The Tron (TRX) Network is set to undergo a major upgrade on July 11th, and TRX and other key metrics have seen a steady uptrend as the upgrade approaches. The upcoming Periander upgrade brings significant enhancements to the Tron Network, while TRX experiences a surge in on-chain metrics.
Tron Network’s latest update, Great Voyage—v4.7.2 (Periander), introduces four critical upgrades aimed at enhancing the functionality and usability of the network. These upgrades include an advanced Stake 2.0 mechanism, seamless compatibility with Ethereum’s EIP-3855, streamlined smart contract interface calling, and a revamped P2P network module.
Tron’s Periander Upgrade
The new Stake 2.0 mechanism offers users greater flexibility in staking and unstaking their resources, with the ability to customize lockup periods for delegated resources according to their individual needs.
The compatibility with Ethereum’s EIP-3855 promotes interoperability between the two ecosystems, attracting more developers to TRON and reducing migration costs for projects across both chains.
On the other hand, the streamlined smart contract interface calling provides developers with estimated transaction fees for deploying their contracts, simplifying the development of smart contracts.
Finally, the revamped P2P network module enhances the connection efficiency, availability, scalability, and transmission efficiency of the TRON network.
TRON founder Justin Sun emphasized the organization’s commitment to fostering the growth of the TRON ecosystem, attracting more developers, capital, and users to the platform.
With over 169 million users worldwide, TRON has processed more than 6 billion transactions and boasts a total value locked (TVL) of over $5 billion. It has built a comprehensive ecosystem encompassing NFTs, DeFi, GameFi, stablecoins, the metaverse, and cross-chain solutions, and hosts the largest USDT circulating supply worth over $46 billion, making it an industry leader.
Overall, the TRON MainNet Periander upgrade brings significant improvements to the Tron Network, providing greater flexibility, compatibility, and efficiency to its users and developers. The upgrade encourages greater participation in the network, attracts more developers to the platform, and stimulates the growth of the ecosystem.
The revamped P2P network module provides a robust infrastructure that empowers 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.
Tron’s on-chain metrics. Source: DeFiLlama
Additionally, the network activity on TRON has also been rising in recent weeks. On-chain activity, such as the number of transactions and unique addresses, is an essential metric to consider.
In the lead-up to the upgrade, TRON’s on-chain activity has increased, which suggests that there is a growing demand for TRX. In the last three days alone, there have been over 20 million transactions on the TRON network.
This growing network activity and usage of the TRON network are positive indicators for the TRON ecosystem and could lead to further growth in the future.
On the flip side, TRX has been on an uptrend since June 20th, starting from a value of $0.06788 and now trading above the $0.07784 mark. This represents a considerable gain of 13% over the last 14 days and 4% in the seven-day period.
However, TRX is currently facing its yearly high resistance at the same trading level. This could potentially create a delay in reaching new yearly highs if it is unable to surpass its nearest resistance.
TRX’s uptrend on the 1-day chart. Source: TRXUSDT on TradingView.com
Featured image from Unsplash, chart from TradingView.com
