- Tron outperformed other layer 1 networks in terms of activity.
- The price of TRX grew, however, sentiment around the token fell.
Tron [TRX] has been one of the protocols that has gained a lot from the recent surge in bullish sentiment across the market. Not only has it seen an uptick in price over the past month, but it also saw a surge in activity on its protocol.
Realistic or not, here’s TRX’s market cap in BTC terms
Number one in terms of layer 1
According to recent data, Tron surpassed all other layer 1 networks in terms of activity.
Layer 1 Network Activity#Tron $TRX#BNBChain $BNB#NEARProtocol $NEAR#Bitcoin $BTC#Polygon $MATIC#Ethereum $ETH#Solana $SOL#Sui $SUI#Cardano $ADA#Cosmos $ATOM
Source: @Artemis__xyz pic.twitter.com/U7hxnTROiS
— Sjuul | AltCryptoGems (@AltCryptoGems) November 3, 2023
Tron’s recent accomplishment in surpassing all other layer 1 networks in the sector holds the potential for several positive outcomes.
Firstly, it enhances Tron’s standing and credibility within the blockchain community. This achievement showcases the network’s technical prowess and reliability, making it a more attractive option for developers and users.
Moreover, this could lead to increased adoption as developers and projects may be more inclined to build on Tron due to its superior performance.
A surge in decentralized applications (dApps) and growing network activity can be expected.
Tron’s newfound prominence also provides a competitive edge in the blockchain space. It positions the network as a robust player, drawing the interest of investors and businesses seeking a dependable blockchain platform.
Looking at the DeFi metrics
In terms of the DeFi sector, Tron’s TVL and DEX volumes grew materially. Firstly, a substantial rise in TVL indicates that more assets are being locked into DeFi protocols on the Tron network.
This can lead to a more secure and robust DeFi environment, attracting both users and developers looking for safer platforms.
Higher DEX volumes indicate increased trading and liquidity within the network. More trading activity often implies a more vibrant and active DeFi ecosystem, which can draw the attention of traders and investors.
Source: Artemis
Is your portfolio green? Check out the TRX Profit Calculator
At press time, TRX was trading at $0.098. The weighted sentiment around TRX, however, has declined. This showed that despite the price of TRX rising, people’s sentiment around TRX was negative on the social front.
Additionally, the development activity on Tron also fell.
Source: Santiment