TRON recently a milestone of over 4M addresses created on its network. However, only a tiny fraction of these addresses are actually active.
Over 4,000,000 addresses are now registered on the TRON network. A recent tweet by TRONSCAN (@TRONSCAN_ORG) announced the milestone. The tweet claims that this massive amount of addresses are evidence that the TRON ecosystem is “developing rapidly and continues to make efforts to decentralize the web.”
Congratulations on #TRON total accounts exceeded 4 million! 🎊
1⃣According to #TRONSCAN, TRON total accounts have reached 4,015,527
2⃣TRON ecosystem has developed rapidly and continues to make efforts to decentralize the web.
Appreciation to all #TRONICS❗️ @Tronfoundation pic.twitter.com/42TKdRw44Q
— TRONSCAN (@TRONSCAN_ORG) November 4, 2019
However, the on-chain metrics of blockchain activity on the TRON network tell an entirely different story. According to metrics recorded by Messari, just 95,000 or so TRON addresses are actually active. That means that only 2.37% of addresses on the network are actually being used. It’s a shockingly low number for a blockchain that claims it is “developing rapidly.”
The activity on TRON’s decentralized applications (dApps) tells an equally pitiful story — one of low volume and activity. In fact, all the dApps with any significant volume on TRON are primarily for gambling, which does not provide much value at all. The leading dApp on its blockchain at the moment is WINk which boasts some $59,000 in daily volume. It seems clear that the TRON ecosystem seems to be largely speculation on its price, and not actual use-case at the moment.
Still, this has not caused TRON to falter in its assertion that it is leading decentralization. The project recently got a boost from China’s Ministry of Industry and Information. As BeInCrypto reported, the state agency ranked TRON second in its list of most promising blockchain projects, just behind EOS. It’s unclear whether this ranking list will have any impact on state policy, however, since it has released 14 iterations of the rankings over the years.
In short, TRON seems to be growing on paper, but the on-chain metrics aren’t quite matching up.
Images courtesy of Twitter, Shutterstock.
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