In brief:
- Total value locked in Tron’s DeFi ecosystem has now exceeded $5.7 Billion
- Tron’s proposal 51 has increased investors confidence in TRX as the digital asset is now deflationary
- TRX’s value has more than doubled in value since the beginning of the year
The Tron (TRX) Defi ecosystem has reached a new milestone in the form of total value locked. According to the project’s founder and CEO, Justin Sun, over $5.7 Billion is now locked on the various DeFi protocols on the Tron network. Mr. Sun shared this milestone with the crypto community via the following tweet.
🎊Total Value Locked(TVL) in #TRON #DeFi Exceeded $5.7 Billion!
🚀TVL increased by $4.5 Billion which stands for a 375% increase compared with data on Feb 10.
💪#TRON #DeFi Ecosystem keeps going well! pic.twitter.com/OKTVTv9bEE
— Justin Sun 🅣🌞 (@justinsuntron) February 24, 2021
Tron is Now a Deflationary Asset as a result of Proposal 51
Also worth mentioning is that Tron is now a deflationary asset thanks to the implementation of proposal 51 by the network’s Super Representatives. According to data provided by Tron community member Crypto Petrov, a total of 54 million Tron (TRX) has been burned forever since the proposal was implemented on the 10th of this month. Additionally, 4,906,000,000 TRX is now frozen thus reducing the circulating supply of Tron.
Proposal 51 was implemented by the Tron community to achieve the following.
Increase the current near-minimal fees for bandwidth and energy by 3,5 times in order to encourage higher freezing rate of TRX, diminish low-value transactions (spam txs), increase security, reduce TRX in circulation, and promote the increase of TRX’s value by eventually making TRX a deflationary asset.
Tron’s Value Has More Than Doubled Since the Beginning of the Year
The implementation of Proposal 51 has had a positive effect on the value of Tron (TRX). At the time of writing, TRX is trading at $0.048 after posting a local high of $0.064 on the 19th of this month.
Tron (TRX) opened 2021 at a value of $0.026 which means that it has increased in value by a factor of 1.84x when compared with its current value and by a factor of 2.46x when compared with its recent peak value.
With the new month of March only days away, chances are that Tron (TRX) will retest or exceed the local peak of $0.064 in the days and weeks to follow. However, as with all altcoins, the fate of Tron is very much tied to that of Bitcoin. Therefore, Bitcoin needs to provide the perfect environment for TRX to thrive.