Tron Ecosystem Sees Massive Growth as UME and SocialSwap Gain Popularity

Tron Ecosystem Sees Massive Growth as UME and SocialSwap Gain Popularity

UME and SocialSwap, two popular DApps on the Tron (TRX) blockchain, are reportedly the biggest contributors to the massive growth seen on the network in recent weeks. These decentralized applications are the most preferred among Tron users, despite their relatively high gas fees.

According to a report by DappRadar, UME posted a 210% growth in daily transactions, while SocialSwap increased its user base by over 60% last week alone.

Tron has been in business for over a year now and has a Total Value Locked (TVL) of $10 billion. The Tron blockchain offers users fast and cheap transactions, a very appealing combination for new entrants into the crypto industry. Over the past month, Tron has recorded a 210% increase in transactions, 16% increase in user base, and over 500% increase in trading volume.

UME is the proprietary governance token of the Uswap decentralized exchange (DEX) on the Tron network. Users can stake and earn UME on the Tron network, and it offers a gateway to Uswap. One of the reasons behind the boom of Uswap was its recent participation in the DeFi hackathon hosted by Tron founder Justin Sun earlier this month. The project came in second place.

Meanwhile, Uswap has an NFT marketplace scheduled for launch on the last week of the month. This development means that Tron could be engaged in the NFT industry soon.

Key TRX Levels to Watch — April 30
Following its rebound from the $0.095 support, Tron appears to have fallen into consolidation below the $0.1250 resistance. However, the cryptocurrency could break the $0.1250 – $0.1300 resistance area in the coming hours, which could trigger a resumption of a bull rally.

TRXUSD – Hourly Chart

That said, failure to scale the immediate resistance could keep the TRX in a sideways momentum over the weekend.

Meanwhile, our resistance levels are $0.1250, $0.1300, and $0.1350, and our support levels are $0.1200, $0.1150, and $0.1100.

Total Market Capitalization: $2.12 trillion

TRON Market Capitalization: $8.9 billion

TRON Dominance: 0.42%

Market Rank: #19

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.