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

Justin Sun Offering FCoin Users 1000 BTT to Join Poloniex

Michael LaVere
  • TRON Founder Justin Sun is offering 1000 BTT to former Fcoin users who switch to Poloniex.
  • Fcoin announced its sudden closure earlier in the week and inability to pay back $125 million in client funds. 

TRON Foundation founder and CEO Justin Sun has offered users of now-defunct crypto exchange FCoin 1000 BTT to migrate to Poloniex. 

On Monday Zhang Jian, founder of the Chinese crypto exchange Fcoin, shocked users by announcing that the platform was shutting down and would potentially be unable to pay the $125 million owed to clients. Zhang claimed that the decision was not the result of a hack or exit scam, despite community members pointing to the latter. 

Fcoin’s founder explained the exchange suffered from a series of internal data errors and complicated decision-making. 

The official statement reads, 

The biggest problem that FCoin currently faces is not the problem that the system cannot be restored, but the problem that the capital reserve cannot be paid by users. The internal problems and technical difficulties we face are the result of financial difficulties. It is expected that the scale of non-payment is between 7000-13000 BTC.

TRON’s Justin Sun took to Twitter in the aftermath of Fcoin announcement, expressing his condolence for Zhang and the clients affected by the exchange’s closing. He also announced a campaign to offer 1000 BTT ($0.50) to former Fcoin users who migrate to Poloniex. 

Featured Image Credit: Photo via Pixabay.com