TL;DR
- Tron has raised its energy cap to 120 billion to reduce traffic and transaction costs associated with meme coins, according to an announcement by Justin Sun.
- Proposal No. 92 aims to lower gas fees and increase daily transactions to over 20 million in the next three months.
- The price of the TRX token has increased by over 21% in the past week, and the meme coin SUNDOG has surged by 200% in the same period, with a value of $0.259.
Tron Network has announced a substantial increase in its energy cap, raising it to 120 billion in response to the growing interest and activity surrounding meme coins on its platform. The update, communicated by Tron founder Justin Sun via his X account, aims to reduce network traffic and lower associated transaction costs.
The energy cap increase has been implemented through Proposal No. 92, which is expected to benefit stakers by reducing gas fees and encouraging greater network activity. According to Sun, this measure will relieve pressure on the network and increase the number of daily transactions to over 20 million in the next three months. The potential growth in transactional activity could help expand Tron’s market share and boost its revenue.
Proposal No. 92 of the TRON community is now in effect, raising the energy cap to 120 billion. This means more transactions for TRX stakers, lower Gas Fees, and increased network activity. I’m impressed by the TRON community’s execution. https://t.co/RbwJvQ75Ds
— H.E. Justin Sun 孙宇晨(hiring) (@justinsuntron) August 25, 2024
Financially, Sun projects that the network could achieve a total revenue of $3 billion in the next year. Of this amount, $1 billion will be allocated to token burning, while $2 billion will be assigned to rewards for stakers and transaction subsidies. Additionally, if Tron’s meme coin strategy proves successful, revenues could even reach $4 billion.
Tron (TRX) Soars 21%
The boom in meme coins on Tron’s SunPump platform has been a key factor behind the need for this adjustment in the energy cap. The increased activity on the network has led to a notable rise in the price of its native token, TRX, which has surged by over 21% in the past week, positioning it as the ninth-largest cryptocurrency by market cap according to CoinMarketCap. At the time of writing, TRX is valued at $0.167 per unit.
Among the meme coins with the highest growth is SUNDOG, which has achieved a 200% increase in the past week and an additional 28% rise in the last 24 hours, reaching a price of $0.259 and a market cap exceeding $258 million.
