TRON Reduces Transaction Fees by 50%

The transaction fees on the TRON (TRX) blockchain have been reduced by 50%, announced the project’s founder, Justin Sun. 

TRON Super Representatives approved a 50% fee reduction, effective in two hours. Combined with other measures this week, meme transaction fees on TRON are now among the industry’s lowest, expected to boost network and meme trading activity. https://t.co/uAUmJB4wgi

— H.E. Justin Sun?(hiring) (@justinsuntron) September 19, 2024

“Combined with other measures taken this week, meme transaction fees on TRON have become some of the lowest in the industry, which is expected to increase network and meme coin trading activity,” Sun noted. 

He added that a transaction on TRON now costs 0.75 TRX ($0.1125) after the fee reduction. According to him, this is “one of the lowest in the industry.” 

I spot-checked Sunswap transactions, and a typical transaction, after fee reductions, costs as low as 0.75 TRX ($0.1125). Tron’s on-chain fees are now among the industry’s lowest. LFG! pic.twitter.com/GPMHaNyUvr

— H.E. Justin Sun?(hiring) (@justinsuntron) September 19, 2024

For comparison, the average transaction cost on the Solana network is $0.00928.

TRON is highly popular for USDT transfers, with its market capitalization approaching $120 billion — approximately 75% of the total value of all stablecoins. 

According to Token Terminal, 80% of USDT users prefer the TRON network.

Despite the fee reduction, the cost of withdrawing USDT from exchanges, including the largest, Binance, remains significantly higher than many other blockchains, including Ethereum’s L2 solutions. 

In August, TRON’s network revenue from fees increased by 46%, while Solana recorded a 48% decline in this metric.

Back in August 20, the TRX coin returned to the top 10 cryptocurrencies by market capitalization, displacing Cardano (ADA) in the CoinMarketCap ranking.