TRON becomes legal tender in this country: Here's how TRX will be affected

TRON TRX reached another milestone on 24 January, taking another step towards the network's goal of increasing its global adoption. Justin Sun, the founder of TRON, revealed that St. Maarten announced its plans to adopt TRON as legal tender.

Timeline of Tron

The Tron network just revealed a recent development that may underscore subtle but important upcoming changes. More importantly, these changes will bring some improvements that will benefit users, and here's how.

It's no secret that 2022 has been one of the most challenging years that crypto markets have faced for many years. However, despite fears that this crypto winter could remain in the long term, history suggests that better times are ahead.

The first month of 2023 is underway, and most assets on the cryptocurrency market are already demonstrating fresh optimism for the new year, including TRON (TRX), the price of which has recorded gains on charts across multiple timeframes.

According to a tweet by TRON (TRX) on January 10, the network has displayed an impressive performance as it is currently ranked second in terms of total value locked (TVL) in the entire crypto space. TRON's TVL has reached $9.2 billion by end of 2022, TRON DAO disclosed.

Key Points: Last week, the crypto market was in a bullish trend, with multiple cryptos flourishing and reporting large gains. Having said that, TRON [TRX] was on the same thereof page.

TRON [TRX] recently ranked the second highest in total value locked (TVL), with Ethereum taking the first spot. Therefore, it shouldn't be surprising that its native token, TRX, has made 6% gains since 17 December.

According to a tweet by TRON Community on 20 December, TRON [TRX] grabbed the second spot on the list of blockchains with the highest total value locked. It was second only to the king of altcoins, Ethereum [ETH].

The native currency of the Tron network, TRX, is one of the few cryptocurrencies in the current altcoin market to experience a price hike. As of this writing, TRX has gained 0.2% on a daily basis, with a 6.1% increase seen on a monthly timeframe.

Despite turbulent market conditions, TRON [TRX] made great strides in terms of development. Notably, on 15 December, the network launched a new Yuan stablecoin with the help of TrueUSD.

As the final month of 2022 rolls in, the cryptocurrency market, along with TRON (TRX), is trying to offset the losses it suffered throughout the year, affected by various macroeconomic factors, as well as developments in the sector, including bankruptcies of major participants.