Tron Generates Record-Breaking Fee Revenue of $1.758 Million: Insights

    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.
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