Justin Sun, founder of Tron Network, announced that plans are underway to introduce gasless stablecoin transfers. This has sparked a lot of reactions, with many users applauding Tron’s latest feature, while others have been belatedly criticizing it.
Gasless stablecoin transfer expected to begin by Q4 2024 – Justin Sun
In a X post On Saturday, Justin Sun said the Tron team is working on a new upgrade that allows users to send and receive stablecoins without paying gas fees.
For context, gas fees are fees that accompany every transaction on a blockchain. For the transfer of stablecoins and most assets, gas fees are typically denominated in each network’s native token, i.e. gas fees for stablecoin transactions on Tron are paid with the TRX token.
However, Justin Sun explains that the new solution will allow users to make stablecoin transactions without the need for TRX or other native assets. Instead, the cost of these transfers will be fully covered by stablecoins.
Additionally, the prominent crypto figure stated that this new upgrade will first be introduced to the Tron blockchain before expanding to Ethereum and other EVM-compatible public networks.
Notably, while this feature does not eliminate the concept of transaction fees, it can likely introduce lower gas fees for users who only use stablecoins. Commenting on this development, some users congratulated the Tron team for this “innovation”. One such enthusiast, Mark Lamb said:
Interest income funds a lower transfer cost for the Global South and underbanked countries. Transferors and holders fund highly profitable interest collection activities. This is true innovation and the reason for cryptocurrency. Congratulations @justinsuntron
Meanwhile, other users criticized Tron for developing this solution quite late, as other blockchains, namely Celo and Internet Computer Protocol (ICP), already offer users a similar functionality.
According to Justin Sun, gasless stablecoin transfers are expected to launch in Q4 2024. The Tron founder believes that this feature could encourage large companies to offer stablecoins, thereby significantly increasing cryptocurrency adoption.
Tron Network Thrives With Strong User Base Despite Market Volatility
In other news, CryptoQuant analyst Ben Sizelove has reported that the Tron blockchain has maintained a robust user base, marked by growth in the number of active users since the beginning of 2024.
Sizelove notes that this feat was largely driven by the diversity of applications on the Tron network in terms of payments, stablecoins, and word assets. Furthermore, the analyst notes that Tron’s demonstration of a resilient user base occurred amid general market uncertainty and accompanied by strong selling pressure.
Featured image from Wikipedia, chart from Tradingview
