Tron burns 125 million TRXs, net production hits $10 million in negative…Details here
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Answer Tron burns 125 million TRXs, net production hits $10 million in negative…Details here
The Tron project originated in 2018, when the cryptocurrency market was something completely different from what we see today.
Since its inception until the moment, the “Tron” project continues to follow the newly emerging trends and provides daily reports on the quantities of cryptocurrencies that have been removed from circulation through the burning mechanism.
May 7: # TRON It burns more than 125,493,493 coins with a net yield of less than zero -120,428,389 ($10 million) 🤯 pic.twitter.com/mj53Hk4VyO
– Tronix Community 🅣 (TronixTrx) May 8, 2022
According to the official Tron community account reports, the network has burned more than 125 million TRXs with TRX issuance remaining at minus 120 million TRXs, valued at nearly $10 million.
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With the introduction of USDD by Tron, followers are now expecting a higher burn rate thanks to the swap mechanism at the USDD core, which mostly mimics Terra’s UST scheme.
Each USDD represents 1 USD worth, and 1 USD of TRX is burned, expanding the supply of USDD.
As supply increases and decreases, you can control the price of the stablecoin at $1.
Is this mechanism really reliable?
The digital stablecoin, UST, operated in the market without any problems at all until the bitcoin drop below $35,000 caused panic in the cryptocurrency market and increased inflows towards UST.
With the massive drop in exit liquidity, UST lost its peg for a moment, causing the price of the stablecoin to drop below $1, which now calls into question the reliability of an entire mechanism based on the core of algorithm-based stablecoins.
As we indicated at the beginning of the article, Tron follows any new trend in the market, and accordingly I also decided to launch a stable digital currency based on algorithms and linked to the dollar and burn TRX tokens.
It is worth noting that after the release of the USDD cryptocurrency, the price of the cryptocurrency TRX increased by more than 30% and is now trading at $0.08.
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