Justin Sun’s energy cap and fee reduction proposal has been drafted, voting to commence

Tron founder and crypto entrepreneur Justin Sun issued a proposal to limit energy usage and reduce transaction fees in the Tron ecosystem after the Sunpump frenzy. Sun’s recent announcement indicates the proposal has already been drafted, and voting is expected to commence soon. 

The Tron ecosystem recently rose to prominence among crypto enthusiasts due to its performance, which led to increased activities on the network. However, the surge in on-chain transactions on the Tron network triggered an energy shortage crisis and caused volatility in transaction fees. 

Justin Sun drafts a proposal to address Tron’s energy shortage 

Tron founder Justin Sun responded swiftly to the energy shortage by forwarding a proposal to cut energy and reduce transaction fees on the Tron blockchain. Justin Sun said the proposal has already been drafted. He also said that the voting process will commence soon. Sun emphasized that the network will quickly reduce fees to improve efficiency.

The crypto entrepreneur initiated the proposal to the Tron community after the recent frenzy in the Tron ecosystem caused by the memecoin fair launch platform Sunpump. The proposal aims to increase the energy limit to drop energy costs and reduce fees for Tron meme adoption.

In a separate announcement, Sun informed the crypto community that he had discussed the emerging energy and transaction fee crises with Super Representatives, and the team responded positively. Super Representatives are the block producers in the Tron ecosystem who play a vital role in governing the Tron community. 

Justin Sun also mentioned in another post that a Super Representative proposed hiking the ecosystem’s energy limit by 30% to 120 billion from 90 billion to give TRX stakers more energy for transactions.

Tron’s memecoin fair launch platform, Sunpump, is responsible for increasing the blockchain’s activities. Tron launched the platform in mid-August, and just twelve days after its debut, the protocol realized a revenue of $1.5 million from new memecoins launched on the platform. 

Tron’s revenue hits an all-time high

After the launch of #SunPump, the 24-hour revenue on #TronNetwork hit a new all-time high of $3.84M! pic.twitter.com/IXs0fIhndV

— Lookonchain (@lookonchain) August 21, 2024

On-chain analytics firm Lookonchain reported on August 21st that the Tron network’s revenue hit an all-time high of $3.84 million. Tron’s native digital asset, TRX, has continuously displayed bullish momentum in the last few days. 

According to Coinmarketcap, TRX is currently trading at $0.1553. The asset has experienced a slight 3.93% dip in the last 24 hours but leads the top ten crypto assets by market cap with an 18.57% increase in the last seven days. The ecosystem’s recent growth influenced a significant surge in TRX’s market cap. As a result, Tron’s TRX overtook Cardano’s ADA to become the tenth-largest crypto asset by market cap.

Sun also recently announced he had had discussions with several community leaders in the memecoin ecosystem who expressed their interest in shifting their developments to Tron’s fair launch platform, Sunpump. However, it is still unclear who Sun spoke to and what meme projects could be coming to Tron soon.