Tron Network and Ethereum Show Massive Surges in On-Chain Activity

• Tron Network and Ethereum hit new milestones in the number of transactions. 
• Ethereum’s spot ETFs began trading on July 23.

The crypto industry has witnessed crucial events over the past few weeks. Amid the tumult of new digital assets approvals, amplified regulator scrutiny, and the July market crash, the community experienced a spur in activity. Specifically, the Tron Network and the Ethereum blockchains hit new milestones in the last 24 hours.

Notably, the Tron Network hit a new milestone surpassing 8.1 billion in transactions with 6.8 million transactions within the past day. Moreover, according to Tron Network data, the native token TRON (TRX) transactions constituted the largest amount making up 37.97%. Additionally, the TRON token holds a market cap of $11.6 billion while its trading volume stands at $320 billion approximately. 

Moreover, at the beginning of the year, the network’s transaction count stood at 7.05 billion. Particularly, in the past month, the on-chain activity surged hitting 8 billion in mid-July. Additionally, the Tron Network has 2.5 million active accounts as of July 23. 

The Ethereum blockchain, on the other hand, showed total transaction counts of 2,451 million according to etherscan data. The blockchain recorded an average of 12.7 transactions occurring per second. With a $416 billion market cap, the altcoin is the second-largest cryptocurrency. 

Tron Network & Ethereum in the Past Month

In the last 30 days, the two ecosystems have witnessed crucial updates. The Tron Network announced the launch of gas-free stablecoins for Tron and Ethereum blockchains at the beginning of July. Moreover, the blockchain exhibited a six-month high in the number of new accounts created in June. 

Meanwhile, the Ethereum ecosystem has received the spotlight over others due to the launch of spot ETFs in July, post the SEC approval in May. The ETFs began trading on July 23 and have recorded net inflows within the first 24 hours of trading. 

However, both ecosystems also encountered regulator scrutiny in H1 2024. While Ethereum’s ETFs faced prolonged approval periods, the Tron Network combated a lawsuit against the SEC.

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