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Justin Sun considers lowering TRON fees amid SunPump craze

GrafaGrafa2024/08/23 09:15
By:Liezl Gambe

Justin Sun, the founder of TRON (CRYPTO:TRX), is contemplating a reduction in transaction fees on the TRON blockchain as part of an effort to boost daily transactions and expand the network's market share.

This move comes in the mid of the SunPump craze, which has brought significant attention to meme coins generated on the TRON network.

The SunPump platform, known for its token generation capabilities, has recently driven a surge in the popularity of TRON-based meme coins, challenging the dominance of other blockchain networks like Solana (CRYPTO:SOL).

Sun believes that lowering fees could increase daily transactions on the TRON blockchain to over 20 million within the next three months, potentially enhancing TRON's market presence and profitability.

In addition to reducing fees, Sun is also considering raising the blockchain’s energy cap to encourage more users to stake TRX, TRON’s native token.

He expects that this combination of lower fees and increased energy will drive greater user engagement and transaction volume on the platform.

Sun has projected that the TRON blockchain could generate between $3 billion and $4 billion in revenue over the next year.

Of this amount, $1 billion would be burned, while $2 billion would be allocated to transaction subsidies and staking rewards.

TRON's recent performance has been impressive, with Sun reporting record revenue of $5.33 million, placing the blockchain ahead of others in terms of earnings.

According to data from DefiLlama, TRON currently ranks third in fees and revenue, following major stablecoin issuers Tether (CRYPTO:USDT) and Circle (CRYPTO:USDC).

The SunPump platform has also been a key contributor to TRON’s recent success, having launched 7,351 tokens and generated $585,000 in revenue within just 24 hours.

This performance outpaced Solana’s similar platform, which produced 6,701 tokens and $366,000 in revenue during the same period.

Despite the positive developments, some market participants remain cautious due to Justin Sun's controversial history in the crypto space.

Concerns have been raised about the sustainability of the current token-pumping activity and whether it might be influenced by Sun himself, given his past involvement in various crypto projects that faced operational and transparency issues.

At the time of reporting, the TRON price was $0.154.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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