According to data from Coin98 Analytics, Tron has emerged as the dominant blockchain network in terms of daily active users.
Thus, surpassing renowned digital currencies such as Bitcoin, BNBChain, and Ethereum, Tron hosts a staggering 1.5 million active users per day.
Meanwhile, this notable achievement solidifies Tron's position as a leader within the blockchain ecosystem.
Let's find out more about Tron's blockchain size and how it's getting better, or instead, how it's getting more active users than the top digital currencies, Bitcoin and Ethereum.
Tron Surpasses Competitors
Coin98's recent post on X (formerly Twitter) unveiled a comprehensive list of the top 20 blockchain networks ranked by their daily active users.
According to the provided stats from Coin98, Tron Blockchain is outperforming its competitors including Bitcoin, Ethereum, and other blockchain networks.
#Tron is leading with 1.5M daily active users, outshining #Bitcoin, #BNBChain, and #Ethereum pic.twitter.com/to1Kl3zkDI
— Coin98 Analytics (@Coin98Analytics) November 7, 2023
Bitcoin, the second-highest in terms of daily active users, trails far behind with approximately 993,000 users. BNBChain secures the third position with 948,000 daily active users, followed by NEAR with 820,000 users.
Moreover, Coin98's data also reveals Polygon has 342,000 daily active users. In an unexpected turn of events, Ethereum trails in fifth place despite being a pioneer in DApp creation with 313,000 daily active users, roughly one-fifth the number reported for Tron.
The active daily users of Ethereum are very low compared to other blockchain networks like Tron, Bitcoin, and others. This might be due to the fact that the Ethereum blockchain network is somewhat of an expensive network.
It costs almost nothing to transact on the Tron blockchain, which makes it a must-use for most cryptocurrency traders.
Meanwhile, the number of daily active users reflects the unique public addresses involved in daily blockchain transactions. This metric holds key insights into a particular blockchain ecosystem's overall health, growth rate, and scalability.
Moreover, the daily active user metric serves as a gauge for measuring adoption rates within a blockchain network. A growing user base implies increased adoption and is typically viewed as a positive signal.
Conversely, a decline in daily active users may indicate abandonment or migration to rival solutions.
Impact on TRX Token
Tron's exponential growth in daily active users has subsequently influenced the value of its native cryptocurrency, TRX. Since mid-August, TRX has experienced a steady rally, gaining approximately 40%.
Built upon a decentralized operating system, Tron is one of the top blockchain networks, focusing on the development of a free global digital content entertainment system.
Hosting around 1,400 DApps, Tron serves as a centralized hub, facilitating seamless streaming over its network.
However, in a remarkable achievement, Tron reached an all-time high of $6.648 billion in total value locked on October 16, surpassing competition from major blockchain networks, which is quite remarkable.
Tron, known for its high throughput, scalability, and reliability, has become the largest blockchain network for USDT settlements.
Meanwhile, USDT, a US dollar-pegged stablecoin widely used for cryptocurrency transactions, witnessed an all-time high of $6.648 billion in terms of total value locked, as reported by DeFiLlama.
Conclusions
While Ethereum maintains its position as the largest network based on DeFi TVL with a total of $20.067 billion, Tron's consistent growth in daily active users and its prowess in various aspects of the blockchain industry make it the top-performing blockchain network based on active users.
The Total Value Locked (TVL) metric is a significant factor in gauging interest in the cryptocurrency industry. It indicates the total value of crypto assets deposited in decentralized finance (DeFi) protocols. Investors use the TVL metric to determine the appropriate valuation of a native token for a DeFi project.
With the active users of the Tron blockchain growing daily, do you think the value of the native token will reach $1 anytime soon?