How Tron’s latest update can bring good news to TRX investors

24 November 2022

in XLM

Reading Time: 6 mins read

New Tron update has released additional features
Soon after, TRX’s price also registered an uptick

Tron [TRX] recently announced the release of its new Java-tron GreatVoyage-4.6.0 update. According to an official tweet, GreatVoyage-4.6.0 is a mandatory update that comes with several new features that are intended to improve the network considerably. A few of the new features include an optimized reward algorithm proposal, a transaction memo fee proposal, optimizing block production priority between active and backup nodes, etc.

📢Java-tron GreatVoyage-4.6.0(Socrates) has been released!

🛠It is a mandatory update, contains a few important features:

✅update the checkpoint mechanism of data storage
✅optimize the storage structure of resource delegation relationship

— TRON DAO (@trondao) November 23, 2022

Read Tron’s [TRX] Price Prediction 2023-24

Moreover, another interesting update was announced by PancakeSwap recently. The development was regarding a new proposal to add Tron to Syrup pool for farming purposes. If this proposal gets passed, then users will be able to stake CAKE to earn TRX.

✨VOTE FOR FREE ✨
on this proposal to welcome Tron (@trondao) to Syrup Pool and Farm!

Stake $CAKE to earn $TRX!
Stake $TRX-BUSD LP to earn $CAKE!

🗳 Vote FOR FREE on the proposal: https://t.co/ajKvvbryKV pic.twitter.com/YOoQRgqZsk

— PancakeSwap 🥞 #BSC (@PancakeSwap) November 22, 2022

Positive impact on TRX

All these developments had a positive effect on TRX’s price action as its price appreciated by more than 4% over the last seven days. In fact, according to CoinMarketCap, TRX’s value hiked by 1.23% over the last 24 hours, with the altcoin trading at $0.05205 with a market capitalization of $4.7 billion.

Additionally, TRX’s value was yet again in the news as it was on the list of the top projects with a market capitalization under $10 billion. TRX was ranked third on the list, only behind Polygon [MATIC] and Polkadot [DOT].

⚡️Top Projects with Market Capitalization under $10B
23 November 2022$MATIC $DOT #TRON $TRX #TRX $UNI #Avalanche $AVAX #AVAX $LINK $ATOM #Stellar $XLM #XLM $ALGO $QNT $FIL $VET $NEAR #NEAR $FLOW $HABR pic.twitter.com/PlTNfWrnzI

— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) November 23, 2022

An update that might be crucial for TRX investors was revealed by Binance too. The exchange will conduct a wallet update on 24 November because of which deposits and withdrawals will be temporarily suspended. It will reopen once the maintenance is completed.

What do the metrics say?

Apart from the most recent price uptick, a few interesting developments also happened on TRON’s metrics front.

DeFiLlama’s data revealed that TRX’s total value locked (TVL) appreciated on 23 November. TRX’s development activity followed a similar path and hiked over the past week. This is generally a positive sign for a blockchain because it represents greater developer effort in improving the network.

After a sharp decline, TRX’s Binance Funding rate revealed signs of recovery with an uptick. This suggested that the token has been receiving more interest from the derivatives market. Nonetheless, TRX’s social volume went down slightly over the past week – A red flag.