2024

Minted

DeFi

TRON

<p>The stablecoin supply of Tron has grown to almost $63 billion. Tron’s recent minting of $1 billion in USDT signals its role as a major player in the DeFi space. Will this put pressure on Tron’s price and send it as high as $0.200?</p> 
<h2 class="wp-block-heading" id="h-1b-minting-usdt-on-tron-what-do-charts-say"><strong>$1B Minting USDT on Tron, What do Charts Say?</strong></h2> 
<p>1 Billion USDT was minted on the Tron network recently. That made the total USDT supply on Tron about $62.8 billion from around $48.8 billion. This significant rise demonstrates that Tron is becoming a core blockchain for Tether’s stablecoin distribution.</p> 
<p>This surge, says CryptoQuant insider JA Maartun, reflects the demand for stablecoin transactions on Tron. It comes with low fees and high transaction speeds and is attracting more users.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">.<a href="https://twitter.com/trondao?ref_src=twsrc%5Etfw">@trondao</a> has joined the <a href="https://twitter.com/hashtag/ChainlinkScale?src=hash&amp;ref_src=twsrc%5Etfw">#ChainlinkScale</a> program and is adopting Chainlink Data Feeds.<a href="https://t.co/gbk3oHqMzm">https://t.co/gbk3oHqMzm</a> <a href="https://t.co/H6VagyV9wS">pic.twitter.com/H6VagyV9wS</a></p>— Chainlink (@chainlink) <a href="https://twitter.com/chainlink/status/1852474322931106164?ref_src=twsrc%5Etfw">November 1, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Historically, Tron’s speed and price has made it a solid platform to issue stablecoins. The USDT supply has grown by over 28% in the past year, a very consistent upward trend.</p> 
<p>Moreover, its appearance as Ethereum’s runner-up in stablecoin market share growth, garnering 34.8 percent, or $69.71 billion on the chain.</p> 
<p>On the 4-hour chart, <a href="https://www.thecoinrepublic.com/2024/10/31/rising-short-interest-meets-strong-long-positions-tron-set-for-squeeze/">Tron</a> has formed a bullish pennant pattern, indicating upside momentum. On the breakout, the token went just shy of its original target. It was setting up to retest a very crucial support level at $0.165.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img loading="lazy" decoding="async" width="627" height="311" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-91.png" alt="" class="wp-image-808562" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-91.png 627w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-91-300x149.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-91-150x74.png 150w" sizes="(max-width: 627px) 100vw, 627px">
  <figcaption class="wp-element-caption">
   <em>Source: Trading View</em>
  </figcaption>
 </figure>
</div> 
<p>If price maintains support here and buying pressure starts to rise, the coin will advance to a target of $0.2, gaining 6.5%.</p> 
<p>The Relative Strength Index values of 52.46 are in neutral momentum. However, if Tron holds above the retest level and gains buying interest, it will continue its upward trend toward the projected target.</p> 
<h2 class="wp-block-heading" id="h-chainlink-oracles-on-trx-will-price-react"><strong>Chainlink Oracles on TRX, will Price React?</strong></h2> 
<p>Tron has joined Chainlink’s SCALE program, signaling its commitment to adopting Chainlink’s data feeds for more decentralized applications.</p> 
<p>With this partnership, Tron combines with Chainlink’s reliable, decentralized Oracle network. It enables developers to leverage high-quality external data to build more sophisticated smart contracts and scale DeFi services within the ecosystem.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">New $1.0B USDT minted on TRON Network<br><br>“The total supply of USDT on <a href="https://twitter.com/hashtag/TRON?src=hash&amp;ref_src=twsrc%5Etfw">#TRON</a> has risen from approximately $48.8 billion to around $62.8 billion.” – By <a href="https://twitter.com/JA_Maartun?ref_src=twsrc%5Etfw">@JA_Maartun</a> <br><br>Read more <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f447.png" alt="👇" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/OBzgzOqgs9">https://t.co/OBzgzOqgs9</a> <a href="https://t.co/hAgu9fNh8M">pic.twitter.com/hAgu9fNh8M</a></p>— CryptoQuant.com (@cryptoquant_com) <a href="https://twitter.com/cryptoquant_com/status/1852661178503450891?ref_src=twsrc%5Etfw">November 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>For instance, Tron can improve the accuracy and reliability of its blockchain applications. Especially if real-world data such as weather, financial markets, and so on are needed by utilizing Chainlink’s data feeds.</p> 
<p>In terms of price, the coin is currently trading at $0.1662. That is a 0.76% drop in the last 24 hours but a 1.12% gain in the past week.</p> 
<p>This is another step in the mission of Tron to enhance its ecosystem’s functionality to attract more developers and projects looking for a secure, scalable platform.</p> 
<h2 class="wp-block-heading" id="h-annual-protocol-revenue-reaches-1-77b-boosted-by-strong-staking-yields"><strong>Annual Protocol Revenue Reaches $1.77B, Boosted by Strong Staking Yields</strong></h2> 
<p>As of press time, <a href="https://www.thecoinrepublic.com/2024/11/02/tron-trx-transaction-dominance-rises-eyes-breakout/">Tron</a> had recorded $14.12 million in Total Protocol Revenue. That included $10.68 coming from staking activities and $3.44 from the burning share. </p> 
<p>Such a vast daily income is enough to prove its capability to make money continuously using staking as well as burning tokens.</p> 
<p>During the past 12 months, the token has grown an incredible $1.77 billion in Total Protocol Revenue. This shows a surge in user engagement as network activity continues.</p> 
<p>The revenue also saw a sharp increase in the past month, with a 30-day revenue standing at $199.11 million and a 90-day revenue of $613.53 million, reflecting a 43.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Yesterday, the Total Protocol Revenue of <a href="https://twitter.com/trondao?ref_src=twsrc%5Etfw">@trondao</a> reached a high of $14.12M, with $10.68M coming from staking and $3.44M from burning share.<br><br>Over the past year, <a href="https://twitter.com/hashtag/Tron?src=hash&amp;ref_src=twsrc%5Etfw">#Tron</a> has generated a massive $1.77B in Total Protocol Revenue.<br><br>Is something big coming, <a href="https://twitter.com/justinsuntron?ref_src=twsrc%5Etfw">@justinsuntron</a>? <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;">… <a href="https://t.co/A3pAUGsQxN">pic.twitter.com/A3pAUGsQxN</a></p>— Onchain Lens (@OnchainLens) <a href="https://twitter.com/OnchainLens/status/1852702640934936849?ref_src=twsrc%5Etfw">November 2, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Not only does Tron’s staking and burning bring consistency of revenue to the network, which strengthens the token market position, but it also suggests an active, healthy, and robust user base, one that will continue to support the rest of the network.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/03/new-1b-usdt-minted-on-tron-marking-its-significance-in-the-defi-market/">New $1B USDT Minted On TRON Marking Its Significance In The DeFi Market</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

New $1B USDT Minted On TRON Marking Its Significance In The DeFi Market

Table of Contents

Thecoinrepublic.com

Other articles published on Nov 4, 2024

Peanut the Squirrel Outrage Ignites Solana Meme Coin Craze

Bold Price Prediction for XRP: Aiming to Surpass Ethereum?

Predicting Bitcoin’s Record High: Key Metrics to Watch!

Crypto All-Stars Presale Hits $3M Milestone – Next Crypto to Explode?

Transak Data Breach Exposes 92K Users: Employee Phishing Attack, Ransomware Group Claims Responsi...

Justin Sun Disputes Coinbase Fees for TRON Token Listing

Join our free newsletter for daily crypto updates!