicators on the chain were also positive. According to Artemis data, the Proof-of-Stake (PoS) network maintained its position as the second-largest chain in terms of transaction volume, following Solana (SOL).
Tron recorded approximately 4.44 million transactions in the past 24 hours. According to DeFiLlama, the increase in network traffic was due to the surge in stablecoin circulation supply from Tron since the beginning of the year. At the time of writing, Tron’s stablecoin market value was $43.87 billion, which is 30% higher than the beginning of 2023.
Latest Developments in Tron!
A closer look reveals that Tron has captured a significant portion of the Ethereum (ETH) market to enhance its developments. This move aligns with founder Justin Sun’s vision of raising the chain’s stablecoin supply to $60 billion by the end of 2023. Despite the expanding bear market, Tron has made good progress towards its goals. A noticeable development in the ecosystem was the continued burning of tokens.
Approximately 11.2 million TRX tokens were burned on September 10th. Adjusted for newly minted tokens, there was a net decrease of 6.13 million TRX in circulating supply. TRX was burned to ensure long-term market value appreciation, just like other crypto assets. At the time of writing, the altcoin was trading at $0.07852, with a weekly increase of 1.9% according to CoinMarketCap.
