Justin Sun To Launch Gas-Free Stablecoin Transfer On Tron, Other Networks

Must read

In an exciting development, Justin Sun, founder of Tron Network, has announced plans are underway to introduce gas-free stablecoin transfers. This has drawn much reaction with many applauding Tron’s latest proposed feature, while other users criticize the late implementation of this upgrade.

Gas-Free Stablecoin Transfer To Commence By Q4 2024 – Justin Sun

In an X post on Saturday, Justin Sun stated the team at Tron has been working on a new upgrade that allows users to send and receive stablecoins without paying gas fees. 

For context, gas fees are charges that accompany each transaction on a blockchain. For the transfer of stablecoins and most assets, the gas fees are usually denominated in the native token of each network i.e. gas fees for stablecoin transactions on Tron are paid with TRX token.

However, Justin Sun explains that the new solution will allow users to conduct stablecoin transactions without needing TRX or other native assets. Rather the cost for these transfers will be fully covered by the stablecoins. 

Furthermore, the prominent crypto figure has stated this new upgrade will first be introduced to the Tron blockchain before an extension to Ethereum and other EVM-compatible public networks. 

Notably, while this feature does not eliminate the concept of transaction charges, it may likely introduce lower gas fees for users who deal only in just stablecoins. Commenting on this development, certain users have commended the team at Tron for this “innovation”. One of these enthusiasts Mark Lamb said

Interest revenues fund a lower cost of transfers for the global south and under-banked. Transferrors and holders fund super profitable interest collection business. This is real innovation and the reason crypto exists. Congrats @justinsuntron

Meanwhile, other users have slammed Tron for developing this solution quite late as other blockchains namely Celo and the Internet Computer Protocol (ICP) already offer users a similar feature.

According to Justin Sun, the gas-free stablecoin transfers are expected to launch in the fourth quarter of 2024. The Tron founder believes this feature could encourage major companies to offer stablecoins thus widely driving up the cryptocurrency adoption.

Tron Network Thrives With Strong User Base Despite Market Volatility

In other news, Ben Sizelove, an analyst on CryptoQuant, 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 has been largely driven by diverse applications on the Tron network in terms of payments, stablecoins, and word assets. In addition, the analyst notes that Tron’s show of a resilient user base has occurred amidst general market uncertainty and accompanied by high selling pressure.

Justin Sun
TRX trading at $0.13 on the daily chart | Source: TRXUSDT chart on Tradingview.com

Featured image from Wikipedia, chart from Tradingview

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

Semilore Faleti

Semilore Faleti

Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

More articles

Latest article