In a July 6 X-tweet, Tron founder Justin Sun revealed that his team is developing a new technology that will allow peer-to-peer (P2P) stablecoin transfers without paying gas fees.
Justin Sun emphasized that this innovation means that users will no longer need to pay any gas tokens when transferring stablecoins, and all related fees will be borne by the stablecoins themselves.
It is expected to launch a gas-free stablecoin transfer mechanism
Although Sun did not elaborate on how this gas-free mechanism would work, he did make it clear that the feature would be launched first on the Tron blockchain, with plans to gradually expand to Ethereum and other networks that support the Ethereum Virtual Machine (EVM).
Sun Yuchen also mentioned that their goal is to officially launch this feature in the fourth quarter of 2024. He believes that gas-free stablecoin transfers will greatly promote the widespread adoption of stablecoins, especially for large enterprises, which will greatly simplify their process of deploying stablecoin services on the blockchain, thereby promoting the wider popularization and application of blockchain technology. He also stated that such services will help push the large-scale adoption of blockchain technology to a new level.
Stablecoin market performance and practical application potential
Blockchain analytics firm Artemis highlighted the strong growth momentum of the Tron stablecoin in an X tweet published on June 27. The article mentioned that the circulating supply of Tron stablecoin has reached 60 billion US dollars, setting a record high, showing its continued growth and expansion in the market. In addition, the number of addresses using stablecoins on the Tron network also set a new record, indicating a significant expansion of the user base.
It is particularly noteworthy that Tron performs particularly well in peer-to-peer (P2P) stablecoin transfers. According to Artemis data, the transfer volume on the Tron network is two to three times that of Ethereum, and this leading advantage highlights Tron's efficiency and attractiveness in facilitating stablecoin transfers. Artemis also pointed out that compared with decentralized financial (DeFi) activities, Tron is actually driving more daily payment and remittance activities, which also proves Tron's potential in practical application areas.
Market impact and competitive prospects of gas-free transfer services
Tron’s upcoming gas-free stablecoin transfer service may have a significant impact on the existing stablecoin market. For example, PayPal’s stablecoin PYUSD provides free cross-border transfer services to certain US users, and Tron’s innovative services may become a strong competitor, providing global users with lower-cost and more efficient transfer solutions. This will not only enhance Tron’s market competitiveness, but may also promote innovation and development in the entire blockchain payment industry.
Circle's USD Coin (USDC), as the world's second largest stablecoin, following Tether (USDT), has realized a gas-free transfer function on the Ethereum second-layer blockchain Base developed by Circle, and can be used through the Coinbase wallet, which provides USDC with a unique competitive advantage. This innovation may pose a potential market challenge to Tron's gas-free stablecoin transfer service.
Explore second-layer ecological applications and strategies to deal with market squeeze
At the same time, Tron is also exploring the development of a second-layer network solution for Bitcoin, aiming to support a packaged version of Tether, which could attract a large amount of capital into the Bitcoin ecosystem and further expand Bitcoin’s application scenarios and market size.
Sun Yuchen chose to announce Tron's gas-free stablecoin transfer plan after Circle and Binance stopped supporting USDC on the Tron network. This timing may be intended to demonstrate the independence and innovation of the Tron network, and it may also be a strategic response to market changes. By developing new technologies and services, Tron aims to consolidate its position in the highly competitive stablecoin market and provide users with more diverse and low-cost financial service options. #Tron #稳定币 #无Gas转账
Conclusion:
The Tron Foundation, led by Justin Sun, is expected to bring revolutionary changes to the blockchain payment field through the innovation of gas-free stablecoin transfer technology. The service, which is expected to be launched in the fourth quarter of 2024, will reduce transaction costs, promote the popularization of blockchain technology, and provide enterprises with more efficient stablecoin deployment solutions. Judging from the current data, the market growth and practical application potential of Tron stablecoins, especially in P2P transfers and daily payments, have already demonstrated their leading advantages.
At the same time, in the face of fierce market competition, Tron's strategic layout, including the exploration of Bitcoin's second-layer network and timely response to market changes, has demonstrated its innovation ability and market adaptability. These measures not only consolidate Tron's position in the stablecoin market, but also inject new impetus into the development of the entire blockchain payment industry, heralding a new era of low-cost and high-efficiency financial services.
