Stablecoin and memecoin frenzy drive Tron’s adoption: Report

Last year was a remarkable year for Tron, which strengthened its position in the blockchain industry. The network leveraged major market trends throughout 2024 to attract new users and increase onchain activity. Cointelegraph Research’s latest report provides an in-depth analysis of Tron’s progress that examines its current state and highlights the network’s performance, strategic partnerships and ecosystem expansion.

Despite 2024 being a challenging year for the altcoin market, Tron (TRX) demonstrated significantly stronger price performance than Bitcoin (BTC), Ether (ETH) and other leading altcoins. It outperformed BTC by nearly 27% and surpassed the broader altcoin market by 50%. TRX set a new all-time high of $0.426 and achieved a market capitalization of $9.54 billion at its peak.

Stablecoin growth drives network activity on Tron

Stablecoins on Tron saw increased activity in 2024. Their supply increased by 27%, primarily driven by extensive USDT (USDT) issuance.

Tron remains the primary blockchain for USDT usage. USDT dominates on Tron, accounting for almost 98% of the stablecoin supply. Its usage currently contributes to about 30% of all transactions on the network. While nearly 47% of the total USDT supply resides on Ethereum and only 43% on Tron, the latter leads in USDT transfers and facilitates 61% of all such transactions across blockchains.

Memecoin craze fuels Tron adoption

The launch of SunPump was a pivotal moment for Tron’s ecosystem. SunPump quickly garnered significant interest from the community. This success was fueled by Tron’s active support for the ecosystem, which includes its $10 million meme ecosystem incentive program. The memecoins craze on Tron resulted in the launch of more than 94,000 new tokens.

SunPump established itself as one of the top three most successful fair launch platforms, along with Pump.fun and Moonshot. Shortly after its debut, it lured a significant portion of Pump.fun’s audience, driven by the rise of high-market-cap memecoins on Tron and the swift adoption of Tron-supported trading tools, such as Telegram bots. At its peak, SunPump even flipped Pump.fun in the number of created tokens in one day.

Key takeaways and plans for 2025

In 2024, Tron demonstrated strong performance both economically and in onchain activity.

This year, Tron has been constantly ranked among the leading public layer-1 blockchains by the number of active addresses and transactions. It trailed only Solana in daily active addresses and recorded a 20% year-over-year increase.

Moreover, Tron surpassed $2 billion in annual revenue, setting a new record. While the launch of SunPump caused a significant spike in revenue, stablecoin transfers remain the key reason for the high activity on Tron.

Tron has made notable progress in preventing illegal activities involving USDT. Since its inception in August, the T3 Financial Crime Unit has frozen or seized over 126 million USDT from malicious actors.

The future of Tron’s development points toward continued expansion into the Bitcoin ecosystem and the integration of artificial intelligence. Justin Sun recently hinted at the development of an AI-related service on Tron, potentially linked to the growing popularity of AI agents. Further improvements in stablecoin usability, such as token-agnostic gas payments, are also expected to be released this year.

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