TRON Is an Undisputed Leader in Transaction Volumes, Beating Both Bitcoin and Ethereum
TRON’s TRX started out as an ERC-20 token on the Ethereum blockchain, but its mainnet soon went live and since then, it has gone ballistic. Currently, it’s an undisputed leader when it comes to transaction volumes, beating both Bitcoin and Ethereum combined.
Research conducted by DataLight has found that in fact it took TRON two months to overtake BTC in sheer number of transactions, and four months to overtake ETH, the second-large cryptocurrency by market cap.
During the bear market, Ethereum struggled to process over one million transactions per day, while Bitcoin struggled to maintain a quarter million, despite a steady rise. In February of this year, it reached a high.
TRON, on the other hand, processed half a million transactions a day by the end of October, and reached the million milestone in November. From that point on it surged to an all-time high of 3.5 million transactions. The TRON network processed 100 million transactions going into this year.
TRON’s undisputed leadership in transaction volumes may be related to the transaction fees on its network. When it first launched these were negligible and soon zero-fee transactions were implemented on some platforms. Coupled with low confirmation times, these low fees saw adoption skyrocket, so much so its decentralized applications (dApps) quickly took over.
According to DappRadar, the largest TRON dApp by volume, TronCrush has seen a transaction volume of $37.7 million (812 million TRX) in the last seven days alone. The second largest one, TRONBet, saw a $3.4 million (146 million TRX) volume in the same period.
Meanwhile, the top ETH dApp, dice2.win, had a $6.6 million (47,000 ETH) volume, with the second largest one – FCK – had a $4.8 million (34,0e0 ETH) volume. Curiously the top dApps on both platforms are the gambling ones.
Bitcoin Transactions and Lightning
As for Bitcoin, it’s known various businesses have stopped accepting the flagship cryptocurrency during the bear market, for various reasons. The latest one to drop BTC payments from its platform was video streaming platform Twitch.
Not everything is bad news, however. The growth of its layer-two scaling solution, the Lightning Network, could also justify the flagship cryptocurrency’s low on-chain transaction volume. While we can assume it wouldn’t surpass that of TRON, it would likely challenge Ethereum.
Data from 1ML shows there are currently 7,662 nodes on BTC’s Lightning Network, and its capacity is of over $4.2 million (1,000 BTC). Fees on the layer-two scaling solutions are negligible.
As for TRON, the number of transactions isn’t the only thing growing on its blockchain. Tronscan data shows the number of addresses has been growing steadily, just like the number of tokens created on its blockchain. The most popular one is that of BitTorrent, whose sale was held on Binance’s Launchpad.