DeFi

TRON Recorded 1 Billion USDT Inflows In Last 2 Weeks

TRON has received $1 billion USDT in the previous two weeks.

According to DeFi Llama, TRON saw the greatest stablecoin influx on November 18, with increases on November 24 and 28.

TRX’s price stayed unchanged, falling by 0.67% in the previous 24 hours.

TRX daily chart. Source: Coincu

However, there were scattered complaints that the inflow did not represent investment activity. Rather, the founder, Justin Sun, might be injecting cash.

Furthermore, the blockchain appeared to be prospering based on network enhancements.

According to the weekly network report, the network has 123.3 million accounts. This implies TRON gained around 1.76 million additional addresses in less than a week. During the same time period, the total value locked on the network increased by around $400 million, according to the research.

Recently, TDR also announced the purchase of 1 billion USDT to prevent its sell-off, as recent adverse claims are being made against the stablecoin.

Tron is a blockchain-based decentralized digital platform with its own cryptocurrency, called Tronix or TRX. Founded in 2017 by a Singapore non-profit organization, the Tron Foundation, the blockchain aims to host a global entertainment system for the cost-effective sharing of digital content.

The network structure has been compared to that of the Ethereum platform, and it uses some of the same basic building blocks, such as decentralized applications (dApps), smart contracts, and tokens. In fact, it has been criticized for perhaps “going too far” by borrowing rather than building the basics of its platform.
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There are signs that Tronix and Ethereum are becoming competitors in the business of cryptocurrency traders. The supply of USD Coin, a cryptocurrency tied to the U.S. Dollar, circulating on the blockchain surpassed $108 million less than a month after support for it launched. That could be another sign that crypto traders are increasingly turning to blockchains that provide cheaper transaction fees with faster speed than what’s found on Ethereum.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.