Getting started on the Tron network can be a daunting task for new users, primarily due to the requirement of TRX tokens to pay for gas fees and activate new accounts.
This necessity adds a layer of complexity and cost that might deter those unfamiliar with blockchain technology from diving in. For beginners, acquiring TRX tokens can be challenging, further complicating their introduction to the world of decentralized transactions.
Despite these hurdles, Tron continues to dominate in terms of user activity. Coin98analytics reports that Tron consistently leads with a staggering 2.1 million daily active users. This impressive figure surpasses even the recent surge in activity on the Ronin and BNB Chain networks, both of which see about 1.7 million daily active users. Tron’s user engagement remains robust, even as new challenges emerge for onboarding users.
Daily Active Users by Blockchain@trondao consistently leads with high amount of daily active users, followed by the recent surge in activities on Ronin and BNB Chain network pic.twitter.com/XpB9f43cD3
— Coin98 Analytics (@Coin98Analytics) August 14, 2024
TRON’s Role In USDT Transaction Settlement Impacts Its Dominance
A significant factor contributing to Tron’s dominance is its role in the settlement of USDT transactions. According to Token Terminal, USDT on the Tron network now accounts for one-third of Visa’s annual settlement volume—a staggering comparison that highlights the network’s growing influence in the digital payment space. In Q2 2020, USDT on Tron had a settlement volume of $25.2 billion. Fast forward to Q2 2024, and that figure has ballooned to an incredible $1.25 trillion.
USDT on @trondao = 1/3 of @Visa‘s annual settlement volume.
In Q2 ’20, USDT on TRON had a settlement volume of $25.2 billion.
In Q2 ’24, that same figure was $1.25 trillion.
— Token Terminal (@tokenterminal) August 12, 2024
Tron’s expansion, particularly in the realm of stablecoin settlements, underscores its importance in the blockchain ecosystem. However, the reliance on TRX tokens for basic network interactions presents a barrier to new users. As Tron continues to grow, finding ways to ease the onboarding process could be crucial for maintaining its lead and further expanding its user base.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/trx-dependency-a-barrier-to-entry-on-the-tron-network/