Tron (TRX), the ninth largest cryptocurrency by market capitalization, has achieved deflationary status this year. This is evidence of growing network activity on a once-dominant blockchain network for DeFi.
2,410,000,000 TRX removed from circulation, data shows
In the last 12 months, the aggregated circulating supply of TRX was reduced by 2.41 billion tokens. In total, it is equal to a whopping $381.2 million at the going price, as noted by Lookonchain analytical service.
Over the past year, $TRX supply has decreased from 88.97B to 86.56B, a decrease of 2.41B $TRX($381.2M).$TRX is in deflation with a rate of -2.93% over the past year. pic.twitter.com/LNG0f35Nav
— Lookonchain (@lookonchain) October 11, 2024
As a result, net TRX supply has decreased from 88.97 billion to 86.56 billion coins. This, in turn, is equal to the previously unseen 2.93% deflation rate for TRX as an asset.
On Tron (TRX) network, users need to burn TRX to pay for the resources required for the transaction once available network bandwidth is insufficient. This mechanism works not unlike Ethereum’s EIP 1559 and is intended to protect TRX from inflation and prevent accidental or malicious transactions from siphoning all TRON network resources.
Tron’s (TRX) founder and newly-appointed prime minister of Liberland free territory, Justin Sun, is certain that the process of TRX supply reduction will not stop:
Keep going.
Tron’s (TRX) price is attempting to hold above $0.16 level, up 1.86% in the last 24 hours on plummeting trading volume, data shows.
Tron’s SunPump targets major revenue milestone
In recent months, the euphoria around no-code meme coin launcher SunPump was among the key triggers of Tron’s network activity increase.
As of today, SunPump recorded over 90,000 meme coins created, according to Dune Analytics data. The net sum of associated network fees is getting closer to 35 million TRX.
At its peak, it early August 2024, the platform was making 3.6 million TRX in fees every day. In two months, SunPump lost over 99% of its activity, but it still attracts meme coin enthusiasts and traders. To give the product a new boost, the team even announced an 888 TRX airdrop campaign for the teams.