- A Messari report reveals that TRON defied the broader trends in the smart contract sector to record increased on-chain activity, with transactions peaking at 202 million in June.
- A separate report from CryptoRank revealed that TRON became the network with the second-highest total value locked (TVL) after Ethereum in Q2 with $8.2 billion.
After a smashing start to the year, the crypto industry recorded a slower second quarter, with most networks recording a dip in on-chain activity, active wallets, and other metrics. TRON stood out, defying these trends to record its best quarter yet, with value locked, active wallets, on-chain transactions, and several other metrics hitting new heights.
A new report by New York-based crypto market intelligence platform Messari revealed that the TRON ecosystem continued to grow in the three months ending June 31, with its USDT stablecoin volumes leading the charge.
State of @trondao Q2’24
Key Update:
USDT on TRON reached $57.1 billion in Q2, a new ATH.QoQ Metrics
• Transactions 29%
• Active Addresses 31%
• Stablecoins 9%Read the full report https://t.co/mJh8P4Hcfz pic.twitter.com/CQvHSLDpjD
— Messari (@MessariCrypto) August 5, 2024
The ‘State of TRON Q2 2024’ report revealed that TRON ended the second quarter with a $10.9 billion market cap. While this was a slight improvement on the previous quarter, it was $4 billion higher year-on-year. It also marked the sixth consecutive quarter of gains for the token.
At press time, TRON’s market cap is at $10.936 billion, with the TRX token changing hands at $0.1257, gaining 1% in the past day.
Away from the trading, TRON hit 6.3 million daily transactions on average in Q2, a 29% rise from the previous quarter. The daily active addresses also surged by more than 30% to hit 2 million, their highest in a year. June was the network’s best month, hitting a record 202 million transactions.
Other metrics that saw a rise included the average daily new addresses, which hit 198,000, 11% higher than the previous quarter. The total amount staked hit 46.2 billion, worth $5.8 billion, its highest in a year.
Stablecoins and wallet transfers continued to dominate the network, accounting for upwards of 78% of all transactions in the second quarter. Messari revealed that, on average, 1.4 million addresses conducted a wallet transfer daily, while 630,000 conducted a stablecoin transfer.
Overall, the network’s stablecoin market cap shot up 9% to $58 billion, with Tether (USDT) accounting for 98% of the total. This makes TRON the home of USDT, anchoring a 53% share of all the top stablecoin tokens in circulation, as we reported.
TRON Clinches Second Spot for DeFi TVL at $8.2 Billion
In a separate report, Crypto Rank revealed that DeFi has been booming on TRON. The report, titled ‘TRON H1 2024: From Stablecoins to Bitcoin and Beyond,’ offered an insight into the network’s performance in the first six months of the year.
Overall, the total value locked on TRON hit $22 billion in H1. This figure encompasses the value of crypto locked on the TRON chain and all the network DeFi protocols.
However, a much more objective approach focuses on the DeFi TVL, where TRON has made great strides. It’s not the second-largest network on this metric at $8.2 billion, ranking behind market leader Ethereum and nearly twice as high as third-placed Solana.
JustLend remains the market leader by a country mile with $6 billion in TVL, four times higher than second-placed JustStables.
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