In a remarkable surge, Tron, the blockchain platform facilitating smart contracts and decentralized applications (dapps), has witnessed explosive growth in its Daily Active Addresses (DAA). DAA, a key metric measuring the number of unique addresses engaged in token transactions on a blockchain daily, is emerging as a game-changer for Tron’s ecosystem.
As of October 6, data shared by DeFi analyst Alex Wacy, citing Token Terminal, unveiled a startling revelation. Tron boasts over 1.9 million DAA, more than double that of BNB Chain, which, at the time of reporting, stood at 915,000. Ethereum and Polygon trailed behind with 320,000 and 301,000 DAA, respectively, while Bitcoin, the pioneer of blockchain technology, held 570,000 daily active addresses.
This rapid growth implies that Tron is creating 200,000 new addresses daily. Furthermore, essential metrics underscore Tron’s dominance, showcasing participation from a substantial 188 million unique accounts in a remarkable 6.5 billion transactions. This highlights the Network’s commanding presence in the cryptocurrency ecosystem.
Tron’s Dominance In Stablecoin Transactions
Analysts suggest that the surge in Tron’s DAA might be attributed to its pivotal role in stablecoin transactions. Stablecoins, designed to maintain parity with the value of traditional fiat currencies like the USD, find a robust home within the network, with approximately $45 billion of all stablecoins adhering to the TRC-20 standard. Notably, 50% of all USDT transactions occur on the Tron blockchain.
Tron’s ascent in DAA is particularly noteworthy amidst a cryptocurrency landscape grappling with volatility and relatively subdued on-chain activity, particularly in areas like DeFi, the metaverse, non-fungible tokens (NFTs), and blockchain technology.
DeFiLlama data shows a significant decline in Total Value Locked (TVL) in DeFi, now below $40 billion from a peak of $173 billion in late 2021. When examining Daily Active Addresses (DAA), newer third-gen platforms like Tron, BNB Chain, and NEAR Protocol outpace legacy networks such as Bitcoin and Ethereum in terms of cost-effective fees and throughput, attracting more users.
However, it’s important to note that Bitcoin and Ethereum remain prominent despite lagging in DAA. While DAA is a pivotal metric for gauging user interaction with a network, Bitcoin and Ethereum still reign as the preferred blockchain choices.
Bitcoin’s enduring dominance is attributed to its first-mover advantage, robust adoption, and extensive listing on virtually all major exchanges, facilitating daily transfers worth millions, if not billions, of dollars. These factors have solidified its position above Ethereum, although the latter boasts higher activity density, especially regarding fees generated from smart contract executions and transfers.
CryptoFees, a reputable source for economic data related to blockchain protocols, reveals that Ethereum has accrued over $2 million in transaction fees, surpassing Bitcoin’s earnings by more than double. Despite Tron’s impressive surge in DAA, the established giants of the blockchain domain maintain their positions, each exhibiting distinctive strengths and attributes.