Outside Source
The surge in meme coins significantly contributed to Tron’s record revenue of $151.2 million in Q3 2024.
According to a report by Messari, the latest figure marks a 29% increase from the previous quarter. This growth can be largely attributed to the launch of SunPump, a platform designed specifically for launching meme coins.
Activity on SunPump started to surge on August 16 and escalated dramatically in the following two weeks. Between August 16 and August 31, Messari estimated that more than 270.3 million TRX (approximately $42 million) was burned, representing nearly 27% of Tron’s revenue for Q3. Notably, on August 21, the amount of TRX burned reached 34.7 million, which marked the highest daily total in Tron’s history.
The heightened activity surrounding meme coins not only boosted Tron’s revenue in USD but also led to a 6% increase in revenue in TRX to 1.05 billion.
Boost for Tron’s DeFi Activity
The average daily decentralized exchange (DEX) volume surged by 150%, its highest since 2022, as a result of the launch of SunPump. Messari said that SunPump’s influence is particularly noticeable in the rise of volume transacted via SUN V2, which features liquidity pools for bonded meme coins linked to the platform.
In the third quarter, the average daily trading volume on SUN V2 shot up by 982% compared to the previous quarter, jumping from $2.6 million to $27.9 million.
“Essentially all DEX volumes on TRON occur on SUN. In June 2023, SUN introduced a concentrated liquidity (CL) AMM to its product suite (SunSwap V3). Q1’24 marked the first time since SunSwap V3’s introduction that the majority of volume on SUN was routed through the V3 AMM.
Despite the rise in volumes on SUN V2 from meme coins, this trend continued in Q3, with SUN V3 accounting for 51% of all volume on TRON (average daily of $33.3 million).”
Stablecoin Usage on Tron Remains Strong
The stablecoin market cap on Tron has been consistently rising throughout the past year, with Q3 continuing this trend. There was a 3% increase in stablecoin market cap quarter-over-quarter, climbing from $58.02 billion to $59.97 billion.
USDT makes up the overwhelming majority of stablecoins on the network, holding steady at a 98% market share. At the end of the quarter, USDT’s market cap on Tron was $58.94 billion, which is a 3% increase from $57.06 billion. To top that, approximately 51% of all circulating USDT is on Tron, reflecting a 3% decline from the last quarter.
This article first appeared at CryptoPotato
