TRX Officially Leaps into the Deflation Era, Becoming the World’s First Deflationary Cryptocurrency
TRX, the native token on TRON MainNet, has completed its first deflation in history from March 30th 2021 to April 5th, 2021. According to statistics on Tronscan, a TRON blockchain explorer, the total supply of TRX has been cut from 101,678,790,175 to 101,673,029,723, down 5,760,000, with a worth of $780,000 (calculated based on the price on Binance at 10:20 on April 6 (UTC+8)). This historic move marks TRX’s leap into the era of deflation, which makes it the world’s first cryptocurrency that moves from inflation to deflation.
It’s both the historical opportunity and the consensus among the TRON community that bring about the shift of TRX into a deflationary asset, creating the world’s first delationary digital currency.
I. TRON Proposal 51 Adopted by Community
TRON Proposal 51 was initiated by TRON Super Representative CryptoChain and became effective at 20:00:00 on Feb 11, 2021. Proposal 51 includes the following changes:
Set 1 BANDWIDTH at the price of 0.00014 TRX;
Set 1 ENERGY at the price of 0.00014 TRX;
Limit the fee of a single smart contract to 5000 TRX;
When Proposal 51 enters into effect, TRON founder Justin Sun says on his twitter, “TRX is likely to become the first deflation crypto in the world. Also I don’t think TRON should increase bandwidth & Energy fee in the near future. A competitive and low network price attracts developers from Ethereum.”
II. Seizing the opportunity of the era, TRON ecosystem is enjoying explosive growth
Since its inception, TRON took it as its mission to “decentralize the web”. From “Exodus” to “Odyssey”, and “the Great Voyage” to the upcoming “Apollo”, TRON has been moving forward on the journey to explore Web 3.0. Even in the face of bearish markets, the TRON team remains true to its original faith: it spares no effort in pursuing technological innovation and investing in the infrastructure that underpins the underlying public chain. These continuous efforts have put TRON among the ranks of the world’s most comprehensive blockchain systems featuring DApp, decentralized wallet, TRC20-USDT, blockchain explorer, TRC-721 protocol and the BTFS decentralized storage solution. TRON has seen wide adoption in the current bull market and has become one of the go-to public chains for DeFi and NFT developers.
As the DeFi ecosystem blossoms, the number of average daily transactions on the TRON network has increased as much as five times, up from 720,000 in March 2020 to 3,600,000 today, making TRON one of the busiest blockchain networks in the world.
III. Persistent innovation at TRON
While working tirelessly on the underlying technologies, TRON remains innovative and leads the races of synthetic assets, staking-mining, staking, distributed storage, NFT, etc.
Layer 2 and sidechain solutions on TRON like SUN network will help Dapps and Defi to operate on TRON with lower energy consumption, faster speed and enhanced safety.
TRON’s unceasing innovation is constantly drawing in new users while retaining existing ones, effectively pushing up the demand for TRON’s native token and on-chain transactions.
The shift of TRX from an inflationary asset to a deflationary one consolidates its value. As the native token on the TRON network, TRX benefits its holders with a stronger position when swapping assets. The birth of the world’s first deflationary mainstream token indicates that the general public has started to appreciate the value of blockchain. As one of the early-movers among crypto currencies, TRX has demonstrated the power it carries, and will serve as a pivotal means of production in the overarching Web 3.0 era.
TRON is committed to promoting the decentralization of the Internet and is dedicated to building the infrastructure for a decentralized Internet. The TRON Protocol, one of the largest blockchain-based decentralized operating systems in the world, offers scalable, high-availability, and high-throughput support that serves as the foundation for all decentralized applications in the TRON ecosystem. The Protocol also uses an innovative, pluggable smart contract platform to improve compatibility with Ethereum smart contracts.
On July 24, 2018, TRON acquired BitTorrent Inc., an internet technology company based in San Francisco. The distributed technology designed by BitTorrent Inc. is smart and highly scalable, and keeps creators and consumers in control of their content and data. Over 170 million people use BitTorrent products every month. BitTorrent Inc.’s protocol delivers 40% of the world’s Internet traffic every day.