Tron (TRX) transaction volumes have been on the rise for quite some time now. In the past few days, they have eclipsed those of Bitcoin and Ethereum, the top two cryptos by market cap. While in the past most of the transactions have come from voter rewards, most of Tron’s latest transactions are from the Decentralized applications running on the Tron network.
For instance, GoSeedit, an application running on the Tron ecosystem has seen a massive uptake in the markets and pushed up Tron (TRX) daily transaction volumes. With the success of such decentralized applications, many more will launch on the Tron blockchain and push up transactions over time. That’s because the Tron network by design incentives developers to port over.
Dapps developers, especially those of heavy-use applications need a blockchain that can scale, and also cost-effective. On this front, Tron (TRX) is one of the best. It is low-cost, highly scalable and has some of the highest TPS numbers in the blockchain space. This is a big incentive, one that will add to the overall transaction volumes in the future.
For Tron investors, this is a reason to be highly bullish on Tron (TRX). That’s because as Dapps increase in the Tron ecosystem, the demand for Tron (TRX) will also rise since transaction costs are made in Tron (TRX). Going by the price action of Tron in the last one week, it is clear that the increased demand for Tron (TRX) by Tron-based applications is impacting on the price of TRX as well. In this period, the crypto market has been relatively depressed. However, Tron has held up strong and has been one of the best performers of the top 20 cryptos.
This is unlike in previous months when Tron (TRX) would take a major hit whenever Bitcoin (BTC) underperformed. As such, investors can count on the possibility that with more Dapps launching on Tron (TRX), its value has the potential to surge significantly in the future.
But will Dapps rise on the Tron network? Well, other than the fact that the Tron blockchain in itself is an incentive for developers, there is the element of marketing. Tron (TRX) is probably one of the best-marketed projects in crypto. Justin Sun has been quite aggressive in pushing Tron (TRX). His efforts seem to be paying off, not just in terms of drawing in more developers, but also in terms of creating more awareness about Tron (TRX) at global institutional levels. For instance, Tron is now working with institutions like the UNDP in actualizing sustainable development goals using blockchain technology. These are moves that create more awareness about Tron and by extension, push up the number of Dapps developing on Tron in the long run.
Tron is currently trading at $0.0236 and is up by 2% in intra-day trading. It has made these gains in spite of bitcoin and other top 10 cryptos gaining by less than a percentage. It’s a signal that the demand for Tron is on the rise, pushed by its core fundamentals.