What are the Benefits Brought by Charging Transaction Memo with a Fee of 1 TRX?

In the past few months, the transactions on the TRON network has kept growing to over 7 million per day, offering developers with stable and high efficiency service. However, it is detected that a large number of low-value transaction with memo and with URL in memo appear and increase significantly at the same time. These low-value transactions can be regarded as spam transactions because they are usually used to mislead users with information in memo. It is necessary to prevent these spam transactions from harming users and the TRON ecosystem.

Since December 16, 2022 the №80 committee proposal originated from the TRON community has come into force. This proposal is about charging the transaction memo with a fee of 1 TRX. It aims to improve the situation where dramatic increase of low-value transactions happen on the TRON network. Nearly one month has passed, the consequence has come into sight and we can see significant benefits brought by this proposal.

First of all, the target of this proposal has been achieved as expectation. The average daily transaction with memo and with URL in memo has been decreased by over 99%. Secondly, cracking down on these spam transactions has not affected the prosperity of the TRON network, the average transaction amount, stake rate, and deflation rate have recovered to steady growth trend.

Data Analysis

Compare the on-chain average daily transactions data in recent month after the effective proposal with that of one week before proposal took effect, we can see the average daily transaction with memo has decreased by 99.23% to 17,353, and the average daily transaction with URL in memo has decreased by 99.98% to 339. Previously, the average daily transaction with memo consists 28.6% of total average daily transaction, now the number is only less than 0.3%. That means low-value transactions has been significantly stopped.

Fig. 1 — Average daily transaction data after proposal took effect

While the low-value transaction is almost terminated, the average daily transaction has not been significantly affected. After the decrease in first week after December 16, the daily transaction has recovered to a stable trend. And the stake rate, deflation rate etc. remains good state.

Fig 2. — Trend of daily transaction on TRON network

Summary

Charging transaction memo with a fee of 1 TRX significantly decrease the low-value transaction on TRON network, making the ecosystem more secure and reliable. Meanwhile, instead of decrease of transaction caused by stopping spam transaction, the daily transaction has recovered to prosperous trend, reflecting that developers and users are more confident about TRON network.