The TRON network has recently grabbed headlines in the cryptocurrency ecosystem following a sequence of significant events. Highlighted was an announcement pertaining to Bitcoin Layer-2 support, touted as a vital development by TRON’s founder, Justin Sun. Additionally, the market was rocked by a pivotal announcement regarding the suspension of USD Coin (USDC) operations on the TRON blockchain.
TRON’s Striking Revenue Increase
On February 20th, TRON’s daily network revenue skyrocketed to a record $2 million. Concurrently, stablecoin giant Circle declared its decision to cease USDC offerings on the TRON blockchain. Revenue on TRON primarily stems from the destruction of TRX tokens used to pay transaction fees on the network. Reports from Tronscan indicate that 13 million TRX tokens were burnt that day, reducing the total supply.
Circle Alters USDC Strategy on TRON
The following day, Circle announced an intent to discontinue its USDC-related activities on TRON. Circle’s strategy aims to uphold USDC’s status as the second-largest stablecoin by market cap, focusing on ensuring its reliability and security. This move comes amidst a broader landscape shift within the TRON ecosystem.
Recent Tronscan data also points to a surge in daily active addresses on the TRON network, with a notable 8% increase in active accounts executing at least one transaction after Circle’s decision. However, there was a concomitant 3% dip in new wallet and contract account activities since February 20th.
Despite the increase in active users, the TRX token price experienced a slight downturn in the past 24 hours. This decrease in token value coincided with a general market trend, including a 1.31% fall in Bitcoin’s price. Nonetheless, TRX’s slight 1% decrease suggests it may be weathering market conditions more robustly than Bitcoin.