Why TRON Is Up 10% Today

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  • TRON hit a 10% gain today after a week of steady gains.
  • Its impending stablecoin, USDD, and corresponding DAO reserve are stirring good amounts of buzz online which is likely the reason for the gains.

90 million users + 3 billion transactions + 1 impending stablecoin = steady gains for TRON.

TRON, supported by the TRX cryptocurrency, has been growing steadily over the last week, marked by a 10% increase over the last 24 hours, even in the midst of a volatile market. TRON has had a busy few weeks that are likely to only grow busier as they launch two key projects: a stablecoin on the TRON network called USDD and a decentralized autonomous organization (DAO) reserve, or in its own words, "the blockchain industry's first decentralized reserve” that will govern USDD. 

In addition to the impending launch, TRON also just celebrated a few key milestones that bode well for the project’s stability. Recently, TRON reached  90 million users and 3 billion transactions. With the platform only being launched on the MainNet in 2018, this type of growth is impressive.

What does TRON do?

TRON is dedicated to accelerating the decentralization of the internet via blockchain technology and decentralized applications (DApps), and provides services akin to that of Ethereum, such as allowing coders and builders to launch their own blockchain projects and tokens on its system. It is decentralized, open-sourced, proof-of-stake-based, and has smart contract functionality.

TRON hosts the largest circulating supply of stablecoins across the globe, overtaking USDT on Ethereum in April 2021. The TRON network completed full decentralization in Dec 2021 and is now a purely community-governed DAO.

What’s the big deal about USDD and the DAO?

One of the biggest questions surrounding the future of crypto is its validity as a stable currency. One such answer to this question is the idea of stablecoins. These projects consist of tokens whose value is correlated to the value, or “pegged”, to a stable commodity or currency, or has its supply regulated by an algorithm. TRON is launching its own stablecoin, USDD, tomorrow and claims to be "the most decentralized stablecoin in human history." TRON is opting to stabilize USDD by tying it to a $1 price peg and will do this through algorithmic control of the token’s supply.

In addition to the launch of USDD, TRON is planning to create a DAO that will aim to safeguard the overall blockchain industry and crypto market, prevent panic trading caused by financial crises, and mitigate severe downturns. In a series of tweets, TRON explained the purpose of its DAO reserve by saying that, “As the early custodian, #TRONDAOReserve will manage the permissions of #USDD, ensuring price stability & decentralization by collateralizing #USDD with its reserves. Over time, #TRONDAOReserve will work towards consolidating the value of USDD as a true settlement currency.”

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The bottom line

While TRON’s quick ascension to blockchain power and consistent rise of price over the last week bode well for its stability and future, the success of USDD and corresponding DAO reserve remain to be seen. However, as evidenced by TRON’s user base and transactions amount, the team at TRON is no stranger to building stable blockchain systems that support the community’s needs.

Interested in learning about more cryptos? Check out our favorite tokens for 2022.

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