TRON FEE REVENUE REACHES RECORD $1.758M 

Tron’s network achieved a new all-time high in fee revenue, reaching $1.758 million as of February 20th, according to data from Tronscan. This record revenue comes from transaction fees on the Tron network, where the collected TRX is burned. The revenue figure is calculated by multiplying the daily burned TRX amount by the closing price of TRX on CoinMarketCap.

On that day, Tron saw the burning of 12,622,236 TRX tokens, indicating a significant uptick in network usage and adoption, signaling strong investor confidence and the growing practical application of the network.

The strategy of burning TRX tokens reduces the available supply, aligning with Tron’s deflationary policy, and may influence its market value positively.

The price of TRX has been experiencing a consistent rise, in line with the recovery of the wider cryptocurrency market. The value of Tron’s cryptocurrency has climbed to $0.17, a price point last seen in May 2021, pushing its annual gains to over 100%.

Tron’s pricing has remained stable despite facing legal challenges from the US Securities and Exchange Commission (SEC). Last year, the SEC filed a lawsuit against Sun and Tron for the alleged illegal sale of unregistered securities related to TRX and BitTorrent (BBT) tokens.

The SEC also accused Sun and Tron of participating in wash trading to artificially inflate the market value of TRX.

In the midst of these legal issues, Circle announced it would stop supporting the Tron network for its USDC stablecoin. Although new USDC issuance on Tron will end immediately, support for existing USDC on the network will persist until February 2025.

Despite this, Tron continues to be the favored blockchain for the issuance of USDT, the world’s largest stablecoin, outperforming Ethereum by 8% in USDT transactions.

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