TRON Network Hits All-Time High in Fee Revenue
- TRON achieved an all-time high in fee revenue, reaching $1.758 million on February 20.
- Circle ceases USDC support on the TRON blockchain by February 2025.
TRONs fee revenue soared to a record-breaking $1.758 million on February 20, marking a significant milestone for the blockchain network. This significant momentum was propelled by the burning of 12,622,236 TRX tokens, a practice where transaction fees are eliminated by destroying tokens, aligning with TRONs deflationary model.
Following all-time revenue growth, TRONs daily accrued revenue places it fifth among blockchain protocols. Ethereum, Uniswap, Lido, and Bitcoin lead the pack, generating $12.06 million, $3.05 million, $3 million, and $1.66 million, respectively. Further, in terms of Total Value Locked (TVL), TRON stands at $8.625 billion, securing the second position after Ethereums $46.74 billion TVL.
However, Circles recent announcement added a twist to TRONs trajectory. The issuer of the widely-used USD Coin (USDC) stablecoin declared its decision to discontinue support for USDC on the Tron blockchain by February 2025. Circle encourages users to transition their USDC holdings to platforms facilitating transfers to supported blockchains.
This move by Circle follows its denial of allegations linking USDC funding to terrorist organizations, reflecting a strategic shift in its blockchain support.
Despite the USDC setback, TRONs native token, TRX, surged to a 32-month high, reaching $0.14, a level unseen since May 10, 2021. Nonetheless, TRONs daily trading volume witnessed a 28% decline, falling to $351 million, as per CoinMarketCap data.
Read more: https://thenewscrypto.com/tron-network-hits-all-time-high-in-fee-revenue/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
