Tron Q3 2024 Revenue Grows 6% on TRX Amid Coin Boom Meme

The rise of meme coins contributed significantly to Tron’s record revenue of $151.2 million in the third quarter of 2024.

According to a Messari report, the latest figure marks a 29% increase over the previous quarter. This growth can be largely attributed to the launch of SunPump, a platform specifically designed to launch meme coins.

Activity on SunPump started to increase on August 16th and increased dramatically in the following two weeks. Between August 16 and August 31, Messari estimated that more than 270.3 million TRX (roughly $42 million) were burned, representing almost 27% of Tron’s revenue for the third quarter Notably, on August 21, the amount of TRX burned reached 34.7 million, marking the highest daily total in Tron history.

Increased activity around meme coins not only boosted Tron’s USD revenue, but also led to a 6% increase in TRX revenue to 1.05 billion.

Tron’s DeFi activity increases

Decentralized exchange (DEX) average daily volume increased by 150%, its highest since 2022, as a result of SunPump launch. Messari said SunPump’s influence is particularly noticeable in the increase in transaction volume using SUN V2, which includes liquidity pools for meme coins tied to the platform.

In the third quarter, SUN V2’s average daily trading volume soared 982% compared to the previous quarter, from $2.6 million to $27.9 million.

“Essentially all TRON DEX volumes 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 of the introduction of SunSwap V3 that the majority of SUN volume was routed through AMM V3.

Despite increased SUN V2 volumes from meme coins, this trend continued in the third quarter, with SUN V3 accounting for 51% of all TRON volume ($33.3 million daily average ).

Stablecoin usage on Tron remains strong

The market capitalization of Tron stablecoins has been steadily increasing over the past year, and the third quarter has continued that trend. There was a 3% increase in stablecoin market capitalization from quarter to quarter, from $58.02 billion to $59.97 billion.

USDT makes up the overwhelming majority of stablecoins on the network, holding steady at 98% market share. At the end of the quarter, the market cap of USDT on Tron was $58.94 billion, up 3% from $57.06 billion. Additionally, roughly 51% of all USDT in circulation is on Tron, which reflects a 3% drop from last quarter.

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