- Tron’s daily network revenue reached an all-time high of $2 million on February 20th.
- This was the day Circle stopped issuing USDC stablecoins on its network.
Tron (TRX)’s daily network revenue surged to an all-time high of $2 million on February 20, the same day stablecoin issuer Circle decided to stop offering the dollar-pegged stablecoin USD Coin (USDC) on its blockchain. They announced that they had decided.
Source: TronScan
Tron’s protocol revenue is generated from burned TRX tokens, which are paid for on-chain transaction fees. According to data from Tron ScanOn February 20th, 13 million TRX coins were removed from circulation.
AMBCrypto reported Circle’s plans to stop issuing USDC on the Tron network in its February 21 publication. According to the stablecoin issuer, the move was aimed at keeping the second-largest stablecoin “trusted, transparent and secure.”
Therefore, the surge in protocol revenue from transaction fees on February 20 could be due to USDC holders struggling to remove the stablecoin from the network due to fears of unpegging.
User activity on Tron over the past few days
According to data from Tronscan, the number of daily active addresses on the Tron network has increased over the past two days.
As of February 22, 2.07 million active accounts have completed at least one transaction on the blockchain. This means that the number of daily active addresses on the Tron network has increased by 8% since Circle decided to stop issuing USDC.
Interestingly, there has been a noticeable decline in new demand for blockchain networks over the same period. According to information from the same data provider, the number of wallet and contract accounts with transfer records has decreased by 3% since February 20th.
For context, 193,000 new accounts were created on Tron just three days ago. As of February 22, the network recorded only 188,000 new accounts.
Realistic or not, TRX market cap in BTC terms is:
Tron’s daily transaction count has risen accordingly, with daily active accounts surging over the past two days despite less new demand on the network. The number of daily transactions completed on Tron has increased by 4% since Circle left the chain.
At press time, TRX was exchanging hands at $0.138 per data. CoinMarketCap. The altcoin’s value rose 5% last week and is up just 1.47% since Circle’s announcement.