- July 31, 2023
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The TRON (TRX) network exhibited considerable growth in Q2 in daily active accounts, new accounts, and transactions, as metrics increased by 14%, 13.4%, and 28.9%, respectively, according to a recent report by Messari.
Tron Q2 Growth.
This growth coincided with the launch of BitTorrent Bridge and Stake 2.0, among other developments, showing promising expansion of the network’s capabilities and user engagement.
Messari’s report notes that the surge in network activity boosted revenue by 11.6% quarter-over-quarter in TRX terms, translating to a 22.2% increase when measured in USD.
Interestingly, the revenue growth led to a significant amount of TRX being burned, supporting the token’s value in an otherwise flat-to-down market. TRX outperformed most Layer 1 tokens during the quarter, with its market cap swelling by 14.7% compared to the average 23% decline of other major L1 tokens.
The report also highlighted TRON’s ongoing efforts to expand DeFi as applications and infrastructure providers began integrating TRX liquid staking and the decentralized resource marketplace.
TRON’s most prominent DeFi protocols, such as JustLend, JustStables, SUN, and JustMoney, saw increased Total Value Locked (TVL) during the period, reflecting vibrant activity in the network’s DeFi sector.
Across the network, TVl grew 7% when denominated in dollars, but the underlying amount of TRX fell by 7.9%.
Additionally, Messari reported that TUSD became the 2nd largest stablecoin on TRON, growing 420% in Q1 and another 76% in Q2. However, USDT still dominates with 92% of the stablecoin value.
However, the TRON network faced challenges during the quarter, particularly in the regulatory landscape. The SEC lodged complaints against several exchanges for engaging in unregistered sales of crypto asset securities, and TRON’s TRX was among those implicated. This regulatory scrutiny created downward pressure on the value of TRX.
Messari’s report notes that TRON’s future plans align with its ongoing strategies. The ecosystem’s roadmap indicates that three key integrations, Apollo, Star Trek, and Eternity, are on the horizon. These implementations aim to improve network functionality, expanding the versatility and capabilities of the TRON network.
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