On January 24, Justin Sun, TRON Founder, announced that St. Maarten has expressed his wishes to adopt TRON which is alongside TRON’s goals of massive adoption on a global scale.
- St. Maarten bares plans of adopting TRON
- TRX price down by 3.31%
- Price to peak by Q2 of 2023; could potentially shoot to $0.0973
St. Maarten, also spelled Saint Martin, is a country located in the Kingdom of the Netherlands in the Lesser Antilles, northeastern Caribbean Sea.
Decentralization, The Name Of The Game
TRON (TRX) refers to the decentralized open-source blockchain network that allows users to seamlessly connect with each other while also providing them access to a myriad of entertainment applications including graphics, videos, and games.
Essentially, decentralization remains the focus of the TRON project which facilitates the smooth transfer of money between users without any interference from financial companies or middlemen.
Another milestone for #TRON! St Maarten to adopt TRON as legal tender marks another achievement for our push on worldwide blockchain adoption.https://t.co/HXEnouj0Le
— H.E. Justin Sun🌞🇬🇩🇩🇲🔥₮ (@justinsuntron) January 23, 2023
The contrasting factor lies mainly in TRX unique architecture, as it is dispersed into three categories or layers:
- the Storage Layer which has a distributed block storage
- the Application Layer which is mobilized by developers for creating dApps that are used for issuing tokens
- the Core Layer which consists of varied modules and smart contracts
These different layers are interconnected using a protocol that is compatible with multiple programming languages.
More so, the network also has built its community which is fostered towards the goal of speeding up the internet’s decentralizations with the use of blockchain and dApps.
On December 27, the TRX community merged with the Enterprise Ethereum Alliance (EEA) bandwagon, which is geared towards promoting best practices with the use of Ethereum blockchain technology, enabling real-world applications and processes.
TRON As Legal Tender; Social Volume Up
With St. Maarten’s announcement declaring the adoption of TRON as legal tender, its native token responded accordingly with metrics looking positive.
TRX’s social volume spiked which hints at its booming popularity. More so, TRX also exhibited an increased demand in the futures market with its Binance Funding Rate extremely high.
TRX total market cap at $5.5 billion on the daily chart | Chart: TradingView.com
However, the network’s development activity has plunged as seen in the past couple of days which could pose problems for the network. According to CoinMarketCap, TRX price is seen to retreat by 3.31%. The token is trading at $0.06068 as of this writing.
Evidently, investors have so much to rejoice about with TRX looking to spike in the next couple of days as seen in the recent market indicators, with the crypto peaking in the Q2 of 2023 or reaching as much as $0.0973.
With St. Maarten’s collaboration with TRON, the latter taps into the inclusive and expansive global network which can further boost the island nation’s economy.
Featured image by World Atlas