TRON Network Continues Global Expansion Efforts, But TRX Coin Price Fails To Boost
The Tron network which is also referred to as the TRX is currently on the move, but the transaction is a little on the low side. The transaction count for the company has slowly grown as the current exchanges in the market have been unlocking various wallets. At the moment the company is recording around 10,000 transactions on a given day, which is a smaller count if we are to compare with other networks in the market.
If we are to compare, the Ethereum network has been able to carry over 500,000 transactions in a given day. But with such low transaction, it has not stopped the platform from pushing on.
The Platform Is Still Moving Forward
The TRON elections are still being carried out in the background, and at the moment there are about six super representatives in place who have been tasked with verifying the network, and this is not all as more candidates keep coming up. In the case of this platform the various representatives have been offering to pay the backers for voting.
The platform has been able to attract about 89 candidates, while they are still hoping to get the spot as the super representatives. In this pool, the Antpool is among them, which has been considered to be among the most significant mining pools of Bitcoin you can find in the market, which is related to the Bitmain ASIC producer.
The Skypeople is the most voted for a candidate, at the moment, having more than 250 million tokens in the voting pool. All this took place during an ongoing period which has been known as the Guardian Phase. While the TRON platform has been designed and also secured by the Guardian representatives, that is, they are able to block the producers that have been assigned by the current TRON Team.
There Are Some Rewards For Voting
Due to the promised rewards offered by the platform the users have stopped distribute their votes. Thus, this is one of the main reason as to why there is only a handful of Super Representatives that have been elected to the platform. This is instead of having all the 27 being elected; as a result, the reward voting process will only prolong the current phase Guardian is going through.
There are a few market developments taking place, but the TRX price is still depressed as the price is slowly sinking lower and even much closer to the $0.03 level. At the moment the token is down 11% in just a week this is after the latest market slide that took place. It has gone down to about $0.032; this is as of 5:00 UTC ON 13TH July, while the overnight prices went to as low as $0.031.
According to a recent report released by the Cryptocompare on Friday morning, around 42% of all the TRX trading that takes place is mostly done against the Tether token, also referred to as USDT. The USDT enjoys a high share due to the frequent trade taking place on OKEx and Binance, where the Tron TRX coin was selected for the added pair, but at the moment the selling is not helping the token as it keeps depressing the current price.
As a result, with the potential losses from the token is leading most users away from adopting it. But with the additional hardware that they have on the platform is a positive look for TRON, as they will be able to keep some of these assets in their cold storage.