As an analyst with years of experience in the cryptocurrency market, I find myself consistently impressed by Tron’s ability to adapt and innovate. The surge in meme coins, facilitated by SunPump, has undeniably fueled Tron’s remarkable revenue growth, reaching a staggering $151.2 million in Q3 2024.
In Q3 2024, a rise in the popularity of meme coins notably boosted Tron’s impressive earnings of $151.2 million.
As per Messari’s report, the most recent data indicates a 29% surge compared to the last quarter. A significant portion of this expansion is thought to stem from the debut of SunPump, an innovative platform tailored for introducing meme coins into the market.
SunPump’s activity significantly increased from August 16 and continued to grow rapidly over the next two weeks. According to Messari’s estimation, around $42 million worth of TRX, equating to more than 270.3 million TRX, was destroyed during this period. This amounts to nearly a quarter of Tron’s total Q3 income. On August 21 alone, an unprecedented 34.7 million TRX were burned, setting a new daily record for Tron.
As a crypto investor, I’ve noticed an uptick in the hype around meme coins that has significantly impacted my portfolio. This surge not only amplified Tron’s earnings in USD but also propelled a substantial 6% rise in revenue in TRX to a whopping 1.05 billion.
Boost for Tron’s DeFi Activity
As a researcher, I’ve observed an extraordinary 150% increase in the average daily trading volume of decentralized exchanges (DEX), marking its peak since 2022, following the launch of SunPump. According to Messari, this surge is significantly attributed to the increased activity in SUN V2, a version of the exchange that hosts liquidity pools for meme coins bonded to the SunPump platform.
During the third quarter, the daily trading volume for SUN V2 significantly increased by nearly a thousand times, rising from approximately $2.6 million to a staggering $27.9 million, as compared to the preceding quarter.
“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
1) Over the past year, the value of stablecoins on the Tron platform has consistently grown, and this growth trend continued in Q3. Compared to the previous quarter, there was a 3% rise in the total market cap of stablecoins, which increased from approximately $58 billion to about $59.97 billion.
On the network, US Dollar Tether (USDT) dominates the stablecoin market, maintaining a robust 98% share. By the end of the quarter, USDT’s market value on the Tron blockchain stood at $58.94 billion, marking a 3% rise from its previous value of $57.06 billion. Interestingly, around 51% of all existing USDT is currently on the Tron network, indicating a slight decrease of 3% compared to the last quarter.
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2024-10-19 07:20