TRC20-USDT market cap is about to surpass ERC20-USDT
- TRON CEO Justin Sun recently announced that TRC20-USDT is about to overcome Ethereum's version of ERC20.
- TRON-based Tether started growing rapidly, supposedly due to the much lower cost of making transactions.
- Ethereum still continues to struggle with extremely high fees as it awaits the launch of Ethereum 2.0.
TRON (TRX) has always been very competitive when it comes to Ethereum (ETH), and for some time now, the project has managed to outperform some of Ethereum’s major milestones. According to its CEO, Justin Sun, TRON might outperform Ethereum in yet another way fairly soon — the market cap of its TRC20 version of Tether (USDT).
According to Sun, who, in turn, cited data from CoinMetrics — the TRON version of Tether is about to become bigger than Ethereum’s version of the coin.
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This is not that surprising, especially given how massive Ethereum’s gas fees have been over the last year. At one point, users had to pay as much as $50 in order to have their transactions processed. Ethereum’s team has been working on trying to find a solution for a long time now, although it has yet to implement anything that would seriously reduce the gas costs.
The issue, of course, comes from Ethereum’s scalability problem — a problem that TRON doesn’t have. As a rivaling development platform that offers much better speed and lower cost, it is no surprise that TRON started attracting all those who had enough of Etheruem’s massive fees and slow network.
Sun pointed this out himself, inviting users to enjoy immediate TRC20-USDT transactions, free handling fee, different use cases, such as trading, and more.
TRON has been developing its ecosystem for years now, ever since the launch of its mainnet in mid-2018. Meanwhile, Ethereum’s high fees have been the primary loss of users for the network for quite some time.
Of course, users might still rush back to the project once Ethereum 2.0 upgrade is complete, although there could still be quite a bit of time before that happens.
In the end, Justin Sun said that the community should prepare to witness history, and in many ways — he is correct. However, this is not the end for Ethereum — far from it, and things will likely still turn around in Ethereum’s favor once its update launches in full.