- Tron’s total on-chain value also continued to increase steadily in 2023.
- TRX is up 1% in the last 24 hours, but the indicator looks bearish.
2023 was a year full of achievements. Tron (TRX) Because several milestones have been reached in several fields. From being the top blockchain by active addresses to significant growth in the DeFi ecosystem, Tron has outperformed its peers over the years.
Coin98 Analytics recently posted a tweet highlighting Tron’s growth in DeFi.
Tron’s DeFi space is thriving
Coin98 Analytics posted a tweet highlighting Tron’s journey in the DeFi ecosystem in 2023.
According to the post, BNB Chain (BNB) recorded its highest total value locked (TVL) in early 2023. However, things changed over the next few months as Tron converted BNB to become the blockchain with the highest TVL.
This clearly reflects the growth of TRX. The higher the TVL, the more trustworthy the blockchain is perceived to be.
Moreover, by the end of 2023 #EthereumThe top 10 blockchains with the highest TVL are:
tron
BNB Chain
decision
Solana
explosion
optimism
avalanche
polygon
Base
Cardano pic.twitter.com/jvgGvJCwKN— Coin98 Analytics (@Coin98Analytics) December 31, 2023
TRONSCAN Analysis by AMBCrypto data At the time of writing, TRX’s TVL is said to be over $21 billion.
Among Tron’s multiple projects, Justlend DAO, Just Cryptos, and TRX Stake Governance remain the three projects with the highest contribution from Tron. TRXTVL was increased last year.
The blockchain’s total on-chain value (TVC) also followed last year’s trends, which looked optimistic. First of all, TVC represents the market capitalization of tokens with a trading volume of more than $1 million in the last 24 hours.
Source: TronScan
Another area where TRX’s performance in 2023 could be commended was captured value.
AMBCrypto’s analysis shows that TRX’s profits continued to grow throughout last year after recording a huge surge in February.
However, despite increasing network usage, TRX‘s revenue has started to decline slightly recently.
Source: TronScan
What is TRX doing?
Going into 2024, things looked optimistic on the price side as the daily chart turned green.
Depending on the CoinMarketCap, TRX is up more than 1% in the last 24 hours. At press time, it had a market capitalization of over $9.5 billion and was trading at $0.1084.
read Tron (TRX) price prediction 203-24
However, despite recent price increases, daily price volatility has decreased. Tron’s open interest may also drop, triggering a trend reversal.
Tron’s popularity has declined somewhat as its social scale has decreased slightly. Moreover, bearish sentiment remained dominant, as evidenced by the decline in weighted sentiment.
Source: Santiment