Tron DeFi: SunSwap Leads the Way with 8.3 Million Transactions in 2024

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2024 saw USDT maintaining its dominance on the Tron network, but there was a significant surge in the use of decentralized trading platforms and creation of meme coins.

TRX, the native cryptocurrency, along with its wrapped form WTRX, saw substantial growth in usage thanks to the surge in Decentralized Finance (DeFi) activities. This was most noticeable on the decentralized exchange (DEX) built on Tron, SunSwap, which resulted in a wave of new tokens and heightened transaction activity. Consequently, this boost helped Tron expand its operations beyond just stablecoin transactions.

Tron’s Shift Beyond Stablecoin Transactions

As a researcher, I’ve been closely examining the Tron network’s dynamics, and my latest findings suggest that Tether (USDT) significantly impacts its activity. In the year 2024 alone, the supply of USDT swelled from $48 billion to an impressive $62 billion. Simultaneously, the value of USDT transfers skyrocketed, going from $362 billion to a staggering $576 billion. This surge was mirrored by an increase in monthly transfers, which climbed from 55 million to 62 million. Remarkably, USDT continues to lead as the most frequently transferred asset, accounting for a whopping 99% of all token activity on the network.

Last year, Tron experienced a significant shift in Decentralized Finance (DeFi) activity, with SunSwap becoming the busiest decentralized exchange on the network. By August, transactions on SunSwap reached an astounding 4 million per month, with approximately 97% of these involving WTRX. This trend continued from August to December, resulting in a total of 8.3 million swap transactions, signifying increased DeFi participation.

Approximately 8 out of every 10 transactions were linked to WTRX, with its swap volume dramatically increasing from 4.2 billion units worth $4.1 billion by the end of the year. The introduction of SunPump, a meme coin generator, boosted network activity significantly as it made creating meme coins easier, leading to the addition of 94,000 new tokens and a spike in transaction volumes.

As a blockchain analyst, I’m excited to report that Tron has surpassed Bitcoin in terms of transaction usage, accounting for approximately 31.5% of all transactions. However, despite these significant advancements, the price of TRX remains unchanged.

TRX’s Short-Lived Recovery?

Last year, TRX experienced a comeback, moving up to the 10th position in market capitalization due to renewed investor confidence. However, subsequent market adjustments caused the asset’s price to dip to around $0.225, which is almost half of its most recent record high of $0.43. Even optimism for a temporary low point failed to hold as TRX dipped below the $0.23 mark.

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2025-01-20 01:48