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.
Update: @BittrexExchange has completed the TRON (TRX) blockchain upgrade to the new Mainnet. Deposits and withdrawals are now open. Please generate a new deposit address. #TRX #TRON pic.twitter.com/TOfK5S68la
— Bittrex (@BittrexExchange) July 12, 2018
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.
People are voting in favor of rewards “right now” versus working toward the election completion of 27 #TRONSR candidates. Is this healthy to prolong the Guardian Phase? #Tron #TRX pic.twitter.com/AvLlCNMjzS
— Ledger Infinite (@LedgerInfinite) July 13, 2018
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.
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: