HomeBlockchainTron has become a DAO

Tron has become a DAO

The Tron Foundation has decided to close in July 2021, and the Tron network is now sufficiently self-sustaining and decentralized to become a fully-fledged Decentralized Autonomous Organization (DAO). 

Tron DAO

This was reported on Twitter by the Tron DAO‘s own profile, stating that the historic mission of making the Tron network fully decentralized has been accomplished. 

Tron founder Justin Sun had already resigned as CEO in December, so everything seems to be in place for the Tron Foundation to close its doors for good and let the DAO take over the management of the network. 

So now the Tron.network reference website will pass from the Foundation to the DAO, and Tron’s blockchain protocol will become fully decentralized. 

Tron DAO
Tron is now a DAO

Tron’s numbers

The Twitter profile of the Tron DAO also published the updated numbers of the network. 

The total number of accounts on Tron has exceeded 69 million, while the total number of transactions recorded on the blockchain has reached 2.72 billion.

In addition, the TVL on Tron has reached $10.9 billion.

It is worth noting that for quite some time now, many USDt tokens have been transacted on Tron, because transactions on Ethereum are very expensive. Thus, many users choose Tron as a fast and cheap network to send USDt, and this has greatly increased its use. 

In fact, as of late 2020, the number of transactions recorded daily on Tron’s blockchain has increased significantly, from less than a million to over 3 million. The peak occurred in June and July 2021, with more than 9 million transactions in a single day.  

So the Tron network is living a second life of sorts, which began in 2020, although its origins are still fairly recent, as its blockchain was born in 2018. 

The price of TRX

Despite this, the price of its utility token, TRX, doesn’t seem to have benefited much. 

In fact, its all-time high is still that of 5 January 2018, when it exceeded $0.23. 

Although in April 2021 it managed to return to at least $0.16, the current price is still 66% lower than its peak four years ago. 

Who knows if the detachment of the network from the Tron Foundation will also bring TRX to new heights, now that it is all controlled by an autonomous and decentralized DAO. 

Marco Cavicchioli
Marco Cavicchioli
Born in 1975, Marco has been the first to talk about Bitcoin on YouTube in Italy. He founded ilBitcoin.news and the Facebook group" Bitcoin Italia (open and without scam) ".