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From boom to boredom? Taking a look at Tron’s price and adoption in 2018

While Tron’s mainnet launch set tongues wagging earlier this year, has the platform sustained its pace and value? We explore!

Written by Bryan Smith Published on

Along with EOS, Tron stormed news headlines midway through this year as the blockchain platform officially launched its mainnet and proceeded with its exchange-led token swap.

Tron entered the year as the ninth most valuable cryptocurrency by market cap on January 7th, and traded at $0.170342 USD. At the time, the cryptocurrency bore a total market cap of $11,199,707,987 USD.

Now the twelfth most valuable cryptocurrency, Tron trades for $0.021170 USD today, and bears a total market cap of $1,391,859,856 USD. For investors holding bags since the start of the year, that development marks an 88% decline.

Tron’s high point arrived early this year, where the digital currency traded for $0.278030 USD on the 5th of January. Unfortunately, fortunes faded shortly thereafter – hitting a trough at $0.25920 USD on the 6th of February.

Trading volume

At its height on the 5th of January, the Tron saw some $4,752,870,000 USD worth of TRX transacted daily – the network later fell to a low point of $87,689,800 USD on the 28th of June.

Development changes

Perhaps Tron’s most visible change and the one which most excited investors, the platform ‘declared independence’ from Ethereum on the 1st of June with the launch of its official mainnet.

Presiding over the event, Tron Foundation CEO Justin Sun took to Medium to write:

“Today, I announce with confidence that development for TRON Mainnet, Odyssey 2.0 is complete and all materials have been submitted to Github. From this day forth, the TRON community will be able to download and run TRON’s official mainnet Odyssey 2.0 on the TRON Github page.”

While Tron acknowledged Ethereum’s assistance and role in meeting fundraising expectations at the time, the Foundation cited that Ethereum’s slow adoption of new protocols was the result of an “an authoritarian system dominated by the foundation and develop(ment) team”.

At the time of its transition,  TRX collapsed by 4.14% day-on-day, and traded at $0.05 USD.

The network was later complemented by both its acquisition of BitTorrent and the election of its Super Representatives.

Founded 2001, BitTorrent functions as a peer-to-peer file transfer protocol for sharing data over the internet, in which each part of a file downloaded by a user is transferred to other users.

Sun has previously heralded BitTorrent as the “genesis of the decentralization movement,” and publicly regards the platform as the “first decentralized Internet protocol with large-scale global application, [which] retains its status as the world’s largest decentralized protocol, once transmitting 40% of daily Internet traffic.”

In a medium post, the project Founder elaborated that “I am proud to officially announce that TRON has successfully acquired BitTorrent and all BitTorrent products. From this day on, BitTorrent, whose software has been installed on billions of user devices, will become part of the TRON ecosystem, making TRON the largest decentralized Internet ecosystem in the world.”

Both Sun and BitTorrent’s management team later recieved more than 100 million votes – propelling both to become one of the 27 network Super Representatives Tron accommodates.

Adoption

Ironically, Tron has found greater acceptance as a payment medium in recent months as opposed to fulfilling its primary purpose – serving as a decentralized content entertainment system with distributed storage technology.

Following on from its decision to accept Verge earlier this year, Pornhub has now begun accepting TRON and ZenCash as payments for its premium online services.

Tron further partnered with vSport Chain to develop the first World Cup Prediction Platform based on blockchain technology in an arrangement that saw both parties “share resources, collaborate on technical challenges, deliver premium content, build communities, and expand their reach.”

Into the future

While cryptocurrency markets shudder, Tron has endured the dual position of successfully launching its proprietary blockchain and securing new utility, but furthermore finding its value in a vice.

Tron may yet be prepared to succeed in the future, however – the platform enjoys bountiful community support and, as our contributor Remy Stephens noted, enjoys the support of influencers who discuss the platform regularly, fairly passionately and in a largely positive way.

Written by

South African technology journalist, podcaster, photographer and filmmaker. Hodling - BTC, NEO, ETH.@bryansmithsa

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