Published: 2018-11-30 16:09:04
As many of our readers may already know, over the past week, Tron (TRX) has been surging, with the currency gaining as much as 40% in value amidst bearish market conditions (to say the least).
With that being said, the market as a whole seems to be struggling right now even though the recent BCH saga has finally came to an end. As things stand, the so-called ‘hash war’ between BCH SV and BCH ABC has now concluded (with BCH ABC gaining supremacy over the BCH SV network).
Lastly, it is worth noting that in the midst of all this confusion, Tron was able to outpace its competitors and recover around twice the value of premier assets such as Ethereum, Bitcoin Cash, and EOS. To elaborate further on the matter, over the course of the past 24 hours, TRX has surged by over 22%– only to be followed by other altcoins such as Cardano and Stellar (who were up by 10% and 9% respectively).
TRX Is Surging at the Moment
Talking about the amazing run that the TRX/USD pair has had in the recent past, we can see that the currency recently noted a relative high of $0.019 a few days back (on November 28). However, since then, the value of the TRX/USD pair has slid a little (with many analysts claiming that the pair will eventually settle around the $0.014 mark).
Lastly, it is worth noting that Tron has had a ‘long history of strong downside corrections’ after overreaching its upside targets. For example, earlier in August when the TRON foundation released its native TVM module, the price of TRX surged by around 10%. However, as soon as the hype dried up, the price of TRX dropped by a whopping 24% (within the span of a few days).
More About The Protocol Upgrade
Via Tron’s regular newsletter, company founder and allround crypto maverick, Justin Sun stated that despite all the negative market pressure being faced by investors, the deployment of decentralized applications on the Tron blockchain has surged over the past month or so. He then went on to say that even Tron’s daily transaction volume has reached new peaks recently.
“TRON’s official DEX has also seen strong growth with a daily transaction volume of over 100 million TRX. Based on the Bancor Protocol, the DEX receives lots of applications for token listings every day.”
Tron’s latest protocol update Odyssey-v3.2 has been devised in order to help customers minimize various costs that are currently associated with smart contract execution. Not only that, v3.2 also aims to fix many of the peer synchronization problems that currently exist within the company’s blockchain ecosystem.
In this regard, a post on GitHub reads:
“This version improves SolidityNode block synchronization performance by turning off the index. If the SolidityNode sync block is slow, you can use this version, it will greatly speed up the Block synchronization. Otherwise, there is no need to upgrade this version.”
As mentioned earlier, Tron is still quite susceptible to wider downside corrections, especially since the altcoin is in a “fake breakout zone” (like a plethora of other different altcoins). It now remains to be seen how the future of TRX plays out from here on end.
The views and opinions expressed in the article Tron Sees Odyssey 3.2 Protocol Update as TRX Coin Rises Nearly 40% Upon Activation do not reflect that of 48coins.com nor of its originally published source. Article does not constitute financial advice. Proceed with caution and always do your own research.