Messari, a prominent provider of digital asset market intelligence products, recently published a report highlighting the outstanding performance of TRON in the third quarter of 2024. The report revealed that TRON’s protocol revenue reached an all-time high during this period, amounting to $151.2 million, which represented a significant 29% increase compared to the previous quarter.
The growth in TRON’s protocol revenue can be attributed to the expansion of its user base and the surge in transaction volume. This success underscores TRON’s efforts to enhance its market presence and improve the efficiency of its protocol.
In addition to the increase in protocol revenue, TRON also saw growth in other key metrics in Q3 2024. These included a 24% rise in market capitalization, a 4% increase in DeFi Total Value Locked (TVL), a 3% growth in stablecoin market capitalization, and a remarkable 150% surge in average daily Decentralized Exchange (DEX) volume.
Furthermore, TRON implemented several proposals during this period to reduce gas fees, making transactions on the network more cost-effective. The total supply of USDT on TRON also increased by 3% to $58.94 billion by the end of Q3, with more than half of all USDT in circulation now on the TRON network.
The TRON ecosystem also witnessed significant developments in Q3 2024. For instance, the launch of HackaTRON Season 7 aimed to attract both experienced developers and newcomers to the TRON platform. Additionally, the collaboration between TRON, Tether, and TRM Labs led to the establishment of the T3 Financial Crime Unit (T3 FCU) to combat cryptocurrency-related crimes.
Looking ahead, TRON is working on developing a Bitcoin Layer-2 solution to provide a secure pathway for the Bitcoin ecosystem to access TRON’s pool of stablecoin capital. These initiatives demonstrate TRON’s commitment to fostering innovation and expanding its offerings in the blockchain space.
Founded by Justin Sun in September 2017, the TRON network has achieved remarkable milestones since its MainNet launch in May 2018. With over 265 million total user accounts, more than 8.7 billion transactions, and $16 billion in Total Value Locked (TVL) as of October 2024, TRON has established itself as a leading player in the blockchain industry.
Moreover, TRON has become the primary host of USD Tether (USDT) stablecoin circulation globally, surpassing Ethereum in April 2021. The network completed its decentralization process in December 2021, transitioning into a community-governed Decentralized Autonomous Organization (DAO).
In October 2022, TRON made history by becoming the national blockchain of the Commonwealth of Dominica, marking the first instance of a major public blockchain partnering with a sovereign nation to develop its blockchain infrastructure. This partnership led to the issuance of Dominica Coin (DMC), a blockchain-based fan token, and the recognition of seven TRON-based tokens as authorized digital currencies in the country.
Overall, TRON’s exceptional performance in Q3 2024 and its ongoing efforts to drive innovation and decentralization underscore its position as a key player in the blockchain ecosystem. With a commitment to expanding its offerings and enhancing user experience, TRON continues to set new benchmarks in the industry.