Driven by the SunPump launchpad, Tron Network achieved record revenue of $151 million in the third quarter of this year. More than 89,000 Meme coins were launched this quarter, Promoting Tron’s decentralized finance (DeFi) activities.
The surge in memecoin creation has pushed Tron’s transaction count and active addresses to new highs.
SunPump drives Tron revenue surge in Q3
According to Messari, Tron Network reached an all-time high revenue of $151.2 million in the third quarter of 2024. An increase of nearly 30% compared to the previous quarter, mainly due to the launch of memecoin on the SunPump platform.
Messari report Between August 12 and September 30, more than 89,000 tokens were issued on SunPump. The activity surged after August 16 as memecoin mania swept the platform.
“SunPump activity began to pick up on August 16 and grew parabolically over the next two weeks,” Messari said.
During these two weeks, Decentralized finance (DeFi) transaction volume surges 487%.
Tron’s token burning volume also increased significantly, with more than 270 million TRX tokens destroyed. The report stated that token burning contributed $42 million, accounting for 27% of total quarterly revenue.
On August 21, Tron hit its highest daily TRX consumption ever, Because more coins were burned that day than in the entire history of the network.
While the memecoin craze led to a huge surge in activity, it began to slow down in September. In August, token issuance surged, with more than 7,500 tokens issued per day.
As time went on, however, the craze began to wane. By the end of September, Number of new tokens created per day reduced to less than 1,000 tokens.
Meanwhile, during the decline, SunDog (SUNDOG) became the largest meme coin on SunPump. The project has a market value of US$217 million. Other coins such as Tron Bull (TBULL) and Invest Zone (IVFUN) also see significant trading volumes.
Despite the slowdown, Tron’s circulating market capitalization continued to grow, reaching $13.5 billion by the end of the third quarter. At the peak of SunPump activity, Tron’s market capitalization reached $13.76 billion, according to SunPump data coin market cap.
TRX, the network’s native token, also remained deflationary in Q3a net destruction of 587.6 million tokens.
Tron transaction volume and DeFi activity surge significantly
In the third quarter, Tron saw significant growth in the number of transactions and DeFi activity. The average daily number of transactions increased by 14.4% to 7.2 million. Daily active addresses increased 6% to 2.1 million.
As of the end of the quarter, Tron’s total value locked (TVL) in decentralized finance protocols reached $8.1 billion. However, this number has dropped to $6.98 billion since 2017, according to DeFiLlama. end of third quarter. Despite the decline, Tron’s TVL is still the highest in the DeFi space.
Additionally, Tron’s USDT market capitalization increased by 3% during the quarter, reaching nearly $59 billion. This accounts for about half of the USDT market value on the chains it supports..
The surge in activity highlights Tron’s growth, particularly in terms of memecoins, and the network’s ability to capitalize on trends to increase revenue.
