According to CryptoPotato, Tron's fee revenue reached a record-breaking $1.758 million on February 20th, according to Tronscan data. The revenue comes from fees levied on transactions, which are then burned. This revenue is calculated by multiplying the daily amount 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 highlights Tron's growing adoption and activity within its network, reflecting investor confidence and increasing utility.
The continuous burning of TRX contributes to its scarcity, aligning with its deflationary measures and potentially impacting its value in the broader crypto ecosystem. TRX has been on a steady uptrend, in line with the broader market recovery. Tron's native cryptocurrency has surged to $0.17, a level last seen in May 2021, pushing annual gains to exceed 100%. TRX's price has remained mostly unaffected by allegations from the US Securities and Exchange Commission (SEC) last year, accusing Sun and Tron of unlawfully vending unregistered securities linked to TRX and BitTorrent (BBT) tokens. The security regulator also alleged that Sun and Tron engaged in wash trading within TRX's secondary market to artificially inflate its market value.
Despite the regulatory issues, Circle, the entity responsible for USDC, announced the termination of its support for the Tron network. While the creation of new USDC on Tron will cease immediately, support 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 has surpassed Ethereum by 8% in the utilization of USDT.
Sanya
