Tron ($ TRX) appears to have hit milestones in recent times, as most traders within the crypto ecosystem flock to the network to settle transactions. The PoS blockchain recently surpassed $ 5 trillion worth of transactions made on it. This firm highlights the growing interest in its high-yield, low-cost services.
A firm of $ 5.2 trillion in total transfer value
– SE Justin Sun🌞🇬🇩 (@justinsuntron) 1 September 2022
Justin Sun, founder of Tron, revealed the result on Twitter in the early hours of Thursday. According to the screenshot from Sun, Tron’s blockchain explorer, TronScan indicates that the total transfer value on the Tron blockchain is currently $ 5.2 trillion. This figure represents one of the highest transfer rates in the industry. Sun attributed the company to the “power of the blockchain”.
Additionally, data from TronScan also revealed that transactions worth $ 7.9 billion have been made on Tron in the past 24 hours. Furthermore, the total number of transactions on the blockchain is around 3.7 billion. 4.7 million transactions were made on the chain in the past 24 hours.
Tron has seen magnificent growth since its release in 2018. Four years later, the network boasts over 109 million accounts. Despite hosting only 10 protocols, it remains the second largest blockchain by total value locked (TVL), according to data from DefiLlama. With a current TVL of $ 5.72 billion at press time, it outperforms Binance Smart Chain, Avalanche, Polygon and Solana.
Billed as the next Ethereum, Tron is behind Ethereum only in terms of TVL. Ethereum’s TVL is a whopping $ 34.26 billion with around 544 protocols. While Ethereum accounts for 58% of all TVLs in DeFi, Tron comes in second with a 9.75% contribution.
Tron’s power consumption rate is around 99% lower than that of Bitcoin
In addition to achieving these milestones, Tron’s PoS system appears to be the least energy-hungry. As previously reported, recent data reveals that Tron is the most energy efficient blockchain in the crypto ecosystem.
The Crypto Carbon Ratings Institute (CCRI) has released a report on the rate of energy consumption by several blockchains. The report found that Tron uses the least amount of energy of all blockchains.
The CCRI report said its annual energy consumption rate equals that of 15 American households. According to the report’s data, the chain uses 99% less energy than Bitcoin, with an annual consumption rate of 162,868 kWh. By context, Bitcoin’s annual energy consumption rate is a whopping 83 million kWh.
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