According to CryptoPotato, Tron’s fee income soared to a record high of $1.758 million on February 20, according to Tronscan data. Tron’s revenue comes from fees levied on transactions, which are then burned. This revenue is calculated by multiplying the amount of TRX burned daily by the closing price of TRX on CoinMarketCap. On the same day, the TRON network destroyed a total of 12,622,236 TRX. This milestone highlights Tron’s growing adoption and activity on its network, reflecting investor confidence and growing utility.
The continued destruction of TRX also contributes to its scarcity, in line with its deflationary measures, which could have an impact on its value in the wider crypto ecosystem. In sync with the recovery of the entire market, TRX has maintained a steady upward trend. In fact, TRON's native cryptocurrency has risen to $0.17, its highest level since May 2021. This increase in value brings the year-to-date gain to over 100%.
Despite the U.S. Securities and Exchange Commission (SEC) charges, TRX’s price has been largely unaffected. Last year, Justin Sun and Tron were involved in a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The lawsuit accuses them of illegally selling unregistered securities related to TRX and BitTorrent (BBT) tokens. Additionally, the security watchdog accused Sun and Tron of manipulative trading in TRX’s secondary market to artificially inflate its market value.
Amid the regulatory dispute, Circle, which is responsible for USDC, announced the end of support for the Tron network. Although the creation of new USDC on TRON will cease immediately, support for stablecoins on the platform will continue until February 2025. However, TRON remains the favored network for USDC competitor and the world’s largest stablecoin USDT. TRON surpasses Ethereum in USDT utilization by 8%.
