Data charts released by the decentralized finance (DeFi) total value locked (TVL) aggregator DeFiLlama show that the TRON network platform has increased revenues.
The data shared by Chinese Reporter Wu Blockchain indicates that the TRON network has doubled its daily revenue in the past 24 hours.
User Activity On TRON Growing
DeFi Llama shows that TRON is witnessing a huge uptick in its revenue collection. As per the data, the protocol’s daily transaction fee has doubled to $1.32 million in the last 24 hours since February 14.
The latest increase in TRON’s revenue has brought the blockchain closer to Ethereum and Uniswap in terms of fee collections. As a result, the new development will likely push up TRX prices.
The increase in the metric was recorded as the TRON network recently passed Proposal 83 to change the energy mechanism within its smart contracts. The new model will use a “dynamic energy model” that raises transaction costs for illiquid projects while having no impact on other dApps (decentralized applications).
On February 5, the TRON network successfully passed the proposal, and as a result, there has been a consistent surge in the collection of daily transaction fees.
Part of the surge in TRON’s revenues is also due to the increased usage of TRON’s smart contracts. There has been an uptick in trading activities involving increased users trading assets on TRON.
Other recent developments also include the launch of TCNH, an Offshore Chinese Yuan-pegged stablecoin, on the TRON network, which took place on December 16.
In early December, TRON passed a proposal to adjust the native token TRX’s burn volume and staking rate. The burning mechanism contributes to the bullish momentum for TRX as there is a decreasing supply of the token in the market. Thus, there is less selling pressure.
In addition, TRON recently released a mandatory update called GreatVoyage-v4.6.0 (Socrates) to improve network functionality. The launch of Tron’s staking features and the integration of the TRON wallet (TronLink) on iOS and Android are other recent key developments contributing to TRON’s usage increase and revenue surge.
Lastly, Dominica, a Caribbean island country, recently selected TRON as its national Blockchain to develop and issue its official coin (Dominica Coin/DMC). It adopted seven TRON-based cryptocurrencies as legal tender.
TRON Price Action
TRON is a cryptocurrency founded by Justin Sun. The coin was launched in 2017 and quickly got its success in January 2018 when it reached an all-time high of $0.207114. The crypto’s lowest price was $0.0015355 in September 2017.
In the last seven days, the value of TRX rose by 3.36%. TRON is trading its price at $0.068840, up 3.35% in the last 24 hours, with a trading volume of $280 million. Its market cap stood at $6.27 billion; the token is ranked #15 among crypto assets listed on CoinMarketCap.
Featured image from Unsplash, Chart from TradingView
