Tron has made a significant move in the crypto world, surpassing Cardano to secure a spot in the top 10 crypto by market capitalization of $13.32 billion as of the time of writing, as shown from data on Coinmarketcap.
This surge highlights Tron’s growing influence and strong performance in the highly competitive crypto market. As investors seek promising blockchain platforms, Tron’s recent rise signals its potential to become a significant player in the decentralized finance (DeFi) and digital asset space.
The recent achievement shows how Tron is known for handling quick transactions with low fees, which has led to its use for many transactions today. Tron can handle 2000 transactions per second, which is way higher than Ethereum, which can handle around 120 transactions per second.
The foremost of Tron’s use cases is the USDT payment. Tron has overtaken Ethereum for issuing USDT stablecoin with 53% of Tether’s supply or $59 billion USDT currently resides on Tron, which beats Ethereum with 44% or $50 billion of Tether’s supply. All of these result from Tron’s fast transactions and low fees.
Tron started achieving some of these milestones during the first quarter of 2024 when IntoTheBlock posted on X that USDT transaction volume on Tron hit $110 billion in a week, more than double what was settled on Ethereum.
The weekly USDT transaction volume on @trondao hit $110B last week, more than 2x what was settled on Ethereum.
— IntoTheBlock (@intotheblock) April 10, 2024
Thanks to its low network fees, USDT on Tron has become a way for many people around the world to access the US dollar. pic.twitter.com/G2yPcWqjDw
Another milestone that Tron has hit in recent times, contributing to joining the top 10 cryptocurrencies by market cap, is how Tron outpaced Visa’s average trading volume by reaching $53 billion, thereby overtaking Visa’s $42 billion.
In addition to this, Tron’s growth will also be attributed to its growing revenue, legal victory, and growing user base in the memecoin community.
Tron remains among the top 10 blockchains, ranking 4th according to Dappradar.
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