Tron [TRX] rides high on these metrics, is it the boost the network needs

•  Tron maintained the coveted tag of being the chain with the largest user base.
• About 20.01 million TRX tokens were moved out of circulation on 5 May.

Tron [TRX] stamped its authority in the crypto space as it established a massive lead over other major blockchains in the ecosystem. Data from data analytics platform, Artemis showed that Tron took the crown in terms of user base.

Read Tron’s [TRX] Price Prediction 2023-24

At press time, the total number of daily active users on Tron reached 1.87 million in the last 24 hours, eclipsing BNB Chain’s tally of 1.3 million and miles above chains like Ethereum [ETH] and Solana [SOL].

Besides, the daily transactions on the Tron network have also spiked since the beginning of May. In the last 24 hours, the network saw about 9.35 million transactions, second only to top-ranked Solana.

Source: Artemis

Move towards greater transparency

Amidst surging network activity, the Tron ecosystem forged an important partnership to improve the transparency of its blockchain data.

Tron joined hands with Footprint Analytics, a data analysis platform that links Web2 and Web3, to utilize the latter’s expertise in enhancing data usability, security and transparency. The collaboration could provide more advanced tools to the Tron community, so as to “unlock the full potential of blockchain.”

.@Footprint_Data has joined forces with #TRONNetwork Ecosystem!

Bridging the gap between Web 2.0 & 3.0, @Footprint_Data provides no-code data analysis and a unified data API.

Elevating transparency in #TRON blockchain data like never before! https://t.co/joT4QmNFf9

— TRON DAO (@trondao) May 5, 2023

In addition to the network traffic, Tron’s total valued locked (TVL) also scaled new heights. The total worth of assets held on the proof-of-stake (PoS) network reached $5.45 billion as of this writing, next only to the largest PoS network Ethereum.

Tron also cemented its position as one of the most conducive chains for stablecoins trading. The total value of stablecoins on the network reached a whopping $45 billion.

Where is TRX headed?

TRX traded at $0.07039 at the time of writing, registering a weekly gain of 4.64%, as per CoinMarketCap data. With a market cap of around $6.73 billion, TRX had the rank of the 12th-largest crypto by market cap at press time.

The nominal value of TRX’s Open Interest (OI) in the futures market surged 15% over the last week, reflecting increased speculative interest in the coin.

Source: Coinglass

How much are 1,10,100 TRXs worth today?

However, funding rates across most top exchanges, including Binance, were negative. This implied that short position holders who were betting on price losses were dominant in the market.

A noticeable development in the ecosystem was the continued burning of tokens. About 20.01 million TRX tokens were moved out of circulation on 5 May. Adjusted against newly minted tokens, there was a net decrease in the circulating supply of TRX by 14.94 million.