The TRON (TRX) network saw a record 60% drop in its transaction gas prices on August 29. The adjustment brought the price per unit of energy down from 210 suns to 100 suns, CryptoQuant Research noted .
The current gas price is the lowest since 2021. The move was made in response to rising on-chain costs, driven by the rising TRX price. The Medium transaction fee dropped to $0.59 on September 8, the lowest since April 2024. The fee reduction was also accompanied by a decrease in revenue. Total daily network fees fell from $13.9 million before the gas price reduction to $5 million on September 7.
Another on-chain analyst noted that the 100-day moving Medium of Block size has risen to its highest level since July 2023. Block size represents the volume of data and transactions within a Block.
This sustained growth is a strong bullish signal for the TRON network. It shows that network usage is increasing naturally and continuously.
Why is the TRON network seeing steady growth?
On September 12, user Darkfost pointed out that there was a surge in whale transactions (over $100,000) on the TRON network. Whale activity accounted for 86% of the USDT transfer volume for the day. This was not an isolated event. The high whale activity was described as “institutional-grade” and accompanied by increased network activity.
The TRON network is processing 11 million transactions, close to the network's record high. Therefore, the reason behind TRON 's growth seems to be its growing public adoption and the network's popularity as the main stablecoin remittance layer, especially USDT.
The difference between TRON and ETH shows a clear disparity in USDT volume . Comparing the Medium USDT trading size on both networks, TRON reached $465 (7-day SMA) while ETH was only at $117 (7-day SMA).
Furthermore, the Medium transaction size has remained stable on TRON in recent months, but has decreased on Ethereum. This suggests that Ethereum is often used for smaller transactions, likely related to DeFi and other payments.
This solidifies the TRON network's position as the preferred network for stablecoin payments, while also underscoring the market's trust in the network.
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Minh Anh
