TRON's Transaction Volume Keeps Growing, Passes Top 4 Cryptocurrencies Combined

TRON's Transaction Volume Keeps Growing, Passes Top 4 Cryptocurrencies Combined
Justine Pope
  • Recently, Tron (TRX) has had a gradual increase in transaction volume, and now the daily number of transactions for TRX is greater than that of BTC, ETH, BCH, and XRP combined.
  • Some believe TRX’s transactions are coming from newly launched gambling dApps.

Tron (TRX)’s transaction volume has been steadily growing this month, and as of recently it has officially passed the top 4 cryptocurrencies by market cap in number of daily transactions. According to CryptoCompare, the top 4 cryptocurrencies by market capitalization are Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Ripple (XRP).

Using data from Tron’s block explorer, the cryptocurrency's network processed over 1.3 million trasnaction on November 9.

TRX transactino countFrom TronScan.org

To compare, data from BitInfoCharts shows that the blockchains from other top cryptocurrencies haven't been hitting TRX's levels, as their ocmbined transaction fall short of 1 million during said time period.

BTC, BCH, ETH, XRP transaction volumeFrom: BitInfoCharts

Why is this happening? Some believe the increase in TRX transactions is due to all of the video game dApps being launched on the platform. On October 2, Tron launched Magic Academy, a wizarding game. On top of that, Tron’s multiple gambling dApps have been incredibly popular. As reported by CryptoGlobe, gambling dApp TronDice has paid out over $5 million in winnings to users.

Some argue that dApp platforms, like TRX, ETH, or EOS have inflated transaction counts because the dApps use “zero value” transactions to interact the game with the blockchain. This can be confirmed by looking at average transaction value. Using data from CoinMetrics, we can see that although TRX's transaction count is climbing, its average transaction value (in USD) is still magnitudes lower than that of the other cryptocurrencies.

Average Transaction Value, from CoinMetricsAverage Transaction Value, from CoinMetrics

It should also be noted that EOS has more transactions per day than TRX. EOS’ high transaction count could also be due to gambling dApps, which have become very popular on the platform as well. In addition, EOS has completely fee-less transactions, which means users are more inclined to interact with the blockchain.

EOS, TRX Transaction Volume, From CoinMetricsEOS, TRX Transaction Volume, From CoinMetrics