Top cryptocurrency research firm Messari recently released its first-quarter report for TRON in 2024. The report highlights TRON’s outstanding performance in protocol revenue, TRX deflation, DeFi TVL, and stablecoins.
In the first quarter, TRON’s protocol revenue increased by 7.2% compared to the previous quarter, reaching a historical high of $128.1 million. It ranks third among all blockchain networks, only behind Ethereum and Bitcoin.
Protocol revenue is generated from users burning TRX to obtain resources and pay transaction fees. The report reveals that TRX continued to experience deflation in the first quarter, with its circulating supply decreasing from 88.2 billion to approximately 87.7 billion. TRON is among the few deflationary L1 networks.
TRON also demonstrates impressive data in DeFi. The report shows a 24.8% increase in TRON’s DeFi TVL, reaching $10.1 billion, making it the second-largest public chain globally.
In the stablecoin sector, TRON maintained its excellent performance in the first quarter. The total market capitalization of on-chain stablecoins increased from $49.3 billion to $53.1 billion, representing an 8% increase. TRON’s version of USDT saw a 12% growth in market capitalization, reaching $52.1 billion, accounting for 53% of the total circulating supply of USDT. TRON’s dominant position as the largest issuing network of USDT continues to strengthen.
TRON’s strong performance in the first quarter of 2024 is attributed to its thriving ecosystem and continuous innovation. In the future, TRON plans to integrate with Bitcoin to expand its ecosystem. By developing Bitcoin Layer 2 solutions and other methods, TRON aims to create an ecosystem that combines TRON, BitTorrent, and the Bitcoin network.
Read the full report here: [link]
