The Tron network has triumphed over other major web3 chains, led by Ethereum, due to its low fees, robust security standards, and transaction scalability.
Amid the gradual mainstream adoption of digital assets and web3 protocols, the Tron (TRX) network has emerged as the top smart contract-enabled chain. According to on-chain aggregate data analyzed by Lookonchain, the Tron network reported a total of 1.83 million active addresses in the past 24 hours.
Interestingly, the Tron network has registered more than double active addresses in the past 24 hours compared to Solana (SOL), Binance Smart Chain (BSC), and Ethereum (ETH). Polygon (MATIC), an Ethereum-based layer two scaling solution, registered around 1.18 million active addresses in the past 24 hours.
Solana and BSC recovered an average of about 829 million active addresses each in the past 24 hours. Ethereum and Bitcoin networks registered a total of 365k and 594k active addresses respectively in the past 24 hours.
Here are the top 10 chains by active addresses (24h).
The 24-hour active address of #Tron is 1.83M, the 24-hour active address of #Polygon is 1.18M, and the 24-hour active address of #Solana is 829.8K. pic.twitter.com/gGnXbMpJFZ
— Lookonchain (@lookonchain) July 8, 2024
What’s Fueling Web3 Growth in Tron Network
The Tron network has thrived in the past few years as the major minting chain for Tether’s USDT. As of this report, the Tron network had a total of about $58 billion in stablecoins market cap. The Tron network had a total value locked (TVL) of about $7.25 billion, the second largest after Ethereum.
One of the top Tron network-based decentralized financial (DeFi) platforms is the JustLend protocol, which has a TVL of about $5.37 billion. Other notable web3 projects on the Tron network include JustStables CDP, SUN DEX, stUSDT RWA, and JustMoney DEX, among others.
The Tron network has so far facilitated around 7.9 billion on-chain transactions with more than 242 million total accounts.
The Tron network has attracted notable attention from web3 developers due to its seamless multi-chain capabilities and deep liquidity. For instance, JustMoney DEX is available in five blockchains, facilitating seamless crypto transactions.
The fact that the Tron network offers secure smart contract development has attracted more developers and users. Moreover, the Tron network is faster and cheaper compared to its competitors such as Ethereum and Solana.
Impact on TRX Price Action
Amid the ongoing heightened crypto volatility, TRX price has been on a rollercoaster, despite the macro bulls being in control. From a technical standpoint, the large-cap altcoin, with a fully diluted valuation of about $10.8 billion and around $532 million in daily average traded volume, has gained around 10 percent in the past four weeks.
For the past four months, TRX’s price against the US dollar has been acting on the resistance level around $0.126. If the TRX buyers successfully flip the current resistance level to a support level, the altcoin will easily rally toward its all-time high of around $0.17.
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