Layer-1 blockchain projects are seeing a lot of shine today for better or for worse. Certainly, Ethereum (ETH-USD) and Solana (SOL-USD) are driving investors’ attention this way. Ethereum did so through its massive spike in gas fees over the weekend, and Solana did so through a seven-hour network outage. Tron (TRX-USD) is seeing its own attention today but not for any negativity. On the contrary, the network is celebrating a milestone. And, the TRX crypto is on the verge of another catalyst by way of a native network stablecoin.
Launched in 2018, Tron is founder Justin Sun’s response to the success of layer-1 dapp networks like Ethereum, which came before it. The mission statement of the project is to accelerate the internet’s decentralization, and it is doing so through a grip of different decentralized project offerings. Most notably, the network acquired and repurposed BitTorrent (BTT-USD) as a blockchain-applicable file-sharing service.
In just four years, Tron has turned itself into a force to be reckoned with. Today, the network’s market capitalization totals over $6.7 billion, putting it in a league that includes Ethereum, Solana, Avalanche (AVAX-USD) and Cardano (ADA-USD).
TRX Crypto Interest Heats Up as Tron Sees 90 Million Users
The TRX crypto is seeing increased interest today, especially across social media. The network is trending on Twitter (NYSE:TWTR), with thousands of posts lauding a major milestone and building anticipation for a coming stablecoin launch.
Today’s news is celebratory, seeing Tron reach 90 million total users on the network. This comes after the network surpassed three billion transactions. The news evidences the platform’s claim that it is the fastest-growing public chain in the world. Indeed, 90 million unique users is quite the milestone. It makes Tron one of the largest public chains by user count in addition to being one of the fastest growing. For reference, Ethereum counts about 194 million unique users on its platform. While it is still a far cry from reaching Ethereum’s level, it is gaining ground quickly.
But more than this milestone, Tron is driving hype recently as it prepares to launch its USDD (USDD-USD) stablecoin. The first native stablecoin of the Tron network, USDD was announced in late April. The token is drawing a lot of chatter thanks to its unique model; rather than underlying the asset with reserves, Tron is stabilizing USDD at its $1 price peg through algorithmic control of the token’s supply. This model is reminiscent of stablecoins like Terra USD (UST-USD).
Stablecoins are only growing in popularity; introducing Tron’s own native stablecoin offering is an essential piece to grow the network. Of course, it will also help to boost the use of the TRX crypto. Being sibling assets on the platform, USDD will unlock new ways to purchase, as well as to passively earn, the TRX crypto. The USDD rollout is slated for May 5.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
