The increase in meme coins significantly played a role in Tron’s record revenue of $151.2 million in Q3 2024.
As reported by Messari, this latest figure signifies a 29% rise compared to the prior quarter. Much of this growth can be attributed to the introduction of SunPump, a platform specifically tailored for launching meme coins.
Activity on SunPump began to surge on August 16, escalating substantially in the subsequent two weeks. Between August 16 and August 31, Messari estimated that over 270.3 million TRX (around $42 million) was burned, accounting for nearly 27% of Tron’s revenue in Q3. Notably, on August 21, the amount of TRX burned peaked at 34.7 million, marking the highest daily total in Tron’s history.
The increased activity surrounding meme coins not only propelled Tron’s revenue in USD but also resulted in a 6% rise in revenue in TRX, totaling 1.05 billion.
Support for Tron’s DeFi Activity
The average daily decentralized exchange (DEX) volume surged by 150%, the highest level since 2022, due to the SunPump launch. Messari indicated that SunPump’s effect is particularly evident in the increased volume transacted via SUN V2, which includes liquidity pools for bonded meme coins linked to the platform.
In Q3, the average daily trading volume on SUN V2 skyrocketed by 982% from the previous quarter, rising from $2.6 million to $27.9 million.
“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 instance since the launch of SunSwap V3 that the majority of volume on SUN was routed through the V3 AMM.
Despite the surge in volumes on SUN V2 from meme coins, this trend persisted in Q3, with SUN V3 accounting for 51% of all volume on TRON (average daily of $33.3 million).”
Stablecoin Usage on Tron Stays Robust
The stablecoin market capitalization on Tron has been steadily rising over the past year, and Q3 continued this trend. There was a 3% increase in stablecoin market cap from the previous quarter, rising from $58.02 billion to $59.97 billion.
USDT constitutes the vast majority of stablecoins on the network, maintaining a substantial 98% market share. At the end of the quarter, USDT’s market cap on Tron was $58.94 billion, reflecting a 3% increase from $57.06 billion. Additionally, about 51% of all circulating USDT is on Tron, indicating a 3% drop from the previous quarter.
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