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Geneva, Switzerland, October 22, 2024 – Messari, a leading provider of digital asset market intelligence products, released a research report highlighting TRON’s Q3 performance. The report details seven consecutive quarters of increasing on-chain activity, driving its protocol revenue to an all-time high, fueled by increased transaction volumes and a rapidly growing user base.
State of TRON Q3 2024
The TRON network experienced impressive protocol revenue growth in Q3 2024, reaching an all-time high of $151.2 million, reflecting a 29% increase quarter-over-quarter (QoQ).
During this period, TRON also achieved notable growth across several key metrics, including a 24% increase in market cap, a 4% rise in DeFi TVL, a 3% growth in stablecoin market cap, and a 150% increase in average daily DEX volume.
Other Highlights:
- TRON passed a series of proposals aimed at lowering gas fees, further enhancing its appeal for cost-efficient transactions.
- USDT on TRON reached $58.94 billion by the end of Q3, a 3% increase from $57.06 billion QoQ, with over half of all USDT in circulation now on the TRON network.
Ecosystem Growth
- On July 25, TRON launched HackaTRON Season 7 to attract both experienced developers and newcomers to the TRON platform.
- On September 10, 2024, TRON, in collaboration with Tether and TRM Labs, announced the launch of the T3 Financial Crime Unit (T3 FCU) to address cryptocurrency-related crimes.
- TRON is developing a Bitcoin Layer-2 solution, aiming for a secure way for the Bitcoin ecosystem to access TRON’s pool of stablecoin capital.
Read the full research report from Messari here.
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About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the integration of BitTorrent, a pioneer in decentralized Web3 services, boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of October 2024, it has over 265 million total user accounts on the blockchain, more than 8.7 billion total transactions, and over $16 billion in total value locked (TVL), as reported on TRONSCAN.
In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens – TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.
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Media Contact
Yeweon Park
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This article first appeared at Crypto Briefing
