Memecoins drove Tron network revenue to new high over Q3: Messari
Tron’s memecoin launchpad SunPump has driven the blockchain’s quarterly revenue to a record high of $151.2 million across the third quarter, a nearly 30% quarter-on-quarter bump, says Messari.
A memecoin frenzy saw over 89,000 tokens launched on SunPump between Aug. 12 and Sept. 30 and led to Tron’s decentralized finance transactions gaining by 487% over Q3, Messari said in an Oct. 17 report.
“SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period.”
Between Aug. 16 and 31, over 270 million TRON (TRX) tokens were burned, generating around $42 million — nearly 27% of Tron’s Q3 revenue, Messari noted.
A daily record of more than 7,500 SunPump tokens launched on Aug. 20, while more TRX was burned on Aug. 21 than on any other day in the network’s entire existence, the blockchain analytics firm added.
Tokens launched on SunPump from Aug. 12 to Sept. 30. Source: Messari
However, the number of new tokens launched on SunPump dropped drastically in September to consistently less than 1,000 a day.
SunDog (SUNDOG) is the largest memecoin to come from SunPump with a $217 million market cap, while Tron Bull (TBULL) and Invest Zone (IVFUN) have also seen high trading volumes.
The circulating market cap of TRX also increased for the seventh straight quarter by 24% to $13.5 billion by the end of the third quarter.
Near the peak of the SunPump craze, it reached $14.5 billion, CoinGecko data shows.
TRX also remained deflationary in Q3 with a net burn of 587.6 million tokens.
Tron’s average daily transaction count increased 14.4% to 7.2 million over the quarter, while average daily active addresses rose 6% to 2.1 million.
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Total value locked (TVL) in Tron decentralized finance protocols was $8.1 billion by Q3’s end but has since slid to $6.98 billion, DeFiLlama data shows.
Key financial metrics for TRON in Q3. Source: Messari
Tron’s TVL is now 32.8% off its all-time high of $10.4 billion notched on March 12, 2024.
The market cap of the Tether (USDT) stablecoin on Tron increased 3% over the quarter to nearly $59 billion in Q3 and is still accounting for around half of USDT’s market cap across the several chains Tether supports.
TRX has traded flat at $0.16 over the last 24 hours.
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