- The launch of the new L2 will happen in three stages.
- TRX’s price action remained bullish, but investor confidence dropped.
Tron’s [TRX] performance over the last month has remained promising as it has displayed consistent growth. While this already helped investors earn profits, things also looked pretty optimistic on the development front of the blockchain.
Tron is up to something interesting
AMBCrypto’s look at Santiment data revealed that TRX’s development activity has been on the rise for the last seven days. Thanks to that, its dev. activity contributor count also spiked last week.
Source: Santiment
The reason behind this rise in developmental work could be attributed to Tron’s upcoming project. The blockchain recently released the road map for its Bitcoin [BTC] L2 solution.
As per the announcement, this integration will link the Tron network directly with Bitcoin, allowing access to over $55 billion in value for the network. This integration will increase the financial accessibility of Bitcoin and its Layer 2s, such as Ordinals.
Tron plans to implement this integration in three stages.
The first one will be to introduce Tron ecosystem tokens, including USDT-Trc20, TRX, BTT, JST, etc., into the Bitcoin network, while in the second stage, Tron will start forming alliances with multiple Bitcoin Layer 2 protocols.
The third and final stage will feature the public launch of a Layer 2 solution that synergizes Tron, BTTC, and the Bitcoin network.
Since L2s have created a lot of buzz in the recent past, the launch of TRX’s BTC L2 might help the blockchain further boost its adoption rate. According to TRONSCAN’s data, Tron boasted more than 213 million accounts with over 7 billion total on-chain transactions.
Source: TRONSCAN
Tron investors are enjoying profits
TRX’s performance on the price front also remained remarkable throughout the past month. As per CoinMarketCap, TRX was up by nearly 30% in the last 30 days.
At press time, TRX was trading at $0.1381 with a market capitalization of over $12.1 billion. However, it was surprising to note that despite the bullish price action, TRX’s social volume remained low.
Read Tron’s [TRX] Price Prediction 2024-25
On top of that, apart from the 6th of January and the 21st of February, bearish sentiment around the token remained dominant in the market. This was evident from Tron’s low-weighted sentiment graph.
Nonetheless, its Binance funding rate remained high, meaning that derivatives investors were actively buying TRX.
Source: Santiment