Recent data from Tronscan reveals a remarkable surge in Tron’s fee revenue, reaching an unprecedented $1.758 million on February 20th. This revenue primarily originates from fees imposed on transactions, subsequently eliminated. The calculation of this revenue involves multiplying the daily amount of TRX eliminated by the closing price of TRX on CoinMarketCap.
On the same significant day, the Tron network eliminated a total of 12,622,236 TRX. This milestone serves as a testament to Tron’s escalating adoption and activity within its network, reflecting a surge in investor trust and escalating utility.
- The consistent elimination of TRX further bolsters its scarcity, aligning with its deflationary strategies, which could potentially impact its standing within the broader crypto space.
- TRX has been experiencing a steady upward trajectory in sync with the overall market recovery.
- In fact, Tron’s native cryptocurrency has surged to $0.17, a level not witnessed since May 2021. This surge has propelled yearly gains to surpass 100%.
- Despite allegations from the US Securities and Exchange Commission (SEC), TRX’s price has remained relatively unaffected.
- Notably, Sun and Tron found themselves embroiled in a legal battle with the SEC last year. The lawsuit accused them of unlawfully selling unregistered securities associated with TRX and BitTorrent (BBT) tokens.
- Moreover, the regulatory authority accused Sun and Tron of participating in wash trading within TRX’s secondary market, supposedly inflating its market value artificially.
- Amid the regulatory challenges, Circle, the entity behind USDC, declared the discontinuation of its support for the Tron network. While the issuance of the new USDC on Tron will halt immediately, support for the stablecoin on this platform will continue until February 2025.
- Nevertheless, Tron remains the top choice for USDC’s competitor and the world’s largest stablecoin, USDT.
- Tron has surpassed Ethereum by 8% in USDT utilization.
Exclusive Offer: Sign up through this link to receive $100 free and enjoy 10% off fees on Binance Futures for the first month (terms).
