TRON (TRX) Network Continues to Build Activity, Price Bounce Still Not Coming

 In Altcoins, Exchanges

Major exchanges have re-opened deposits and withdrawals after completing the token swap.

The TRON (TRX) network is on the move, although transactions are still on the low side. Slowly, the transaction count has grown as exchanges unlock wallets, but there are just about 10,000 transactions per day – a much smaller count compared to similar networks. In comparison, the Ethereum network carries more than 500,000 transactions per day.

https://twitter.com/BittrexExchange/status/1017537612645584896

TRON elections have continued in the background, and there are now six Super Representatives verifying the network, with more candidates showing up. In the case of TRON, the representatives often offer to pay their backers for voting.

There are 89 candidates hoping for a spot as a Super Representative. Among them is Antpool, one of the biggest Bitcoin mining pools related to the Bitmain ASIC producer. At the moment, Skypeople is the most voted-for candidate, with more than 250 million tokens in voting. During an ongoing transition period, known as the Guardian Phase, the TRON network is, in part, secured by Guardian Representatives, i.e., block producers assigned by the TRON team.

https://twitter.com/LedgerInfinite/status/1017623649187172353

Because of the promised rewards, users are not distributing their votes, and this is one of the reasons why only a handful of Super Representatives have been elected, instead of electing all 27. This preference for voting rewards is prolonging the Guardian phase.

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But despite the network developments, the TRX market price remains depressed, sinking lower and closer to the $0.03 level. TRX is down a net 11% in the past week after the latest market slide, down to $0.032 as of 5:00 UTC on July 13. Overnight, prices sank as low as $0.031.

More than 42% of all TRX trading is done against the Tether (USDT) token, according to recent data from Cryptocompare, as of Friday morning. The high share of USDT is due to trading on Binance and OKEx, where TRX was selected for an added pair. However, for now, the selling keeps depressing the price.

For TRON, the other positive development is the support from the Ledger family of wallets:

https://twitter.com/AndrewDiceClay2/status/1017455447178137601

However, some users are cautious about updating their devices due to potential losses. But the addition to a hardware wallet means a lot for TRON, as it may work toward keeping some of the assets in cold storage.

Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.

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