The TRX coin was launched in 2017 by the Tron Foundation, and initially, the tokens were deployed on the Ethereum blockchain. However, the company launched its own network just a year later and migrated all ERC-20 coins to the TRON blockchain. Like all cryptos, it started small, but it’s one of the few that quickly grew over time.
The current market capitalization of TRX exceeds $24 billion, ranking it among the top 10 most popular cryptocurrencies. One of the primary reasons for this is the platform’s robust framework, which has wide applications in the entertainment and media sectors. Let’s see where the TRX coin is most commonly used today.
Let’s Check Where the TRX Coin is Most Commonly Used Today
Trading and Investment
The TRX coin has experienced significant growth, and it is now available on all major cryptocurrency exchanges. Since the start of crypto, people have purchased and held various tokens as speculative assets, expecting increased value for potential gains. TRX is no different, and its value is at an all-time high of $0.25.
TRX has stood the test of time and shown resilience towards volatility. Although we can’t say that Tron has exploded in value, it has shown consistent growth. Some analyses even indicate that over 95% of TRON holders have made a profit.
TRON has great potential and might be a good long-term investment because of its market positioning and robust technology. However, like with all cryptos, there’s an inherent risk that must be carefully considered.
Entertainment and Gaming
TRX has found its way into the decentralized gambling and betting scene because of its low fees and quick transactions. All of the top crypto betting platforms support TRON, allowing players to bet on various sports and play casino games using this cryptocurrency. Gamblers can make quick deposits and withdrawals with the highest security standards in place.
At the same time, many blockchain-based games use the TRX coin as well as its blockchain network. TRX acts as a native currency, allowing players to buy in-game items, trade assets, unlock limited features, or join tournaments.
TRON has also entered the play-to-earn gaming space, allowing players to earn this coin by participating in games. Gamers earn the tokens by staking in-game assets, completing quests, trading, or progressing within the game.
TRON Network Governance
TRON holders are also getting more involved with the network itself. Holders can stake their TRON assets and freeze them to get “TRON Power,” used for voting rights in governance, rewards, or bandwidth. The frozen TRX funds aren’t lost, but cannot be used until they are unfrozen.
All holders with TRON Power are involved in electing the Super Representatives on TRON’s network. The network has 27 Super Representatives, and they’re in charge of proposing changes, validation, and block production. Furthermore, TRX holders can also elect new representatives.
TRON uses the delegated proof of stake consensus method, allowing holders to make a real impact on key decisions. Regardless of the user’s background or status, everyone has a say in vital decisions.
Streamlined Exchanges
TRON is a very popular option at different crypto exchanges. All of the major exchanges like Binance let users trade TRX against other currencies, and it’s also used as a base currency in some cases. TRX is also used for all transactions on its native network, facilitating exchanges without intermediaries.
The main reasons for this are its efficient design, low costs, and fast transactions. It can be used smoothly for transferring assets between holders, tipping, paying, selling, or buying. The transaction fees are usually zero or very low and scale well at high-volume transactions.
TRX’s block time is around three seconds, making it ideal for large-scale use. It can process thousands of transactions almost instantly, which is why it has been adopted globally as a preferred payment method.
TRX is Used as Fuel
The TRON ecosystem required two essential resources for blockchain interactions: energy and bandwidth. These two are usually referred to as “fuel” and allow users to perform various actions on the network without having to pay directly in TRX. TRX holders can stake TRX to receive both bandwidth and energy, thereby avoiding constant fee payments.
Staking TRX for bandwidth allows users to perform transactions without any fees, including the transfer of TRC-20 tokens and sending TRON coins to other wallets. On the other hand, staking TRXT for energy allows you to interact with smart contracts for free.
Conclusion
TRON has gone a long way, and its future looks promising due to its affordability, speed, and scalability. It already has a strong foundation in digital payments, entertainment, and DeFi, but is expected to play a key role in tokenized assets, transactions, and dApps. We can only expect TRX to remain a crucial token and network within the Web3 landscape.