On the occasion of the announcement of the arrival of the TRX of Tron on the Ethereum blockchain, the price of the asset recorded an increase of more than 10%. Let’s take advantage of this news to also take stock of the activity of the native network of this cryptocurrency.
Tron’s TRX lands on Ethereum
Friday, the TRX of the Tron ecosystem has arrived on the Ethereum blockchain (ETH). For this, BitTorrent technology was used to establish a bridge between the two networks:
📢#TRX is now accessible on #Ethereum through BTTC bridge!$TRX contact address on #Ethereum: 0x50327c6c5a14dcade707abad2e27eb517df87ab5 https://t.co/kDWF2CXqGW
—BitTorrent (@BitTorrent) June 2, 2023
Following this announcement, the TRX saw its price accelerate upwards, which represents an increase of 10.5% over the past 24 hours as of this writing, at just over $0.084 per unit.
Note also that the asset evolves in a relative decorrelation with the rest of the cryptocurrency market. Although it follows the main trends, the TRX has nevertheless printed significant upside legs in recent weeks, where the rest of the ecosystem tends to stagnate.
So, the crypto is up more than 86% since its last low in Novemberand down more than 53% since its all-time high (ATH) in April 2021:
Figure 1 — TRX price in weekly data
To return to the announcement of the arrival of TRX on Ethereum, its activity is still very limited, while only a day has passed since its deployment.
Indeed, there is currently only a little less than 8.4 million dollars on the network, spread over 29 different addressesand this includes the smart contracts of the few protocols where it is present.
👉 To go further — How to buy the TRX from Tron?
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Update on the Tron Blockchain
This novelty gives us the opportunity to take stock of the activity of the Tron blockchain. From a decentralized finance (DeFi) perspective, this ranks second with $5.8 billion in total value locked (TVL).
This represents a relatively stable amount compared to its November 2021 ATH of $6.51 billion. On its own, the lending and borrowing protocol JustLend accounts for nearly 64% of current TVLor $3.7 billion:
Figure 2 — Top 10 DeFi protocols by TVL on Tron
In terms of network activity, the blockchain oscillates between 2 and 3 million active addresses per day. Additionally, Tron now has over 163.95 million unique addresses, an increase of 23.5% since January 1.
Figure 3 — Evolution of the number of addresses on Tron
Since April, the network has recorded between 7.5 and 9.5 million transactions daily, although there has been a peak in the past two days at 11.47 million. Since opening its mainnet, the blockchain has completed over 5.73 billion transactions.
Despite its classification, Tron remains a relatively limited blockchain in terms of protocol diversity. Indeed, DefiLlama only lists 22 applications, which is far behind Ethereum (808), the BNB Smart Chain (606), or Polygon for example (426).
To conclude, TRX ranks 12th in the CoinGecko ranking, with a market capitalization of $7.57 billion.
👉 Going Deeper — Daily CEX Trading Volume Lows Since 2020: What Does This Mean?
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Sources: DefiLlama, TronScan
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I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
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