TRON Up by Over 100% in 1 Month: Can BitTorrent Token’s Success Push it Further Up?
In the past 30 days, the valuation of the crypto market dropped from $138 billion to $114 billion by $24 billion. Yet, TRON (TRX) recovered from $0.0127 to $0.0264, by well over 107 percent.
Since December 17, in about five weeks, the Tron price demonstrated a strong gain against both Bitcoin and the U.S. dollar following a series of positive announcements.
Most recently, BitTorrent Token, the native cryptocurrency of the BitTorrent ecosystem, initiated a token sale on Binance Launchpad and all of the tokens sold out within minutes.
Could BitTorrent Pave the Path Towards the Success of TRON
On January 28, as CCN reported, Binance Launchpad and TRX completed the token sale of BitTorrent token within 15 minutes.
BitTorrent Token was sold to Binance Coin and TRX holders, with 23.76 billion BTT distributed to BNB holders and 35.64 billion BTT distributed to TRX holders.
Both sales were concluded within 15 minutes. But, the sale could have been completed within seconds had technical issues not emerged on Binance Launchpad.
Find a solid project (10 year product, 100m users), advise them to keep the initial sale price low (overwhelming demand), then list (price goes up). Some say “manipulation” (what?!?) Some say “thank you!”. Welcome to the world of freedom!
— CZ Binance (@cz_binance) January 31, 2019
Changpeng Zhao, the CEO of Binance, said that the demand for BTT was so high that it overloaded the system even with extended preparation.
Damn, no matter how much you prepare, still have bottleneck issues. Even the caching of caching was over loaded. Still under estimated demand. Sorry for the overloaded experience. And thank you for your support! Some issues will fix for the next one. Due to overwhelming demands, Tron team generously agreed to do a small airdrop for people who tried to place orders, but was not successful in buying.
Following the successful campaign of BTT, TRON CEO Justin Sun said that due to the fixed supply of BTT and the one billion devices in the BitTorrent ecosystem, there’s only about 990 BTT per user.
There are 1 billion devices in @BitTorrent ecosystem. That’s only 990 $BTT per user! Cherish the #BTT you have before it is too late! #BitTorrent #TRON #TRX $TRX https://t.co/YCBIHFgKXb
— Justin Sun (@justinsuntron) February 2, 2019
Based on the demand for BTT, investors remain positive that the next phase of TRON’s growth and development could be fueled by BitTorrent Token.
While smart contract protocols like Ethereum, EOS, and TRX have hundreds of decentralized applications (DApps) with thousands of active users on average, no blockchain protocol to date has a platform with millions of users.
But, whether many BitTorrent users will use BTT remains in question.
A cryptocurrency researcher with an online alias “Zissou” suggested that BTT could complicate the process of accessing the BitTorrent protocol. As such, it may be difficult to convince or incentive users to utilize BTT.
Often, users download torrent files via magnet links or torrent files. For casual users, creating an account on an exchange, purchasing BTT, reading a tutorial on methods to use it, and transferring BTT to a BitTorrent client could be difficult.
I can click a free magnet link
1. Buy BTC
2. Register Binance account
4. Transfer $BTC to Binance
5. Wait for confirmations
6. Purchase $BTT tokens
7. Read a $BTT tutorial
8. Transfer $BTT to Bittorrent client and pay for saving time on my download#GG $BTT
— Zissou™ (@ZeusZissou) February 1, 2019
What TRX Growth May Look Like
As recent reports have revealed, TRX has allocated more resources than many other blockchain protocols in accelerating its DApp ecosystem.
A Dapp.com report disclosed that TRON is the most ambitious project by far with more than $2 billion pledged to support its DApp ecosystem.
“TRON is the most ambitious in the dapp field, with a $2 billion Project Genesis launched in the second half of the year. In addition, it spends $100 million on TronArcade to promote its dapp ecosystem,” the report read.
According to the official blockchain explorer of TRX, the transaction volume of the blockchain network increased from less than 130,000 transactions to over 2 million transactions in a span of four months.
Due to the high user activity in the BitTorrent ecosystem, it is still uncertain how TRX and the blockchain network will handle millions of requests on a regular basis.
The development team behind the project has prioritized scalability since the launch of its mainnet in mid-2018 and the scalability-focused open-source developer community of TRX could allow it to eventually achieve a transaction capacity to handle large-scale applications.