The launch of the SunPump memecoin launchpad on the Tron blockchain network has significantly shot up the network activity thereby sending the gas fee soaring along with the network revenue. For the last month of August, the Tron Network gas revenue shot up by a a significant 46.5% in comparison to its previous month.
Tron Revenue Beats Ethereum, Solana, and Bitcoin
The meme coin frenzy on Tron’s SunPump platform has led to a huge surge in the network activity which has been ultimately beneficial to the network validators.
With this spurt in the network activity, Tron has managed to beat giants like Bitcoin, Ethereum, and Solana who have seen the network revenue drop by 15% to nearly 50%. One thing is clear, Tron has been eating into the revenue share of competitors like Ethereum and Solana.
On the other hand, the Tron development team has been working to cater to the high energy demand while working to keep the Tron transaction costs lows. Founder Justin Sun has announced key developments and necessary steps in this regard.
Justin Sun Announces Shift In Burning Strategy for SumPump
Tron founder, Justin Sun has shared his opinion regarding the ongoing debate in the SunPump community over the best approach for token burning and revenue buyback. Previously, the community had proposed using the Liquidity LP tokens for token burning, a startegy similar to the one adopted by Shiba Inu. This method has several advantages such as increasing token liquidity depth, allowing the burned liquidity to still be utilized, and being more regulator-friendly.
However, Justin Sun acknowledged the complexities that come along with LP token burning. He said that many community members still struggle to fully understand the concept thereby leading to major misunderstandings.
As a result, the community has decided to implement a 100% on-chain buyback and burn process instead. This approach is more transparent and easier to verify as all burn records will be available on-chain, thus eliminating the need for complex explanations.
Sun stated that the implementation of the on-chain buyback and burn process will beging today onwards.
Disclaimer
The contents of this page are intended for general informational purposes and do not constitute financial, investment, or any other form of advice. Investing in or trading crypto assets carries the risk of financial loss. The forecasted data (also called “price prediction”) on this page are subject to change without notice and are not guaranteed to be accurate.
