Originally published on: October 18, 2024
Tron’s memecoin launchpad, SunPump, has propelled the blockchain’s revenue to a record-breaking $151.2 million in the third quarter, marking a significant 30% increase from the previous quarter. This surge was reported by Messari, attributing it to the memecoin frenzy that led to the launch of over 89,000 tokens on SunPump between Aug. 12 and Sept. 30.
The decentralized finance transactions on Tron also experienced a remarkable 487% growth over Q3, showcasing the platform’s increasing popularity in the crypto space. Additionally, a staggering 270 million TRX tokens were burned between Aug. 16 and 31, resulting in approximately $42 million in revenue for Tron during the quarter.
While SunPump saw an unprecedented number of tokens launched daily in August, the figures dropped significantly in September. Nevertheless, tokens like SunDog, Tron Bull, and Invest Zone have gained traction, with SunDog boasting a market cap of $217 million.
Tron’s circulating market cap saw a steady increase of 24% to $13.5 billion by the end of Q3, signaling the platform’s growing presence in the cryptocurrency market. Despite a slight dip in total value locked (TVL) in Tron decentralized finance protocols, Tron remains a key player in the industry.
As Tron continues its growth trajectory, the market cap of Tether (USDT) stablecoin on the platform has also seen a 3% rise to nearly $59 billion in Q3. This demonstrates Tron’s ability to attract and retain stablecoins on its network.
With Tron’s daily transaction count and active addresses on the rise, coupled with its deflationary token model, the blockchain network is poised for further success in the crypto space. Tron’s resilience and growth in Q3 position it as a promising player in the evolving landscape of decentralized finance.
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