- Tron beats rival blockchain networks by garnering the highest daily active user count.
- TRX showed short-term low volatility, muted investor confidence and deflationary characteristics.
The Tron [TRX] network has been seemingly outpacing its peers for some time now. Rankings from 18 March revealed that Tron was the leading blockchain by daily active users.
#TRON ranks first in the number of daily active users, ahead of #BNBChain, #Bitcoin, #Polygon, and #Ethereum 💪 pic.twitter.com/DgscjiAZYl
— TRON Community (@TronixTrx) March 18, 2023
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The Tron Community’s analysis showed that Tron had the highest number of daily active users (DAU) among the top blockchain networks. It led the pack with 1.6 million DAUs, followed by BNB Chain with 1.2 million DAUs. Bitcoin [BTC] was third, with just over 669,600 daily active addresses.
Tron’s focus on stablecoins might be the main reason why it has the highest number of daily active users. Its CEO, Justin Sun, reiterated that stablecoins are the network’s focus.
2023 brings its fair share of challenges, but we at #TRON are more committed than ever to achieving our goals! Our focus remains on the growth of the #stablecoin, #USDT #TUSD #USDD #USDC #USDJ on #TRON. We aim to grow our stablecoin market cap from $40 billion to $60 billion.
— H.E. Justin Sun å™å®‡æ™¨ (@justinsuntron) March 17, 2023
The robust growth in Tron’s daily users coupled with its heavy focus on stablecoins has also boosted its total value locked. It had a $5.31 billion in TVL at press time, an impressive feat considering that its TVL was lower than $200 million at the start of January 2021.
Source: DeFiLlama
Is there a correlation with TRX’s price action?
A recap of TRX’s price action revealed that not much has changed in the last seven days. However, a wider scope underscored a healthy 20% bounce back from its four-week low to its $0.067 at press time. The latter also represented a 34% premium from its YTD lows.
Source: TradingView
How much is 1,10,100Â TRX worth today?
TRX’s short-term prospects show little promise because of the lack of strong demand for the cryptocurrency as of this writing. A reflection of the drop in investor confidence is captured by the weighted sentiment metric. On top of that, Tron’s development slowed down substantially during the last seven days.
Source: Santiment
While the above observations indicate why TRX failed to extend its rally in the last seven days, it also notably avoided a large selloff. This factor shows that the market has retained some level of confidence.
As far as future prospects go, Tron burns may play out well for its demand. On 18 March, the network tweeted that its TRX production ratio was less than zero.
17th March: #TRON burns more than 18,854,758 coins 🔥 with a net production ratio less than zero -13,787,543 🤯 pic.twitter.com/bIxb5Bux5A
— TRON Community (@TronixTrx) March 18, 2023
In other words, TRX has deflationary characteristics courtesy of the Tron burns. These characteristics may support demand in the future and boost its mid to long-term prospects.
