Tron sees $151M in Q3 revenue driven by memecoins

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Grafa2024/10/18 03:05

By:Mahathir Bayena

Tron’s (CRYPTO:TRX) network generated $151.2 million in revenue during the third quarter of 2024, marking a 30% increase compared to the previous quarter, according to a report by Messari.

This growth was largely driven by the rise of memecoins, facilitated by Tron’s new memecoin launchpad, SunPump, which introduced over 89,000 tokens between August 12 and September 30.

During this period, decentralized finance (DeFi) transactions on Tron’s blockchain increased by 487%.

Messari noted that activity on SunPump accelerated after August 16, peaking at the end of the month.

Over 270 million TRON tokens were burned between August 16 and 31, generating approximately $42 million, or 27% of the total quarterly revenue.

Notable tokens launched on SunPump include SunDog (CRYPTO:SUNDOG), which reached a market cap of $217 million, along with Tron Bull (CRYPTO:TBULL) and Invest Zone (CRYPTO:IVFUN), both of which saw significant trading volumes.

However, new token launches on SunPump slowed by September, averaging fewer than 1,000 tokens per day.

TRX remained deflationary in Q3, with a net burn of 587.6 million tokens.

Tron’s circulating market cap increased by 24%, reaching $13.5 billion at the end of the quarter and peaking at $14.5 billion during SunPump’s activity surge.

Tron’s total value locked (TVL) in DeFi protocols was $8.1 billion by the end of Q3, though it has since decreased to $6.98 billion, according to DeFiLlama.

Despite the decline, Tron’s TVL remains 32.8% below its March 2024 peak of $10.4 billion.

The market cap of Tether (CRYPTO:USDT) on Tron increased by 3% to nearly $59 billion, maintaining a strong position in the stablecoin market across various blockchains.

At the time of writing, the TRON (TRX) price was $0.1592.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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