Lindsey Lohan’s Affair With Bitcoin Is Over. It’s Tron’s Turn Now

Lindsay Lohan has been diving into DeFi over the last 24 hours. No, not with Ethereum—with Tron.

By Jeff Benson

3 min read

Feb 11, 2021

 

 

Yesterday, actress and musical artist Lindsay Lohan publicly discovered Bitcoin. Well, sort of. She auctioned off an Ethereum-based NFT on digital collectible marketplace Rarible after predicting and/or demanding, “Bitcoin to the moon.”

Over the following 24 hours, several of her 8.4 million Twitter followers and assorted onlookers painstakingly pointed out that Bitcoin is not Ethereum, which is where that non-fungible token resides—along with a whole slew of decentralized finance (DeFi) applications that allow people to lend funds, earn interest, and swap assets without going through a financial institution.

And now, guys, Lohan totally gets it. She’s been looking into the amazing things that non-Bitcoin blockchains have to offer and she’s come away a big fan of...Tron.

“Exploring #DeFi and already liking $JST, $SUN on $TRX,” the starlet tweeted today. “Super fast and 0 fee. Good job @justinsuntron”

Tron, led by wealthy founder and CEO Justin Sun, has positioned itself as an Ethereum competitor. Tron boasts the ability to process about 100x more transactions at a time than Ethereum, no small feat as DeFi apps become increasingly popular. 

The 66 Ethereum protocols and platforms tracked by DeFi Pulse currently have $40 billion in value locked into them, an indication of how widely they’re used. That represents a record and a 100% increase since the first week of January.

 

Tron has tried to get in on the fun. Last year, Sun went on a marketing blitz to drum up users for his blockchain’s DeFi system. 

"We are creating the same kind of DeFi ecosystem as Ethereum," Sun told the LA Blockchain Summit. "All the Ethereum network products, you can see a same version of Tron products. For example, the MakerDAO on Tron is called JustStable, created by the JUST team. And UniSwap is called JustSwap."

But Tron is in decline, according to a recent report by VC firm Outlier Ventures. It wrote: "Ethereum killers Tron, EOS, Komodo, and Qtum are seeing a decrease in core development metrics." Tron had a net loss of core developers last year, a sign that its DeFi offerings aren’t translating to increased interest in the network.

Additionally, Sun and Tron have attracted attention for many of the wrong reasons. Sun has been accused of plagiarizing from the Ethereum whitepaper; Bram Cohen, who created BitTorrent, which Tron bought, accused Sun of withholding payment for the acquisition. And an expose by The Verge in September 2020 ripped Sun as a crypto tyrant, using interviews with anonymous employees.

To crypto newcomers like Lohan, however, that history (or FUD, for those who back Sun) is likely yet to be discovered. Tron is just Ethereum with more marketing.

Tron’s marketing emphasis has several people wondering if Lohan was paid for the post. (Tron has not replied to a Decrypt request for comment). If she didn’t get something before, she might in the future: Justin Sun responded to her tweet by asking for her address. “I may send you something,” he wrote. 

 

TRON Proposal 51 Set To Make TRX Deflationary Asset

The new proposal would increase bandwidth & energy fees by 3,5x in order to encourage higher TRX freezing rate, reduce TRX in circulation & promote TRX's value increase through a deflationary model.

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TRON (TRX) has experienced a weekly value rise of 47%, and a new proposal aimed at making TRX a deflationary asset is currently being voted on by TRON’s Super Representatives (SRs), further increasing the potential growth of TRX and TRX-based tokens.

Proposal 51 and its goals are simple and could be very impactful for the network:

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.

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Proposal 51 was fielded by Klever’s own Head of Blockchain Research and Development, Fernando Sobreira, under the TRON SR Crypto Chain.

The proposal suggests the following changes to the TRON protocol:

• Modify the unit price of bandwidth, increase from the current 40sun to 140sun

• Modify the unit price of energy, increase from the current 40sun to 140sun

• Modify the configurable upper limit of fee limit, increase from the current 1000000000sun (1000 TRX) to 5000000000sun (5000 TRX)

Source: TronScan

To explain bandwidth and energy in simple words, TRON bandwidth allows users to perform transactions on the blockchain without paying extra gas fees, while energy is a special resource used to process smart contracts on the TRON network.

Proposal 51 is a result of discussions initiated during the last SR meeting where TRON’s representatives presented network statistics following the last energy price increases, which showed that the last upgrade did not reduce valuable transaction volume but it did increase the amount of frozen TRX in the network.

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Following the last TRON Upgrade implemented through Proposal 48, the unit price of energy and bandwidth was increased from 10 sun to 40 sun on November 25, 2020. Since then, TRX’s daily supply output has been greatly reduced due to more burning from resource fees. The number of low-value transactions has also been significantly reduced. Security has been improved with the increase of the freezing rate. Meanwhile, the transaction volume has continued to rise, the increase in resource fees has a positive effect on the network.

Source: TronScan

However, although the situation of spam transactions has improved, such low-value transactions still exist, and Proposal 51 is aimed at removing their rate and mitigating the impact of such spam transactions. The other primary goal is to have players freeze more TRX in order to pay less transaction fees.

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Potential risks involved in Proposal 51 would be higher costs for developers, users, and other players such as exchanges to use TRX and TRX-based assets, but this can of course be mitigated by freezing more TRX.

Moreover, the TRON network may be experiencing increased transaction fees similar to other popular smart contract blockchain chains such as Binance Smart Chain (BSC), although TRON blockchain still remains the faster in terms of speed and delivery.

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It is important to note that TRON has grown exponentially over the past year to house the most active addresses of any blockchain, besides Bitcoin.

For instance, today on February 10, Bitcoin had 1.17 million active addresses, TRON 634k and Ethereum 604k. Comparing transaction count between these three dominant networks shows Bitcoin at 330k daily txs, TRON 3.18 million txs, and Ethereum 1.23 million txs. It is becoming clear that TRON’s speed for transaction delivery and relatively low transaction fees compared to other blockchains has facilitated this rise.

Source: messari.io

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Moreover, USDTt (USDT-TRON) currently holds $10.5 billion USDT in assets running on the TRON network, which is roughly 1/3 of USDT-Tether’s total market cap of $30 billion.

The rest is primarily running on top of Ethereum with $19.1B, while the previously dominant BTC-based Omni has fallen to only hold $1.3B USDT. Once again, this clearly shows that low fees and fast transactions are what users and exchanges are seeking, as well as choosing.

Source: https://wallet.tether.to/transparency

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To conclude, if the vote for Proposal 51 is passed, it will further increase the network freezing rate and total frozen amount, reduce TRX in circulation, promote the increase of TRX value, restrain the number of low-value transactions and reduce their harm, and improve the security and reliability of the TRON network.

Klever fully supports Proposal 51 as part of our goal for the whole blockchain ecosystem to grow together, increasing security, removing spam transactions, and valuing cooperation between validators and other players in the crypto industry.

Sincerely,

Misha Lederman

Director of Communications at Klever.io

TRON is becoming the first deflation crypto? TRX week-over-week gains pass 50%

 

• TRON has ended its upswing after failing to break the $0.6 mark.
• The influx in price is caused in by the protocol upgrade, which is most likely already priced in.
• TRX will most likely experience a pullback towards the $0.538 level.

TRON (TRX) has ended its upswing by creating a new all-time high just under $0.6. What’s the reason for this price surge and should you buy some TRX now?

Fundamental analysis: new update proposal already priced in?

TRON is a blockchain-based operating system that can handle a massive amount of transactions. While Bitcoin can deal with up to six transactions per second, and Ethereum with up to 25, TRON states that its network has the capacity for 2,000 transactions per second.

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TRON is also one of the more popular blockchains for building Decentralized Applications (DApps) and is mostly focused on content sharing and entertainment. The project is also known for the aquisition of the file sharing service BitTorrent.

Tron has just approved No.51 committee proposal, which was more than well-accepted by its community. This information has reflected to its price beforehand, and is most likely already priced in. However, TRX still has a lot of upside.

TRON posted week-over-week gains of 52.73%, outperforming both Bitcoin’s 25.12% gain and Ethereum‘s 6.74% gain. Tron is currently the 21s-largest cryptocurrency by market cap, and currently boasts a market value of $3.91 billion.

At the time of writing, TRX is trading for $0.553, which represents a price increase of 94.75% when compared to the previous month’s value.

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TRX/USD technical analysis: healthy retracement in play after a massive upswing

The 21st-largest cryptocurrency by market cap has seemingly ended its uptrend after hitting an all-time high of $0.6. TRON’s current price seems very overextended, and while the cryptocurrency has a lot of upside potential, its price will most likely experience a slight downturn.

TRON has seen volume increase across the board, both for its upswings and downswings. If TRX manages to pass the $0.6 resistance level, it will most likely face the next resistance at -27.2% Fib retracement level of $0.662. On the other hand, its first strong support level is at the 23.6% Fib retracement level of $0.538.

TRX/USD daily chart

TRON’s RSI on the daily time-frame is currently well into the overbought territory, with its current value sitting at 80.76.

TRX/USD 1-hour chart

Zooming in to the hourly time-frame, we can see TRX’s price increase on increased volume. The 21-hour EMA seems to provide strong immediate support to TRX, while the 50-hour EMA is right underneath it as the next support level..

While it is most likely true that the incoming protocol upgrade is already priced in, TRX has a lot of upside potential.

Cryptocurrency Market analysis