TRON (TRX) Back in Top 10, Nears One-Year Mainnet Anniversary
TRX rallied as the TRON ecosystem grows and the coin’s volumes are picking up.
TRON (TRX) returned among top 10 coins by market capitalization, after a short-term rally. TRX moved up to $0.038, from its stagnant range at $0.0333 in recent weeks.
As Bitcoin (BTC) raced through to above $11,200, talks of an altcoin season are adding to the gains of other assets. But for now, the upside remains limited.
One of the factors boosting TRX is the upcoming anniversary of the TRON Independence Day, when the TRON network finally launched outside the testing mode. The TRON network launched on June 1 in pre-mainnet mode, and moved on to full block production in July 2018.
A year later, the TRON network has 3.18 million accounts and reportedly carries 1.4 million transactions per day, and up to 748 transactions per second. After an initial slow start, while electing the 27 Super Representatives, the TRON network proved its value and started adding distributed apps. Some of the leading dApp projects are casinos and gambling apps.
But the bid to widespread adoption remained BitTorrent. TRON not only reached potential holders of BitTorrent accounts, but performed one of the most high-profile IEOs, or token sales through an exchange, for BitTorrent Token (BTT).
While the TRON network promised multiple tokens, so far BTT remains the most prominent asset, and other TRON-based tokens remain obscure. An attempt to launch a TRON-based version of Tether (USDT) is only in the initial stages, with only 37 million tokens minted. The program to distribute USDT to TRON owners and encourage adoption was reconsidered after it became clear that not all USDT are backed by fiat.
In the year since launching Odysseus 2.0, TRON has moved on to the upcoming version 3.6. In the past, the TRX asset has been controversial, ever since its ICO in the fall of 2017. Just as TRX tokens were sold, China put a ban on domestic ICOs, causing Binance to return funds to ICO buyers. At that time, TRX traded at sub-penny prices.
In the past year, TRX has remained relatively stagnant in price, despite the network growth. TRX fell from a peak at $0.25, and has hovered under $0.04 in the past year, with a low under $0.02.