Tron’s TRX Burn Total Exceeds 11 Billion.
Justin Sun, Tron’s head, has announced that more than 11 billion TRX have been burned since October 28, 2021. The total number of TRX in circulation is now $71.6B.
👀More than 11B #TRX burned since Oct 28, 2021.🔥 https://t.co/Y7udxT59M4
— H.E. Justin Sun🌞🇬🇩 (@justinsuntron) September 2, 2022
TRX burning is a process whereby the token’s total supply is reduced. This is usually done to support an increase in the token’s price by reducing the supply and increasing demand.
USDD Stablecoin by Tron Network was recently introduced to the blockchain. The core of this new stablecoin mostly mimics Terra’s UST maintaining scheme, meaning that the blockchain now expects a greater burning rate.
Tron Network believes the burn is a great way to show its commitment to building a long-term, sustainable ecosystem. Additionally, it also allows them to give back to our community.
The minting of each USDD results in the burning of $1 worth of TRX, which expands the supply of USDD. With this expanding and decreasing supply, Tron can control the price of its stablecoin at $1.
TRON aims to connect content creators and their audiences more directly by eliminating go-betweens like web-based features, app stores, or music sites. In doing so, it is hoped that creators will lose less commission to agents. TRON also plans to allow users to download and store content on the blockchain directly.
The Tron network’s low energy requirements make it one of the most environmentally friendly blockchains, according to a report by the Crypto Carbon Ratings Institute (CCRI).
As reported by The Crypto Basic, TRON Surpassed $5 trillion in Total Transfer Value yesterday.
TRON isn’t only a cryptocurrency. It is an entire network of blockchains that can be used to create decentralized applications (DApps). The TRON Protocol, one of the largest blockchain-based operating systems in the world, offers high scalability, availability, and throughput computing.
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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.