Justin Sun, the founder of the TRON network has recently announced that TRON will be launching a gas-free stablecoin solution by the end of the 4th quarter of this year
We will further elaborate on the details regarding the announcement in the sections below.
Details about the announcement
On July 6, Justin Sun made an announcement on his official X account about the development of his new gas-free stablecoin transfer solution.
With the introduction of the new technology, users can make transfers in the TRON network without having to pay any gas tokens; with the stablecoins themselves covering the entire fees for the transfer.
The move marks a new era for the TRON network as it is set to add this new transferrence solution to the current reputation of TRON as one of the earliest networks to provide affordable stablecoin access to its users.
The new stablecoin solution will be launched initially in the TRON network and is expected to branch out to other Ethereum and Ethereum Virtual Machine (EVM) compatible public chains in the future.
Justin Sun, the founder of the TRON network shared his excitement about the future prospects of the solution by saying the following: “I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level”.
Let us now look at how the market stands with respect to the TRON network and its new initiative in the next section.
How does the current crypto market look in relation to TRON?
The new announcement comes a few days after the report from the crypto news and analysis provider ‘Artemis’ on June 27.
The announcement by Sun comes in the wake of just 9 days after the report from Artemis.
As per the report, it was shown that currently, the peer-to-peer transfer activity in the TRON network was 2 – 3 times higher than that of the Ethereum network.
The report pointed out that TRON had seen stable growth in almost every stablecoin metric and had recently hit an all-time high circulation supply of $60 billion.
Standing in favor of such a sentiment is the fact that TRON is currently the second largest network for digital assets just after Ethereum.
TRON also controls about 36% of the stablecoin market as of now and is expected to become the first blockchain network to surpass 1 billion addresses with the recent solution.
The time it will take for TRON to achieve 1 billion addresses in its network is not too far away considering the fact that TRON at present has over 2.1 million Daily Active Addresses (DAA) in its network.
This number has been said to be growing at a high rate since the beginning of 2024 and is set to keep growing throughout the next year.
Now, let us look at which technologies stand as competitors to TRON’s gas-free initiative in the current market.
Who are the possible competitors for TRON’s new solution?
As of now the only such network mechanism that offers any solution similar to the one proposed by Sun is the PayPal-issued stable token PYUSD and the US dollar pegged stablecoin USDC.
Both of these coins are said to offer somewhat similar features to allow for gas-less transfer.
PYUSD in particular is said to allow only limited users from the USA to transfer their stablecoins free of cost to other countries.
Taking these aspects into consideration the current market of blockchain seems to be paved in favor of the TRON network’s new initiative.
Now, let us look at what we can gather from the details that we have discussed in the section above and make our own analysis.
Bottom Line
In relation to all the details that we have uncovered in the article, we can say that the new initiative by Justin Sun and TRON will be a huge catalyst for its growth in the future.
The move marks a form of rebirth for its founder Justin Sun and the TRON network when we consider the amount of allegations of misuse that they recently faced from various regulatory authorities and other users alike.
In conclusion, the gas-free transfer mechanism is set to pave the way for much wider adoption of stablecoins and is likely to provide useful real-life applications for the stablecoin network.
