Tron And Gambling: Network Saw $1.6 Billion In Volume In First Quarter, Now Has 2.3 Million Accounts And 246 Dapps
It is no secret that Tron is getting pretty big. It is one of the networks which is growing more this year and the numbers show that. Driven especially by gambling, its primary use case, Tron has been reaching new highs.
According to the latest report from Dapp Review, Tron has transacted $1.6 billion USD during the first quarter of the year. Over 430,000 users participated in these transactions and they were mostly involved in gambling.
If you want to see how successful Tron is, just see the numbers. In a single day, March 15, Tron had $102 million USD in transactions. EOS had only $16 million in this same day and the big Ethereum network was only able to trade under $4 million USD.
Since Tron became independent from Ethereum, the network keeps just growing like crazy. Gamblers started to ditch ETH as they deemed that the fees of the network were too high and went to EOS and now to Tron.
When the movement started and these users were moving to EOS, the people at Tron noticed that ETH was losing its spot and they tried hard to cater to this niche. It worked pretty well so far. For instance, the CEO of 888Tron, Ruslan Marinov, affirmed that representatives of the Tron network went after them in order to call them to the company.
Tron built a huge business using these gambling dapps as a basis. They provided a huge volume and awesome numbers. For comparison, 27% od the Tron dapps are casino games and 36% are “high risk” gambling games, which amount to 63%. On the Ethereum network, the numbers combined amount to only 37%.
Tron Reached Important Milestones
Because of all this, the Tron network simply does not stop growing at all. The weekly report made by the company has affirmed that Tron recently has a total number of accounts of 2.3 million (however, less than half of them are actually being used in an active way). Also, there are 246 active dapps right now.
However, there are reports that most of the new profiles are actually fake and that some of these numbers are inflated, so they are not so significant. The trading volume, however, seems to be real.
Justin Sun recently talked about these developments and affirmed that the number of dapps raised 10% in a single week. This is proof that Tron relies on a very active development community. It is obvious that this would happen, though, since the network has a huge daily volume of transactions, which translate in profit.
For example, Tron has seen a volume of over $11 million USD in the last 24 hours. This is more than what Ethereum saw in the whole month back in March. According to sources, many users spend over $100 USD on Tron daily (mostly in gambling).
Tron Attracted Developers With The Accelerator
In fact, most of this can be credited to them: the developers who used the open source protocol in order to create (mostly gambling) games and products. While the Tron Foundation officially discourages gambling apps in regions like Japan, the truth is that it profits a lot from them.
Justin Sun allegedly paid with his own money over $10,000 USD to many developers in order to help them to start up their business in the network and improve the Tron gambling sector.
Officially, the Tron Foundation declined to talk about its links to gambling, but it is obvious that they are important, especially in countries like China, which banned gambling. People use VPN and then the blockchain to keep gambling as they want to.
Sun’s strategy for recruiting was very effective and this may be the reason why Tron has seen such a large growth so fast. This has made the price of its tokens surge and gave Sun and his team a sizeable profit.
While it looks like Tron is crushing Ethereum, some people from Dapp Review seem to disagree. Coindesk, which reported on Tron’s growth, has spoken to people from the company and some of them said that they believe that Ethereum will fare better in the long term scenario.
Why is that? Because the Ethereum developers are creating a solid technology while Tron has impressive numbers. These numbers may be inflated and do not last forever, but the structure created by Ethereum will continue.
Gambling As A Way To Monetize Development
There are many reasons why gambling is so huge right now. For one side, there is a demand. Many governments frown on gambling, so decentralized solutions are popular at the moment.
Also, developers can see a quick way to monetize their work using this system. Gambling generates quick profits, so they can get money very fast from their effort. Some other kinds of dapps may take a longer time to pay their teams for their efforts, so gambling is something that has a high demand at the same time that it is a way to make money quickly;
According to Marinov, the team has seen revenue of $9 million USD worth of TRX in three months. This way, developers get a lot of money, the Tron Foundation and Justin Sun get their recognition via their numbers and people who want to gamble get great platforms for it.