According to data from leading crypto analytics firms CryptoQuant and Into the Block, the Tron network has demonstrated remarkable resilience and growth in active users throughout this year.
Despite persistent market downturns, Tron has maintained over 2 million daily active users, showcasing a solid user engagement that defies general market trends.
Consistent user growth amid volatility
CryptoQuant’s analysis highlights that Tron’s daily user activity remains robust, irrespective of fluctuations in its market price. Over the past six months, Tron’s price stability has outperformed that of major cryptocurrencies like Ethereum and Bitcoin, according to CryptoQuant analyst Ben Sizelove.
Since the beginning of the year, the number of active @trondao addresses has steadily increased, approaching a daily average of 2.5 million, far surpassing other leading Layer 1 networks pic.twitter.com/TCiatVqVOM
— IntoTheBlock (@intotheblock) June 26, 2024
He suggests that Tron’s diverse applications in real-world assets, stablecoins, and payment systems contribute significantly to its user base expansion. Additionally, the network’s price has seen a 2.17% increase over the past six months, with a notable 2.8% rise in the last 24 hours. As of July, Tron’s market capitalization surged by $1 billion, reaching a new high of $10.86 billion at the month’s start.
Robust ecosystem drives popularity
Tron’s ability to sustain momentum is mainly due to the growing appeal of its ecosystem. The network has climbed the “Layer 1 rankings” ranks due to the increased daily user activity. This uptick in user engagement is reflected in Tron’s transaction volumes and underscores the network’s capacity to attract and retain users.
Outstanding network performance metrics
$TRON Network Maintains Resilient User Base Amid Market Uncertainty"@trondao has exhibited a resilient user base as active users have grown since the start of the year and maintained near all-time high levels despite market uncertainty and sell pressure across the broader… pic.twitter.com/LJBfdXixvU
— CryptoQuant.com (@cryptoquant_com) July 5, 2024
Further insights from Into the Block show that Tron currently supports over 400 million users, with over 130 million accounts holding zero balance and over 200 million showcasing some balance. The network’s active addresses ratio has improved by 2.24%, and its activity-to-fee ratio has soared by 465%, demonstrating cost-effective transactions.
New adoption rates stand impressively at 10.67%. Into the Block data also indicates robust activity in both small (transactions under $100) and large (transactions between $1 million and $10 million) accounts, which have increased by 15.28% and 127.27%, respectively. Over a recent 7-day average, about 1.6 billion TRX, valued at approximately $172.08 million, were transacted daily.
Tron’s increasing daily active addresses signify a growing trend of users actively engaging with the network through transactions, application usage, and participation in governance. This surge in activity serves as a strong indicator of a vibrant and thriving user community, which many industry observers view as a positive sign of the network’s health and ongoing appeal.
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