Tron Q3 2024 Revenue Grows by 6% on TRX Amid Meme Coin Boom

The surge in meme coins contributed significantly to Tron’s record revenue of $151.2 million in Q3 2024.

According to the Messari report, the latest figure increased 29% from the previous quarter. This growth is largely due to the launch of SunPump, a platform designed specifically for launching meme coins.

Activity at SunPump began surging on August 16 and increased dramatically over the next two weeks. Between August 16 and August 31, Messari estimates more than 270.3 million TRX (approximately $42 million) was burned, representing nearly 27% of Tron’s revenue for Q3. Notably, on August 21, the number of TRX burned reached 34.7 million, which marked the highest daily total in Tron history.

Increased activity around the meme coin not only increased Tron’s USD revenue but also led to a 6% increase in TRX revenue to 1.05 billion.

Increased Tron DeFi Activity

Average daily decentralized exchange (DEX) volume surged by 150%, the highest since 2022, as a result of the launch of SunPump. Messari said that SunPump’s influence was especially visible in the increased volume transacted through SUN V2, which features liquidity pools for bonded meme coins connected to the platform.

In the third quarter, SUN V2’s average daily trading volume jumped 982% compared to the previous quarter, jumping from $2.6 million to $27.9 million.

“Basically all DEX volume on TRON occurs in SUN. In June 2023, SUN introduced AMM concentrated liquidity (CL) to its product suite (SunSwap V3). Q1’24 marked the first time since the introduction of SunSwap V3 that the majority of volume in SUN was channeled through V3 AMM.

Despite an increase in SUN V2 volume from meme coins, this trend continued in Q3, with SUN V3 accounting for 51% of all volume on TRON (daily average $33.3 million).”

Stablecoin Usage on Tron Remains Strong

The stablecoin market cap on Tron has continued to increase throughout the past year, with Q3 continuing this trend. There was a 3% increase in stablecoin market capitalization quarter-over-quarter, rising from $58.02 billion to $59.97 billion.

USDT makes up the majority of stablecoins on the network, and remains stable at 98% market share. At the end of the quarter, USDT market capitalization on Tron was $58.94 billion, an increase of 3% from $57.06 billion. Additionally, about 51% of all USDT in circulation is in Tron, reflecting a 3% decline from last quarter.