The Tron network saw notable growth in its market cap, DeFi TVL, and trading volume in Q3. The success of SunPump and the increased use of stablecoins like USDT were key to this growth.
According to Messari’s State of TRON Q3 2024 report, the Tron blockchain network showed quite remarkable growth in several key indicators during the third quarter. For example, the analytics firm emphasized that the market capitalization of TRX, the network’s native cryptocurrency, increased by 24%, reaching $13.500 billion.
According to Messari, Tron’s market cap in Q3 has cemented its position as one of the industry’s leading cryptocurrency ecosystems.
Additionally, the total value locked (TVL) in decentralized finance (DeFi) applications on Tron also saw notable growth, increasing by 4% to reach $8.090 billion. Tron now ranks as the second-largest DeFi network in terms of TVL, ranking only behind Ethereum.
On the other hand, trading volume on decentralized exchanges (DEX) also saw an impressive 150% increase on the network, reaching a daily average of $65,8 million. Regarding this growth, Messari highlighted that DEX activity is an indicator of the growing adoption of the Tron network in the decentralized finance space. Additionally, TRX staking increased in Q3, recording a total of $6.540 billion in staked funds, representing a 14% increase compared to the previous quarter.
Messari’s report also highlighted Tron’s growth in dollar revenue, which reached an all-time high of $151,2 million. This figure marked a 29% increase in the network’s revenue compared to the second quarter.
The expansion of the stablecoin market on Tron
The stablecoin market on the Tron network has been steadily growing, driven primarily by the use of USDT, the stablecoin created by Tether.
At the end of the third quarter, the market capitalization of USDT on the Tron network reached $58.940 billion, according to Messari. This value represents a 3% increase from the previous quarter and is significant considering that over 51% of all USDT in circulation on the market has been issued on this blockchain. This demonstrates the trust that USDT and cryptocurrency users have in the Tron platform for their value transactions.
Source: Messaria – State of TRON Q3 2024
The rise in stablecoin usage is also reflected in the volume of transfers on the network. During the third quarter, the daily USDT transfer volume increased by 4%, reaching an average of $14.380 billion, according to the report's data.
Overall, Tron’s growth in Q3 highlights the importance of the blockchain as a robust ecosystem for cryptocurrency and stablecoin transactions, providing an efficient solution for users seeking security, speed and stability in their transactions.
The SunPump memecoin platform and its impact on the exponential growth of the network
On the other hand, in addition to the stablecoin market, Messari noted that the SunPump platform has played a crucial role in Tron's growth over the past quarter.
Launched in August, SunPump is a launchpad that allows users to create their own tokens, particularly memecoins. In less than two months, over 89.000 meme tokens and cryptocurrencies have been created on SunPump, boosting activity on the Tron network and generating significant volume on Tron-based DEXs.
Source: Messari
The success of SunPump resulted in a 982% increase in daily trading volume on SUN V2, which hosts the liquidity pools for tokens launched through the platform. This increase in DEX activity not only boosted overall trading volume but also attracted new users and developers to the Tron ecosystem.
SunPump’s ability to facilitate token creation has reinvigorated interest in the blockchain network, making it a hub of innovation in the cryptocurrency space. According to Messari, SunPump’s popularity fueled the network’s sharp rise in revenue in the third quarter.
What is Tron and why has its usage and adoption grown?
Tron is an open-source blockchain that uses a delegated proof-of-stake mechanism, abbreviated DPoS, to ensure the security and efficiency of its operations. This blockchain allows developers to create decentralized applications (DApps) and smart contracts quickly and cheaply, which has been fundamental to its growth in the sector.
Among the advantages that have driven Tron's growth are its high transaction execution capacity, which allows it to process thousands of transactions per second, with low transaction costs. All of this has made Tron an attractive option for users in the blockchain industry.
Furthermore, the network's compatibility with the Ethereum Virtual Machine, EVM, has facilitated the migration and integration of existing projects to Tron, expanding its DApp ecosystem and developer possibilities.
TRX’s deflationary token model has also contributed to its appeal, as burning tokens through transaction fees reduces the cryptocurrency’s total supply, which can influence its long-term value increase. These features of Tron have attracted investors and users looking to participate in a growing ecosystem with significant potential. As Tron continues to expand its user and developer base, its focus on innovation and improving user experience promises to maintain its relevance in the growing world of cryptocurrencies.
The growth of its market cap, the adoption of stablecoins, and the impact of platforms like SunPump are a testament to Tron’s potential to remain a key player in the blockchain ecosystem.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
