- Justin Sun’s gasless stablecoin initiative aims to revolutionize Tron’s transaction methods.
- Tron’s stablecoin activity surpasses BSC, showcasing growth and focus on cost efficiency.
As a seasoned crypto investor, I’ve witnessed the ups and downs of various blockchain networks and their approaches to addressing transaction fees and scalability challenges. Justin Sun’s recent announcement about Tron’s gasless stablecoin initiative has piqued my interest and renewed my confidence in the platform.
Justin Sun, the founder of Tron, has sparked curiosity and debate among cryptocurrency enthusiasts with his plan to develop a gasless stablecoin system. The objective of this innovation is to facilitate fee-free peer-to-peer transactions using stablecoins.
Expanding on the topic, Sun noted,
Our team is working on a novel approach for transferring stablecoins without requiring gas tokens. This means that during transfers, the stablecoin fees are automatically absorbed and paid for by the stablecoins themselves.
A huge development
In light of Circle’s decision to cease support for USDC on the Tron blockchain, Justin Sun’s new endeavor signifies a major shift for the Tron network.
As a researcher investigating advancements within the Tron network, I’m excited to share that we’re working on a groundbreaking solution intended to significantly enhance our transaction processing capabilities. This development focuses on tackling the longstanding challenges of scalability and efficiency within our blockchain system, ensuring smoother and more productive user experiences for all involved.
Sun further elaborated,
As a crypto investor, I can tell you that this groundbreaking development is initially going to be introduced on the Tron blockchain. Subsequently, it will expand its reach to accommodate Ethereum and any other public chains that are based on the Ethereum Virtual Machine (EVM).
Tron roots for stablecoins
It’s worth mentioning that Tron’s achievement can be largely attributed to the widespread adoption of stablecoins on its blockchain.
The latest update from Artemis reveals a persistent increase in statistics pertaining to stablecoins on their platform. Notably, the current maximum circulation supply for these digital assets has reached an impressive $60 billion.
The usage of stablecoins in Tron network addresses has hit a record high (ATH), exceeding that of Binance Smart Chain (BSC), which is known for its significant activity with stablecoins.
As an on-chain analysis expert at Visa, I have observed some intriguing trends in the data. Specifically, the Binance Smart Chain (BSC) network dominates transaction volume. However, it is essential to note that a more significant proportion of these transactions fall under the $100 mark, whereas fewer transactions are recorded within the $100 to $1,000 range compared to other networks.
Instead of being heavily skewed towards lower or higher transaction amounts like Ethereum, Tron exhibited a more even distribution. Specifically, around half of its transactions fell into the under $100 and $100 to $1,000 categories.
What lies ahead for stablecoins?
As a researcher studying the latest developments in the cryptocurrency world, I find Justin Sun’s upcoming Q4 initiative for gasless transactions quite remarkable.
Indeed, more recently, Hayden Adams, the founder of Uniswap Protocol, has similarly stressed the significance of these innovations, asserting,
This undertaking seeks to promote the use of blockchain technology, providing simpler avenues for reaping its advantages while minimizing transaction expenses.
In emphasizing the growing trend towards the use of stablecoins, Circle’s CEO, Jeremy Allaire, succinctly expressed it.
By the year 2025, stablecoins are expected to be widely recognized as equivalent to traditional electronic money. This recognition could significantly expand their presence in the over $100 trillion digital currency market.
In July, the transaction volume for USDC stood at $18.23 billion, whereas USDT reported a volume of $12.73 billion during the same period.
I’ve noticed a substantial drop in transaction volumes for both USDC and USDT compared to what was reported in June. In June, USDC recorded a staggering $809.46 billion in transactions, while USDT saw $171.11 billion worth of transactions take place.
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2024-07-09 01:12