Tron’s daily transaction volume has gone ahead of Ethereum’s for the first time, due to the launch of its first large-scale decentralized application
On 17th October, the TRON Foundation (@Tronfoundation), announced on Twitter: “TRONbet, a provably-fair dice game, is one of the many gaming #dapps that are being built on the #TRON network. On the first day of the release, TRONbet was played over 10,000 times. Check them out here! https://t.co/sc0O712Ngu pic.twitter.com/gQfxU1xiAb”
TRON (TRX) Price Today – TRX / USD
TRONbet, is an online dice game launched on top of the Tron blockchain network. Lot of users were attracted by the competition on Friday and by weekend, over 500,000 transactions had been made. In addition, the Tron network experienced a surge in its volume on Monday, and at some point, it surpassed the number of transactions made on Ethereum, which was ranging between 500,000-600,000 that same day.
Typically, the success of a blockchain is indicated by its network’s volume. As the number of transactions increases, the better a system is believed to fare. In the same vein, a chain is seen as incompetent, if due to an increase in transaction confirmation requests, it starts experiencing downtime. Bitcoin and Ethereum In the past, have heavily criticized due to their inability to handle larger volumes. While both of them (Bitcoin and Ethereum) are developing solutions to scale themselves, there are independent institutions also coming up with their version of scalable public chains. Tron is one of them.
Tron network, unlike Ethereum which can process just 25 transactions per second, claims to handle 2,000 transactions within the same time. Tron has become the most suitable option for dApp developers due to the higher processing power makes. Same way, TRONbet, also seems to have been launched to prove the same.
In the coming days, the Tron network will introduce more dApps with the purpose of ‘decentralizing the web’ itself. The chain has experienced the migration of dApp games from Ethereum to its ecosystem, in search of a scalable paradise. For example, BitGuild announced that its game (Magic Academy) would be built on the Tron mainnet. Justin Sun (CEO of Tron Foundation), to create space for more applications on its network, established that the mainnet would handle 20,000 transactions per second.
In an interview to Investopedia, he said: “We will continue efforts in the entertainment and gaming industry. We’ve already seen quite a few outstanding TRON dApps like BitGuild being built on or migrated to the TRON network. In the next two quarters, we expect even more developers to flock to TRON, which will boost our overall performance.”
TRX experiences a drop in Price
The launch of TRONbet has been completely ignored despite Tron’s old super pumps around major announcements. Since the weekend, the TRX/USD rate has dropped close to 8 percent from $0.025 to $0.023, which reveals the overall bearish sentiment of the crypto market.
Currently, the pair is supported by an interim rising trend line, whose invalidation could reduce the price even further towards $0.020, the lower low from October 12 trading session. A reversal, at the same time, could bring $0.028 back in sight of the bulls. In a long-term, Tron is supported by strong fundamentals altogether.