Check out how new proposal impacts Tron ecosystem
Despite the downturn in the cryptocurrency market, development in this area is full steam ahead. Enhancement changes are made on a daily basis, and one of the cryptos that has undergone changes is Tron (TRX).
On Tron DAO’s Twitter profile, the announcement came out that the altcoin network’s committee proposal #80 was approved. This suggestion was created to change the memo charges to 1 TRX.
big issue
Prior to approval, TRX/TRC10 token transfers were free due to free daily bandwidth and no-charge memos.
Although this is a good factor for daily transactions, the lack of fees meant that many transfers were carried out using memos to send fake news and fraudulent links.
According to the Tron development team, 18,136,783 transactions were conducted with Memo in the past three months. Of these, 7,725,151 transfers, 42.59%, were with URLs.
The analysis pointed out that the URL memos are almost all misleading, causing ordinary users to fall for scams related to the blockchain world.
Therefore, the Tron community has found a balance so that these transactions decrease, but honest users are not affected in such a way that they withdraw from the network. Because of this, from December 16, 2022, a fee of 1 TRX will be charged for memo collection.
Therefore, even if the transaction cost with the memo is higher with the new proposal approved, security and trust in Tron’s network are improved.
Tron development in 2022
The launch of the algorithmic stablecoin USDD was one of the hottest topics in the crypto market among many events in the Tron ecosystem. This is because the model of this blockchain asset is similar to that of the former Terraform Labs stablecoin. Tron creator Justin Sun also admitted that he got the idea after seeing the dramatic rise of Terra.
Algorithmic stable assets do not use banks, and companies to maintain their 1:1 parity with the U.S. dollar.
This method of stablecoins has on-chain algorithms that increase or decrease their supply according to market conditions, or buy and sell tokens. Therefore, it issues more coins when the price rises and reduces the supply when the price falls.
This model has not worked for USDD, which has also been one of the worst performing stablecoins this year. It has only been a few days that the asset has managed to hold at the $1 mark, which should be the rule rather than the exception for a stablecoin.
