The TRON Network has only recently solidified itself as the dominant force in altcoin-based transactions, taking up 43% of all altcoin transactions as of October 30, 2024.
TRON Transaction Dominance (%) Rises to 43%"The #TRON Network is regaining popularity, as seen in its share of total transactions across major altcoin blockchains, shown in red ().Over recent days, $TRON has been the leading alt-chain for transaction processing. On… pic.twitter.com/Ugdk4L6XO8
— CryptoQuant.com (@cryptoquant_com) November 1, 2024
Such a large market share indicates the platform’s increase in popularity and effectiveness as a blockchain platform for transactions, especially in the field of altcoins. Analyst Maartunn gave details on CryptoQuant and suggested that the rise in transaction traffic is due to TRON’s reputation as a safe and efficient blockchain.
Surge in Daily Transactions
Specifically, the daily transactions in TRON were remarkably high in October, with 230 million total transactions. The highest number of transactions was recorded on October 24, with 10.46M transactions, higher than the 30-day average by 25%. This growth continues to point to the adoption of the token, which has been established as the most utilized blockchain for handling transactions. Other Altchains may experience short spikes in activity level while the platform has always been active, making it very suitable for users who need fast and cheap transactions.
TRON’s Competitors and Market Trends
TRON’s transaction volume has continually escalated in the face of other large-scale networks such as Polygon, Arbitrum, TON, etc. Transaction volume rates show that the platform achieved more transactions from late September to October than its competitors, with constantly increasing market shares. Nevertheless, on August 25-October 5, the network’s dominance dropped slightly because of the activities of other competing networks. However, the token began to recover quickly and led all other altcoin by the end of October.
The red-coloured graph in the transaction count analysis on CryptoQuant demonstrates how the token way surpasses competing other altcoins. This data strengthens TRON’s position as an ideal network for performing consistently high-frequency, reliable transactions by users primarily for its better throughput and lower costs than other blockchains.
Factors Behind TRON’s Popularity
Within the TRON ecosystem, it has integrated itself as a fast network charging low costs for processing transactions. This network also hosts general dApps, numerous smart contracts that add to its value proposition targeting the DeFi and Web3 spaces. Therefore, due to its stability, fast, and secure transactions, it has gained popularity among users, outperforming its rivals in terms of the number of transactions.
Future Outlook for TRON
The recent rise and the sustained transaction throughput indicate that the network is robust and effective in managing the large pool of transactions. Maartunn rightly pointed out that the bull trend analysis of TRON reveals a highly probable continued trend of this crypto asset becoming the most used alt-chain.
