Tron’s fee income soared to a record-breaking $1.758 million on February 20, according to Tronscan data. Tron’s revenue comes from fees charged on transactions, which are then incinerated. This return is determined by multiplying his daily TRX burn amount by the TRX closing price on CoinMarketCap.
On the same day, the TRON network consumed a total of 12,622,236 TRX. This milestone essentially highlighted increased adoption and activity within Tron’s network, reflecting increased investor confidence and utility.
- The continued burnout of TRX also contributes to its scarcity, coinciding with anti-deflationary measures and potentially impacting its value in the broader cryptocurrency ecosystem.
- TRX has been trending steadily upward in parallel with the broader market recovery.
- In fact, Tron’s native cryptocurrency soared to $0.17, a level last observed in May 2021. This increase in value resulted in an annual profit of over 100%.
- TRX’s price is largely unfazed by the US Securities and Exchange Commission’s (SEC) allegations.
- Last year, Sun and Tron were embroiled in a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The lawsuit accused the company of illegally selling unregistered securities related to TRX and BitTorrent (BBT) tokens.
- Additionally, the security regulator alleged that Sun and Tron engaged in wash transactions within the TRX secondary market with the purpose of artificially inflating the market value.
- Amid the regulatory battle, USDC’s responsible party, Circle, announced the end of its support for the Tron network. Creation of new USDC on Tron will be stopped immediately, but support for stablecoins on the platform will continue until February 2025.
- However, Tron remains the most preferred network for USDT, USDC’s rival and the world’s largest stablecoin.
- Tron outperformed Ethereum in USDT usage by 8%.
