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:
—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?
10% off your fees with code SVULQ98B 🔥
🎧 Listen to this article and all other crypto news on Spotify
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?
Our service dedicated to cryptocurrency investors. Get real-time analytics and optimize your crypto portfolio.
Sources: DefiLlama, TronScan
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky by nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.