Over the past few months, the Tron blockchain has added a bunch of milestones to its list of achievements. In yet another development for the Tron ecosystem, the number of active addresses figures has been on a rise for quite some time now.
According to the latest charts from Coin Metrics, the active address count on the Tron network stood at 323.848K. An increase of more than 376% was noted since the beginning of the year. Interestingly, the number of active addresses gained significant traction as Tron entered the DeFi space.
It is important to note that both Bitcoin and Ethereum are the original DeFi applications and are controlled by large networks of computers, not central authorities. While Ethereum has been instrumental in aiding decentralized startups to crowdfund their operations, its fair share of controversies has prompted the need for alternatives in the DeFi space.
In response to Ethereum’s network congestion and high gas fees, the Tron ecosystem has been gearing up for DeFi since the beginning of the year in a bid to “revitalize the market”.
Notably, Tron Founder Justin Sun announced the rollout of three Tron-based DeFi projects, including a “JUST Lend” credit platform in mid-July. It was during this time, that the active address figures saw a sharp and consistent rise. This was followed by TRX’s price surging to a two-year high of $0.0479.
Talking about the Tron ecosystem, Sun had recently commented,
“Tron is growing rapidly every day. The total number of addresses on TRON just exceeded 10 million some time ago, and now it is growing at a rate of about 1% every day. Tron is now the only public blockchain protocol in the world that can compete with Ethereium in various fields such as DeFi”
Ethereum’s active address count, on the other hand, was on a decline especially since mid-September despite the latest rally in terms of its price. This was revealed by the crypto analytic firm, Santiment. From an on-chain fundamental outlook, the decline signaled bearishness. But this could indeed be good news for the users as correspondingly with the decreasing price of gas.