Tron Network Tops Blockchains with Most Active Addresses in Past 24 Hours, TRX Price on Rise

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As a researcher with a background in blockchain technology and digital assets, I find the recent surge in active addresses on the Tron (TRX) network truly intriguing. According to data from Lookonchain, Tron reported over 1.83 million active addresses in the past 24 hours, which is more than double the number of active addresses on Solana, Binance Smart Chain, and Ethereum. This growth can be attributed to several factors that have fueled web3 adoption on the Tron network.

In the growing trend toward digital assets and web3 technologies, the Tron (TRX) network stands out as the leading platform for smart contracts. Based on data gathered by Lookonchain, this network recorded approximately 1.83 million active addresses over the last 24 hours.

It’s intriguing to note that the Tron network has seen over twice the number of active addresses than Solana (SOL), Binance Smart Chain (BSC), and Ethereum (ETH) during the last 24 hours. Meanwhile, Polygon (MATIC), a scaling solution on the Ethereum network, recorded approximately 1.18 million active addresses within the same timeframe.

As a crypto investor, I’ve noticed that Solana and Binance Smart Chain (BSC) have seen impressive recoveries in terms of active addresses in the last 24 hours, with an average of approximately 829 million for each network. On the other hand, Ethereum and Bitcoin have reported a total of around 365,000 and 594,000 active addresses respectively within the same timeframe.

Here are the top 10 chains by active addresses (24h).

In the past 24 hours, approximately 1.83 million unique addresses have been actively used on the Tron network. For Polygon, this number is around 1.18 million, and for Solana, it’s about 829,800.

— Lookonchain (@lookonchain) July 8, 2024

What’s Fueling Web3 Growth in Tron Network

In recent times, the Tron network has experienced significant growth, serving as the primary platform for Tether’s USDT minting. According to current data, the market capitalization of stablecoins on the Tron network amounts to approximately $58 billion. Additionally, the network boasts a total value locked of roughly $7.25 billion, making it the second largest in this regard, trailing only Ethereum.

One of the leading decentralized financial (DeFi) platforms on the Tron network is JustLend protocol, boasting a total value locked (TVL) of approximately $5.37 billion. Other notable web3 projects thriving on the Tron network include JustStables CDP, SUN DEX, stUSDT RWA, and JustMoney DEX, to name a few.

Approximately 7.9 billion transactions have taken place on the Tron network up to now, involving over 242 million unique account addresses.

The Tron network has gained significant interest from the web3 development community for its effortless multi-chain functionality and ample liquidity. For example, Decentralized Exchange (DEX) JustMoney can be found on five distinct blockchains, enabling smooth cryptocurrency transactions.

The security of Tron’s smart contract development has drawn in a larger number of developers and users. Additionally, Tron stands out for being quicker and more affordable than rival networks like Ethereum and Solana.

Impact on TRX Price Action

As a researcher studying the cryptocurrency market during this volatile period, I’ve noticed that TRX, the large-cap altcoin with a fully diluted valuation of approximately $10.8 billion and an average daily traded volume of around $532 million, has experienced a significant surge – approximately 10 percent – over the past four weeks. Despite the overall bullish macroeconomic climate, TRX’s price movements have been erratic, resembling a rollercoaster ride.

Over the last four months, I’ve noticed that TRX‘s price has been consistently facing resistance around the $0.126 mark against the US dollar. However, if TRX buyers manage to break through and flip this resistance into a support level, I strongly believe that the altcoin will experience significant growth and potentially reach its all-time high of approximately $0.17.

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2024-07-08 15:51