Tron [TRX]: Growing deflation, increasing transactions, other key highlights
- TRX has experienced deflation for 70 consecutive weeks.
- The total number of transactions on the network went past five billion.
TRON [TRX] shared a report on the network’s notable developments that took place in the last week. One of the highlights was the significant increase in the deflationary pressure exerted on the native coin.
🧐Check out #TRON Highlights from last week (Feb 25, 2023 – Mar 3, 2023).
🙌We’ll update you on the main news about #TRON and #TRON #Ecosystem. So stay tuned, #TRONICS! pic.twitter.com/FfqR8ySHUj
— TRON DAO (@trondao) March 6, 2023
According to TRON, TRX has experienced deflation for 70 consecutive weeks starting from 28 October 2021 until 2 March 2023. During this time, its circulating supply fell by 10.57 billion. Data from Tronscan validated this assertion.
Source: Tronscan
How much are 1,10,100 TRXs worth today?
Tron reaches key milestone in transactions
The other major talking point was Justin Sun’s views on the regulation of crypto markets around the world. In an interview with CNBC. the Tron founder stressed the need for a unified blockchain standard for global payments and settlements.
The other major development was Tron’s integration with Uphold, a multi-asset crypto trading platform. The tie-up was expected to enable TRX holders to self-custody their assets and have more control over them.
At the same time, TRON got one more reason to cheer as the total number of transactions on the network went past five billion.
#TRON just reached a huge milestone, with over 5 billion total transactions!🔥
Let’s keep #BUIDLing the future of #crypto together!🚀 #TRONStrong pic.twitter.com/l2oAE5e8VZ
— TRON DAO (@trondao) March 6, 2023
Strong growth in NFT trading
The boost in the number of transactions could be due to increased activity on the NFT front. As per Santiment, the total NFT trade volume hit $730.5K, an increase of more than six times over the previous week.
On the flip side, development activity fell sharply in the last week. This could cast doubts in the mind of investors regarding upcoming upgrades.
Source: Santiment
On the other hand, the total value locked (TVL) on Tron’s smart contracts dipped below $5 billion, registering a drop of more than 6% in the last seven days, data from DeFiLlama revealed.
The gains made in TVL since mid-February were reversed, at the time of writing.
Source: DeFiLlama
Read TRON’s [TRX] Price Prediction 2023-24
At press time, TRX exchanged hands at $0.06691 with a marginal drop from the previous day, as per CoinMarketCap. It logged gains of about 4% in the month-over-month period.
