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08/07 08:00

What fueled these profits? The implementation of

What fueled these profits?

The implementation of burn mechanism to create scarcity seems to have got the job done. As of the time of writing, Tron had burned about 40B TRX, which reduced its supply.

More tellingly, in the current month of August, Tron had removed about 166M tokens, a tenth of what was burned in July. The Foundation has maintained this steady burn mechanism since the start of 2023.

Not only did the surge in price come from burning, but also from fees, as Tron served as a layer for stablecoin issuance.

Tether’s USDT, which is mostly issued on Tron and ETH, generates about $7.57B in annual fees.

Also, the founder, Justin Sun, has been in the forefront in popularizing the altcoin. His collaboration with other chains and top memes like Trump drove more attention into the chain.

This also improved it revenue generation for participants using the platform to transact the memecoins.

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