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

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Amazon Could Pull off Launching Libra, ‘Bitcoin Billionaires’ Author Argues

Ben Mezrich, the author of the “Bitcoin Billionaires” book, has argued that Amazon would be better than Facebook to launch the Libra cryptocurrency, as it’s more trusted than the social media giant.

Speaking on CNBC’s “Squawk Box,” Mezrich argued the project is “all about trust” as there “can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook.”

The author, who also wrote “Accidental Billionaires,” a book that served as the bases to the movie “The Social Network,” argued it would make more sense for Amazon to be leading its own cryptocurrency project. He was quoted as saying:

I think that Amazon could pull this off because for whatever reason we all trust Amazon. We put our credit cards in there everyday.

Facebook has announced last month that it’s developing its own cryptocurrency, and that’ll it be launched next year. The cryptocurrency, Libra, is set to be backed by a basket of fiat currencies and U.S. Treasury securities.

The cryptocurrency itself will be managed by the Libra Association, a nonprofit based in Switzerland with various large companies represented in it. As covered, U.S. Congressman Warren Davidson recently implied the Libra is a shitcoin because it has a central entity behind it, unlike decentralized cryptos like bitcoin.

This month David Marcus, the head of Facebook’s team working on Libra, testified before Congress for two days, and received requests to halt the project until the government can look into it and regulate it. Marcus had to answer various tough questions during the hearings, including whether he would accept his salary in Libra.

Speaking to CNBC Mezrich noted he believes Amazon would be subject to less scrutiny than Facebook. Per his words regulators would be on top of Amazon’s plans, but “it wouldn’t be like this.”

The author added that Libra won’t be a true cryptocurrency because it’ll involve financial mediators. It could, he said, serve as an “on ramp” to bitcoin, helping those unfamiliar with the cryptocurrency ecosystem look into the flagship cryptocurrency.