- The Tron ecosystem is growing as showcased in its Total Value Locked (TVL).
- The Tron TVL is being boosted by many factors including user and transaction counts.
Tron’s Total Value Locked (TVL) has exhibited outstanding growth over the last few months and it recently surpassed other major networks except Ethereum (ETH) in performance. In other words, Tron had the second-highest TVL in the first six months of 2023 with the Ethereum blockchain taking the lead. Tron notably achieved this feat in part because it has attracted a reasonable amount of liquidity.
It is also worth noting that Tron just burned 17,506,608 TRX, according to a post made by the Tron community on Twitter.
#TRON just burned 17,506,608 #TRX on July 17th 🔥 showcasing a commitment to deflation & value growth 🚀 With a net negative production ratio of -12,439,217 🤯 pic.twitter.com/1VewUVmLYz
— TRON Community (@TronixTrx) July 18, 2023
This activity which took place on Monday, July 18th showed Tron’s commitment to deflating its circulating supply across the board. The TRX burn resulted in a net negative production ratio of -12,439,217.
Tron TVL Hit New Levels, Market Cap Adds Another Billion
Data from DeFiLlama confirms that Tron’s TVL currently stands at $5.694 billion at the time of this writing. This can be regarded as a significant improvement from its lowest YTD level of just over $4 billion but at the same time, it is still a mile away from its over $6 billion all-time high peak in November 2021.
This upward tick appears to be triggered by a corresponding growth in user count. The first time the number of users on the network crossed 1 million was in July 2021, two years later the figure has crossed 2 million users and is fast heading towards 3 million.
Notably, other growth metrics are also associated with the Tron TVL surge. Less than two weeks ago, TRON’s native data-tracking platform Tronscan showed that the blockchain is now handling more than 9 million transactions in a single day. Even the Chief Executive Officer (CEO) of the Tron ecosystem Justin Sun projected that the blockchain will soon start processing 10 million transactions every day.
Also, Tron saw a surge in the number of unique addresses and the blockchain now hosts more than 45 million addresses.
Markedly, all of these positive triggers have also had a crucial effect on TRX. The token’s market capitalization has grown by about $1 billion from its lowest levels in the last four weeks and this brings it to a new monthly high of over $7.3 billion. More recently, the Tron ecosystem, like many other protocols, experienced an outstanding push following Ripple’s victory in court over the United States Securities and Exchange Commission (SEC) on Thursday, July 13th.
Generally, Ripple’s victory has translated into positive momentum for the broad crypto market as prices have improved. Ripple’s XRP gained more than 70 percent following the verdict by Judge Analisa Torres. Asides from XRP, Stellar Lumens (XLM) increased by 56 percent, hitting its highest level since April 2022. Solana (SOL) also rose by almost 50 percent. Polygon (MATIC), Cardano (ADA), and other tokens were not left behind in the bull run.
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