Burns Reached 11 Billion in Altcoin Reaching the Turning Point!

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  • In the altcoin project, which exceeded the 5 trillion dollar milestone in the value of transactions performed on the blockchain, burn rates reached 11 billion.

The platform has reached a new milestone in Total Transfer Value, as most traders in the Tron (TRX) crypto ecosystem flock to the network to settle their transactions. This success is believed to highlight the growing interest in its highly efficient and low cost services.

Alongside these developments, Justin Sun, the chairman of Tron, announced that more than 11 billion TRX has been burned since October 28, 2021. The total number of TRX in circulation is currently $71.6 billion.

TRX burning is a process in which the total supply of the token is reduced to increase the price over the long term. This is usually done to support the increase in token price by reducing supply and increasing demand.

USDD Stablecoin was recently introduced to the blockchain by Tron Network. The core of this new stablecoin mostly mimics Terra’s UST maintenance scheme, which means the blockchain now expects a higher burn rate.

Burns is a commitment to building a sustainable ecosystem

Tron Network believes burns are a great way to demonstrate commitment to building a long-term, sustainable ecosystem. Additionally, it allows them to give back to our community what they have received.

Each minting of USDD causes 1 dollar worth of TRX to be burned, which expands the supply of USDD. With this expanding and dwindling supply, Tron could control the stablecoin’s price at $1.

TRON aims to connect creators and their audiences more directly by eliminating crossovers such as web-based features, app stores or music sites. In doing so, it is hoped that creators will lose less commissions to middlemen. TRON also plans to allow users to download and store content directly on the blockchain.

Tron continues to evolve across the ecosystem

Crypto Carbon Ratings Institute (CCRI) According to a report by the Tron network, the low energy requirements of the Tron network make it one of the most environmentally friendly blockchains.

In addition, Tron’s blockchain explorer, TronScan, states that the total transfer value on the Tron blockchain is currently $5.2 trillion. This figure represents one of the highest transfer values ​​in the industry. Sun attributed the success to “the power of the blockchain.”

TRON continues to work to become more than just a cryptocurrency. One of the world’s largest blockchain-based operating systems, the TRON Protocol, a complete blockchain network that can be used to build decentralized applications (DApps), offers its users high scalability, availability and throughput.

Tron has witnessed spectacular growth since its launch in 2018. Four years later, the network has more than 109 million accounts. Despite only hosting 10 protocols, it also remains the second largest blockchain by total locked value (TVL), according to data from DefiLlama. At the time of writing, Tron surpasses Binance Smart Chain, Avalanche, Polygon and Solana with the current $5.72 billion TVL.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.


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