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- Data shows that the Tron network has been enjoying an average of 5 million daily transactions, deployed over 2.9 million in smart contracts and the number of accounts peaked at 190 million.
- Tron’s TRX is poised to rally coming off a bullish week that has seen it add nearly 5 percent and climb to the top ten ranked coins by market cap.
According to the latest data, Tron is celebrating explosive growth in spite of a bear market. A recent update shows that the network has achieved more than 6.5 billion transactions, averaging over 5 million transactions every day. In addition over 2.9 million smart contracts have been deployed on the network.
The Tron network has also cemented its position as the 2nd highest blockchain in TVL (Total Value Locked) with over $15.6 billion locked in its network. This is a clear demonstration of the trust of investors in the network and a drive for decentralized finance (DeFi) innovation.
$15.6 Billion Locked Up In Tron DeFi🤯
This amount makes Tron the 2nd highest blockchain network in terms of TVL (Total Value Locked)
TRON’s rise in the DeFi sector mirrors the burgeoning interest and trust that investors and developers place in its infrastructure
As more… pic.twitter.com/Ic8horu627
— TronSpark (@TronSpark) September 22, 2023
Late last month, the network further celebrated crossing over 190 million total accounts. This continues to grow by the day and is an indication of its adoption in the crypto space. Furthermore, Â DeFiLama has revealed that TRON is now the single largest chain for USDT. This was confirmed by Justin Sun who recently stated that Tron leads the world in stablecoin transactions and daily active users.
#TRON leads the world in stablecoin transactions and daily active users, as reported in "The Relentless Rise of Stablecoins." We're committed to expanding our stablecoin offerings and supporting global stablecoin projects. #TRX pic.twitter.com/Cgxg9O52Zg
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) October 18, 2023
Tron has not only impressed with on-chain data but partnerships as well. Earlier this month, the network confirmed a partnership with Google Cloud’s BigQuery to offer deeper data insights. Tron has also partnered with DexCheck, an AI-powered analytics platform and blockchain asset trading tool. The network has also launched TronWeb, a library of tools and APIs that enable developers to build effectively and easily on the network.
DexCheck Welcomes @trondao 🔥
We're taking a leap forward with the integration of TRON!
💪 This collaboration marks a significant milestone in our journey, as we strengthen our support for leading protocols.
And the journey continues… pic.twitter.com/ZVUcE3bg3w
— DexCheck (@DexCheck_io) October 6, 2023
TRON Network Development to Fuel TRX Rally
These developments paint a bullish outlook for Tron’s native token TRX. It is a common belief that great projects are built during the bearish market and these developments are rewarded during the bullish market. In the last couple of years, TRX has lost nearly 60 percent from a high of $0.231673 reached in 2018. Notably, a majority of its peers broke their all-time highs about two years ago. This suggests that a majority of TRX holders are long-term holders with speculators and short-term traders getting shaken out.
At the time of press, the altcoin is exchanging for $0.089381 after a 1.5 percent increase in the last 24 hours. On the weekly chart, TRX is outperforming a majority of altcoins and is up by 4 percent. This increase has seen the altcoin climb back up to the top ten cryptocurrencies based on market capitalization. If the digital asset can maintain its momentum, the next critical resistance will be $0.095 with a short-term target of $0.1.
