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According to Tronscan data, Tron’s fee revenue soared to a record-breaking $1.758 million on February 20th. Tron’s revenue stems from fees levied on transactions, which are subsequently burned. This revenue is determined by multiplying the daily quantity of $TRX burned by the closing price of $TRX on CoinMarketCap.
On the same day, the Tron network burned a total of 12,622,236 $TRX. This milestone essentially underscored Tron’s growing adoption and activity within its network, reflecting investor confidence and increasing utility.
- The continuous burning of $TRX also contributes to its scarcity, which aligns with its deflationary measures, potentially impacting its value in the broader crypto ecosystem.
- $TRX has been on a steady uptrend in tandem with the broader market recovery.
- In fact, Tron’s native crypto has surged to $0.17, a level last observed in May 2021. This increase in value propelled annual gains to exceed 100%.
- $TRX’s price has mostly remained unfazed by the allegations of the US Securities and Exchange Commission (SEC).
- Last year, Sun and Tron were embroiled in a lawsuit brought forth by the US Securities and Exchange Commission (SEC). The suit accused them of unlawfully vending unregistered securities linked to $TRX and BitTorrent (BBT) tokens.
- Additionally, the security regulator alleged that Sun and Tron engaged in wash trading within $TRX’s secondary market, purportedly to inflate its market value artificially.
- Amidst the regulatory tussle, Circle, the entity responsible for $USDC, announced the termination of its backing for the Tron network. While the creation of the new $USDC on Tron will cease immediately, assistance for the stablecoin on this platform will continue until February 2025.
- However, Tron remains the most preferred network for $USDC rival and the world’s largest stablecoin, $USDT.
- Tron’s surpassed Ethereum by 8% in the utilization of $USDT.