币界网报道：TRON’s [TRX] gains remain modest, up just 4.43% over the past month and 0.78% over the past 24 hours. This mild market volatility is tied to a surge in on-chain activity, suggesting users are fleeing the network and limited usage of TRX. TRX Revenues Fall Amid Stablecoin Outflows. According to Artemis’ stablecoin supply data, there has been a massive outflow of stablecoins on the TRON blockchain. Approximately $185 million in stablecoins have left the network. This comes shortly after TRON hit an all-time high of $80 billion in total stablecoin supply in June. This sudden outflow indicates a shift in user sentiment and preferences, suggesting that on-chain participants may now prefer other chains to transact on, reducing TRX’s utility in facilitating those operations. The impact of this outflow is stronger than it appears on the surface. According to Artemis data, TRX’s total revenue has fallen to a four-year low. TRX transactions saw total revenue of just $114,000 over the past day, a significant drop from previous market performance. AMBCrypto analysis suggests that the increase in active participants could signal renewed selling pressure on TRX. A surge in user activity has added to the selling pressure. The stablecoin outflows were accompanied by a sharp increase in the number of daily transactions and active addresses. According to Artemis data, the number of daily transactions surged to 9.4 million, up from 7.5 million the day before. Similarly, the number of on-chain participants also increased. Daily active addresses climbed to 2.7 million, the highest level since June 6. This surge in activity appears to be related to the recent stablecoin outflows, a trend that generally reflects pessimism about the network. Despite the liquidity depletion and increased trading activity, TRX has remained relatively resilient. However, further analysis suggests that as liquidity continues to exit the TRON-based protocol, there is a high probability of a price drop. Liquidity exits the protocol. On-chain data shows a gradual sell-off, with liquidity steadily withdrawing from the TRON protocol. As of writing, the total value locked (TVL) on DeFiLlama, a key metric for protocol activity, has fallen by 0.53% over the past day, from $4.878 billion to $4.852 billion. This represents an outflow of $26 million. This outflow reflects waning investor confidence and suggests holders are reluctant to hold TRX, fearing potential losses. If TVL continues to decline and stablecoin supply on TRON hits new lows, the broader market sell-off could intensify, pushing TRX even lower.