The Tron (TRX) Network is preparing for a major upgrade on July 11th, leading to a positive trend in TRX and other key metrics. The upcoming Periander upgrade brings significant improvements to the Tron Network, accompanied by a surge in on-chain metrics.
The latest update of the Tron Network, known as Great Voyage—v4.7.2 (Periander), introduces four important upgrades aimed at enhancing the network’s functionality and usability. These upgrades include an advanced Stake 2.0 mechanism, seamless compatibility with Ethereum’s EIP-3855, a more efficient smart contract interface calling, and a revamped P2P network module.
Tron’s Periander Upgrade
The Stake 2.0 mechanism has been updated to offer users more flexibility when staking and unstacking their resources. Users now have the option to customize lockup periods for delegated resources to better suit their individual needs.
The integration of Ethereum’s EIP-3855 ensures compatibility between TRON and Ethereum ecosystems, making it easier for developers to work across both platforms. This integration also reduces migration costs for projects that operate on both chains, attracting more developers to TRON.
Developers now have access to a streamlined smart contract interface that provides estimated transaction fees for deploying their contracts. This simplifies the development process and allows for better cost management.
The P2P network module has undergone a revamp, resulting in improved connection efficiency, availability, scalability, and transmission efficiency for the TRON network.
Justin Sun, the founder of TRON, has emphasized the organization’s commitment to fostering the growth of the TRON ecosystem. This includes attracting more developers, capital, and users to the platform.
TRON has a massive user base of over 169 million users worldwide. It has processed more than 6 billion transactions and holds a total value locked (TVL) of over $5 billion. The platform boasts a comprehensive ecosystem that covers various sectors such as NFTs, DeFi, GameFi, stablecoins, the metaverse, and cross-chain solutions. Additionally, TRON hosts the largest USDT circulating supply, valued at over $46 billion, solidifying its position as an industry leader.
Overall, the TRON MainNet Periander upgrade brings substantial improvements to the Tron Network. These enhancements provide users and developers with greater flexibility, compatibility, and efficiency. The upgrade encourages more engagement with the network, attracts additional developers, and stimulates ecosystem growth.
The revamped P2P network module lays the foundation for developers and users to explore new possibilities and drive innovation within the TRON ecosystem.
On-chain Metrics Show Bullish Trend For TRX
As the TRON Network’s upgrade day approaches, the platform has experienced a notable uptick in its on-chain metrics, according to data from DeFiLlama.
Since the beginning of the month, TRX’s trading volume has seen a gradual increase, which indicates that there is growing demand for the token. In the last few days, TRX’s trading volume has reached over $9 million.
Furthermore, there has been a notable increase in network activity within the TRON ecosystem in recent weeks. The on-chain activity, which encompasses metrics like transaction volume and unique addresses, is an important factor to analyze.
Leading up to the upcoming upgrade, there has been a steady rise in on-chain activity for TRON, indicating a growing demand for its native token, TRX. In just the past three days, the TRON network has witnessed over 20 million transactions.
The surge in network activity and the increased utilization of the TRON network serve as positive indications for the overall TRON ecosystem. These trends could potentially contribute to further growth in the foreseeable future.
Conversely, TRX has been experiencing an upward trend since June 20th, starting at a value of $0.06788 and currently trading above $0.07784. This translates to a notable gain of 13% over the course of the past 14 days and 4% in the past seven days.
However, it is important to note that TRX is currently confronting its highest resistance level in the past year, which coincides with its present trading level. This particular scenario may introduce a delay in reaching new yearly highs for TRX if it fails to surpass its nearest resistance level.
Featured image from Unsplash, a chart from TradingView.com