Despite the general downtrend that is dominating the cryptocurrency market, and most of its assets are struggling to stay in the green, one of them is breaking records – time spent in deflation.
As it happens, TRON (TRX) has been in contraction from the period between the start of October 28, 2021 and October 12, 2022, which is 50 weeks or nearly a year, as announced by tronscan, The official explorer of the TRON blockchain, in a tweet On October 17.
According to the announcement, the total number of TRON tokens at the end of this downturn reached 9.6 billion TRX. According to the data, the maximum number of TRX generated was 5,273,312 on August 14, 2021, while the maximum number of tokens burned was 1,106,056,407 on May 22, 2022.
TRX as a deflationary cryptocurrency
The TRON token was designated as a deflationary cryptocurrency after the network community agreed in February 2021 to make it deflationary by introducing a burning mechanism that reduces the total supply in circulation over time.
This means that the number of coins in circulation decreases from time to time, which makes the currency more valuable, unlike inflationary cryptocurrencies and traditional fiat money, which depreciate in value as banks and networks mint new coins.
In April 2021, TRX completed its first deflation in history – from March 30, 2021 to April 5, 2021, as TRON announced that this move makes it the first cryptocurrency in the world to go from inflation to deflation, thus enhancing its value.
Breaking other records
Meanwhile, TRON broke another record – it recorded more than 4 billion transactions over the network in just 24 hours after rumors that its founder Justin Sun is the real buyer of crypto exchange Huobi.
Moreover, the value of TRON’s stake has exceeded $12 billion, and the number of accounts created on the network exceeded 116 million, three months after TRON became the second largest public chain by market capitalization of the stablecoin.
At press time, TRX stands at $0.06257, up 1.88% from today, but still down 2.13% from the previous seven days, according to CoinMarketCap data.
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Post TRON (TRX) has been in deflation for about a year; This is what this means first appeared on Coinphony.