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- More than 45 percent of the Tron (TRX) coins in circulating supply have been staked by the community earning 5.67 percent in Annual Percentage Yield (APY) passively.
- Tron network offers fast processing speeds that are secure and affordable to all crypto users.
The Tron (TRX) network, a fast-growing smart contract blockchain with more than $5.7 billion in total value locked (TVL), is undeniably headed to the top-ranked blockchains by on-chain activity. According to market data provided by Binance-backed Coinmarketcap and Coingecko, Tron network officially entered the top ten crypto projects by market capitalization after dethroning Polygon (MATIC).
With a market capitalization of about $6.5 billion, the Tron network recorded a sharp uptick of about 8.3 million in daily transactions to a total of 5.9 billion.
As an ecosystem that heavily supports smart contracts and notable decentralized financial platforms, the Tron network has recorded total accounts of about 168.69 million, up by more than 146K in the past 24 hours.
Interestingly, more than 45 percent of the Tron (TRX) coins in circulating supply have been staked by the community earning passively up to 5.67 percent in APY. Moreover, about 7,378,376,880 TRX coins have been distributed as rewards in the past few years. The high staking on the Tron network helps the underlying blockchain obtain more stability through security and user trust.
Closer Look at Tron DAO and the Market Outlook
Founded in 2017 by Justin Sun, the Tron metaphase evolved into a mature blockchain handling billions of dollars monthly. Furthermore, Tron network offers its users lower transaction costs with top-notch security for all users. The Tron network developers understand trust and efficiency are key to the mainstream adoption of its products.
For instance, the Tron network is used by the largest stablecoins Tether USDT to issue the tokens. Additionally, the Tron network has an algorithmic stablecoin dubbed USDD with a market capitalization of about $735.4 million.
#TRONNetwork, more than a #blockchain platform. Tailored for everyone, it fuses lower costs, top security, and clear transparency for growth.
Embrace efficiency and innovation with #TRON! 🔥 https://t.co/BbaoQCM7WD
— TRON DAO (@trondao) June 21, 2023
The Tron network revenue in the last 24 hours was about $1.1 million with a stablecoins market capitalization of about $43.6 billion. Notably, Tether USDT had a stablecoins dominance of about 92 percent. With Sun at the helm of the Tron network, the TRX holders are less worried about developments and utility-driven adoption. Moreover, Sun is the current Permanent Representative of Grenada to the World Trade Organization (WTO) in Geneva.
For the developers, the Tron network uses a 3-layer architecture system that is divided into the storage layer, the core layer, and the application layer. According to the Tron whitepaper, the application layer can be used to build scalable decentralized applications (Dapps) like the Justlend lending protocol, and also DEX platforms.
Price Action
Since the beginning of this year, Tron (TRX) has been on a rising channel despite the recent crypto regulatory scrutiny issues with major markets like the United States. Trading around $0.072 on Thursday, the Tron (TRX) coin is slated for more gains before the year ends.
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