Despite the unfortunate string of events in the crypto space, players in the industry refuse to rest on their oars when it comes to innovative developments. One such player is Tron (TRX), which has kept its network development teeming.
Tron DAO recently announced via Twitter that the network’s committee proposal #80 had been approved. This proposal was enacted to switch the memo charge on the network to 1 TRX.
Before now, the TRX/TRC10 token transfer was charge-free as a result of the free daily bandwidth and now-charge memo.
While this served some people carrying genuine transactions well, it opened the doors for bad actors to also facilitate free transactions to send fake news and scam links. According to the Tron development team, 18,136,783 transactions with memos were performed over the past three months. Of these transactions, about 42.5%, or 7,725,151, had links (possibly fake news or scam-related) attached to them.
The new transaction requirement is not expected to dissuade genuine users from using the network. However, it will likely curb the amount of fake news and scam memos sent on the network.
Chinese-Backed Stablecoin Launches on Tron
In other news, Tron has become the technical platform for the latest stablecoin project tied to Offshore Chinese Yuan. This would make TrueUSD the second notable fintech project to release a stablecoin project pegged to the Chinese Yuan.
According to a statement by TrueUSD, the makers of the TUSD stablecoin, the new product will be called the TCNH. The development team also assured that the new project was safe and transparent, and assured that every TCNH token was backed by its equivalent in Offshore Chinese Yuan.
Commenting on the latest development, Annabel Gan, the director of marketing and business development at TrueUSD, explained:
“We've seen that financial markets like Hong Kong are moving towards becoming a global hub for digital currencies, so our products are constantly evolving. We believe that TCNH will further cement our leading position in digital currency infrastructure and contribute to our effort of building a trustworthy and decentralized global payment network.”
Finally, Justin Sun, founder of Tron, did not miss the chance to boast about his company with a not-so-cryptic tweet.
TRX in Accumulation Zone
Price-wise, TRX continues to trade within an accumulation zone between $0.056 and $0.053. This comes after the cryptocurrency re-emerged from its lowest point since June 2021.
With the present price dynamics in the broader cryptocurrency market, especially as markets start retiring for the holidays, TRX is expected to remain within this zone well into January.
TRX Statistics Data
TRX Current Price: $0.054
TRX Market Cap: $5.03B
TRX Circulating Supply: 92B
TRX Total Supply: 92B
TRX Market Ranking: #13
This article should not be taken as financial advice. It is essential to conduct research before making any investment decisions.