TRON’s Q3 revenue jumped 29% thanks to user growth and higher transaction volume, showcasing its efforts to expand the market and enhance protocol efficiency.
Geneva, October 22, 2024, Switzerland A research paper showcasing the network’s Q3 performance was produced by Messari, a prominent digital asset market intelligence solutions supplier. Fueled by a fast-expanding user base and higher transaction volumes, the study outlines seven straight quarters of increasing on-chain activity that has driven its protocol revenue to an all-time high.
TRON Q3 2024 Status
In Q3 2024, the network saw remarkable protocol revenue growth, rising 29% from quarter to quarter (QoQ) to an all-time high of $151.2 million.
It also saw noteworthy development in several important metrics, such as a 150% increase in average daily DEX volume, a 3% increase in stablecoin market cap, a 24% increase in market cap, and a 4% increase in DeFi TVL.
Additional Highlights:
TRON also increased its appeal for cost-effective transactions by passing several proposals to reduce gas fees.
More than half of all USDT in circulation is now on the network, with USDT on TRON reaching $58.94 billion by the end of Q3, up 3% from $57.06 billion QoQ.
Growth of Ecosystems
The network introduced HackaTRON Season 7 on July 25 to draw in seasoned developers and brand-new users to the platform.
To combat crimes using cryptocurrencies, TRON, in partnership with Tether and TRM Labs, announced the T3 Financial Crime Unit (T3 FCU) opening on September 10, 2024.
To provide the Bitcoin ecosystem with a safe means of accessing TRON’s stablecoin capital pool, TRON is creating a Bitcoin Layer-2 solution.
Go here to read Messari’s whole research report.
Concerning TRON DAO
TRON DAO is a community-governed DAO committed to using dApps and blockchain technologies to accelerate the decentralization of the Internet.
Since MainNet launched in May 2018, then network, founded in September 2017 by Justin Sun, has continued producing outstanding results. BitTorrent, a leader in decentralized Web3 services with more than 100 million monthly active users, was also integrated in July 2018. In recent years, the network has become incredibly popular. According to TRONSCAN, as of October 2024, there are more than 265 million user accounts on the blockchain, over 8.7 billion transactions, and over $16 billion in total value locked (TVL).
Furthermore, since April 2021, The network has surpassed USDT on Ethereum to hold the highest global quantity of USD Tether (USDT) stablecoin in circulation. The network is now a community-governed DAO after completing full decentralization in December 2021. It was most recently named the Commonwealth of Dominica’s national blockchain in October 2022, the first time a significant public blockchain collaborated with a sovereign state to create its national blockchain infrastructure. In addition to the government’s approval of the issuance of Dominica Coin (“DMC”), a blockchain-based fan token designed to support Dominica’s international fanfare, seven TRON-based tokens—TRX, BTT, NFT, JST, USDD, USDT, and TUSD—have been given statutory status as the nation’s approved digital currency and digital exchange.
