/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
According to a new report from market intelligence firm Messari, the first quarter of 2023 will see an increase in the use of the Tron blockchain. The market cap of its parent token, TRX, was up nearly 20% QoQ.
Despite the US Securities and Exchange Commission (SEC) announcing several lawsuits against Tron ecosystem tokens, network activity remained mostly unaffected. Its total quarterly revenue climbed to $90.04 million in Q1 2023, experiencing an 88% jump from its Q4 2022 revenue of $47.96 million.
Tron State: Q1 2023
Average daily transactions grew by 7.7% to nearly 7 million during the three months under review. Messari said the increase can be partly attributed to activity on the network. Despite accounting for around 3% of all transactions on the TRX network, the total transaction count arising from staking activity was up 197% QoQ.
tron state reports, commissioned by Tron, said that transaction activity on the network was mostly initiated by smart contracts and that TRX transfers represented 88% of all. Despite both types of transactions being relatively flat during Q1, USDT smart contracts remained the main driver of contract execution on TRON.
The first quarter also saw a jump in transaction fees. The data showed that the average transaction fee in TRX and USD had increased by 59.2% and 80.2%, respectively. Committee Resolution No. 79, which passed last quarter, was instrumental in motivating the increase in transaction fees. The proposal under consideration essentially changed network parameters and increased the amount of energy required to execute smart contracts.
In addition, the kinetic energy model was enabled earlier this year as part of TIP-474. The mechanism essentially focuses on increasing transaction costs and discouraging low-value smart contract transactions without affecting other applications.
“The dynamic energy model and increased requirements for energy resulted in higher revenue generation in TRX (total transaction fees paid in TRX), which grew by 65.5% QoQ (+87.7% in USD). Simultaneously, the circulating market cap of TRX increased by 18.1% QoQ.
Tron DeFi, Stablecoin Space
Total value locked (TVL) denominated in USD increased by 18.8% in the first quarter of the year. But TVL denominated in TRX saw a slight drop of 0.5%. Such a trend indicated that “asset price increases in USD increased TVL rather than new capital inflows.”
TVL’s top protocols on top of the Tron network — JustLend and JustStables — also benefited from a broader market recovery in Q1. As a result, both protocols increased by 26% and 21%, respectively.
Tron’s position in the stablecoin landscape remains significant as it lags behind Ethereum. The Justin Sun-spearhead platform is also ahead of other rival chains in terms of market cap of hosted stablecoins. At the end of Q1, it grew from around $33 billion QoQ to over $43 billion. Furthermore, Tron’s USDT market cap also increased by 30% to $10 billion QOQ, due to the swapping of $400 million USDT from ERC-20 to Tron.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
According to a new report from market intelligence firm Messari, the first quarter of 2023 will see an increase in the use of the Tron blockchain. The market cap of its parent token, TRX, was up nearly 20% QoQ.
Despite the US Securities and Exchange Commission (SEC) announcing several lawsuits against Tron ecosystem tokens, network activity remained mostly unaffected. Its total quarterly revenue climbed to $90.04 million in Q1 2023, experiencing an 88% jump from its Q4 2022 revenue of $47.96 million.
Tron State: Q1 2023
Average daily transactions grew by 7.7% to nearly 7 million during the three months under review. Messari said the increase can be partly attributed to activity on the network. Despite accounting for around 3% of all transactions on the TRX network, the total transaction count arising from staking activity was up 197% QoQ.
tron state reports, commissioned by Tron, said that transaction activity on the network was mostly initiated by smart contracts and that TRX transfers represented 88% of all. Despite both types of transactions being relatively flat during Q1, USDT smart contracts remained the main driver of contract execution on TRON.
The first quarter also saw a jump in transaction fees. The data showed that the average transaction fee in TRX and USD had increased by 59.2% and 80.2%, respectively. Committee Resolution No. 79, which passed last quarter, was instrumental in motivating the increase in transaction fees. The proposal under consideration essentially changed network parameters and increased the amount of energy required to execute smart contracts.
In addition, the kinetic energy model was enabled earlier this year as part of TIP-474. The mechanism essentially focuses on increasing transaction costs and discouraging low-value smart contract transactions without affecting other applications.
“The dynamic energy model and increased requirements for energy resulted in higher revenue generation in TRX (total transaction fees paid in TRX), which grew by 65.5% QoQ (+87.7% in USD). Simultaneously, the circulating market cap of TRX increased by 18.1% QoQ.
Tron DeFi, Stablecoin Space
Total value locked (TVL) denominated in USD increased by 18.8% in the first quarter of the year. But TVL denominated in TRX saw a slight drop of 0.5%. Such a trend indicated that “asset price increases in USD increased TVL rather than new capital inflows.”
TVL’s top protocols on top of the Tron network — JustLend and JustStables — also benefited from a broader market recovery in Q1. As a result, both protocols increased by 26% and 21%, respectively.
Tron’s position in the stablecoin landscape remains significant as it lags behind Ethereum. The Justin Sun-spearhead platform is also ahead of other rival chains in terms of market cap of hosted stablecoins. At the end of Q1, it grew from around $33 billion QoQ to over $43 billion. Furthermore, Tron’s USDT market cap also increased by 30% to $10 billion QOQ, due to the swapping of $400 million USDT from ERC-20 to Tron.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
