A
A

Tron takes off: +88% in revenue despite SEC attacks!

Wed 17 May 2023 ▪ 3 min of reading ▪ by Luc Jose A.
Getting informed ▪ Blockchain

The SEC has previously announced several legal actions against tokens in the Tron ecosystem. Nevertheless, the blockchain has recorded remarkable performances during the first quarter of 2023. This is revealed in a new report by the economic intelligence company Messari. Here’s what it’s all about.

Tron logo

Tron’s performance indicators show solid activity!

Messari has revealed that the Tron blockchain, known for its incredible strength, has seen significant development during the first quarter of 2023. It has experienced substantial activity in the DeFi and stablecoin landscape, with increased user demand. The network has surpassed the $90 million mark in terms of revenue, recording a total income of $90.04 million in the first quarter of 2023. This represents an 88% increase compared to its $47.96 million revenue in the fourth quarter of 2022.

Similarly, the market capitalization of the native TRX token has increased by nearly 20% compared to the previous quarter. The economic intelligence company also indicated a high level of staking activity on Tron, resulting in a 7.7% increase in average daily transactions. This average reached approximately 7 million during the first quarter of 2023.

Staking on Tron accounts for only about 3% of all operations on the network. However, the total number of staking transactions on the blockchain has increased by 197% compared to the previous quarter. Additionally, transaction fees on Tron skyrocketed during the quarter. It appears that they increased by 59.2% and 80.2% respectively in TRX and USD.

Tron commissioned a report titled “State of Tron,” which discusses transaction activity on the network. The report indicates that the majority of transactions were triggered by smart contracts and TRX transfers. It is worth mentioning that the USDT smart contract has had the most significant impact on transaction execution on Tron. Furthermore, the TRX network holds the second position, after Ethereum, within the stablecoin ecosystem. 

That being said, Messari’s report comes shortly after a publication by AMBCrypto that has given hope to investors in the Tron ecosystem.

Maximize your Cointribune experience with our 'Read to Earn' program! Earn points for each article you read and gain access to exclusive rewards. Sign up now and start accruing benefits.


A
A
Luc Jose A. avatar
Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019. Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.