The data graph released by the total value locked (TVL) decentralized finance (DeFi) aggregator DeFiLlama shows that the TRON network platform has increased its profits.
Data shared by Chinese Reporter Wu Blockchain show 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 increase in revenue collection. According to 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 collection. As a result, new developments are likely to push the price of TRX.
The increase in the metric was recorded when the TRON network recently passed Proposal 83 to change the energy mechanism in smart contracts. The new model will use a “dynamic energy model” that raises transaction costs for illiquid projects while not impacting other dApps (decentralized applications).
On February 5, the TRON network successfully passed the proposal, and as a result, there was a consistent increase in the collection of daily transaction fees.
Part of the increase in TRON’s profits is also due to the increased use of TRON’s smart contracts. There is an uptick in trading activity involving increased trading assets registered on TRON.
Other recent developments include the launch of TCNH, China Offshore’s Yuan-pegged stablecoin, on the TRON network, which took place on December 16.
In early December, TRON passed a proposal to adjust the burning volume and staking rate of the original TRX token. The burning mechanism contributes to the bullish momentum for TRX as there is a decreasing supply of tokens in the market. Thus, there is less selling pressure.
Also, TRON broke up released command update called GreatVoyage-v4.6.0 (Socrates) to improve network functionality. The launch of the Tron staking feature and the integration of the TRON wallet (TronLink) on iOS and Android are other key new developments that contribute to increasing the use of TRON and increasing revenue.
Finally, Dominica, a Caribbean island nation, broke up selected TRON is a national Blockchain for developing and issuing official coins (Dominica Coin/DMC). It adopted seven TRON-based cryptocurrencies as legal tender.
TRON Price Action
TRON is a cryptocurrency founded by Justin Sun. This coin was launched in 2017 and quickly gained success in January 2018 when it reached an all-time high of $0.207114. The lowest price of the crypto was $0.0015355 in September 2017.
In the last seven days, the value of TRX increased by 3.36%. TRON can be traded at $0.068840, up 3.35% in the last 24 hours, with a trading volume of $280 million. Its market capitalization was $6.27 billion; This token is ranked #15 among crypto assets listed on CoinMarketCap.
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