Tron’s Q3 2024 Performance Revealed: SunPump’s Launch Contributes to Record Revenue
Record Revenue and a 29% Increase from Q2 2024
Tron’s Q3 2024 performance has been a significant improvement from the previous quarter, with a record revenue of $151.2 million. This achievement can be largely attributed to the launch of SunPump, a platform designed specifically for launching meme coins.
SunPump’s Impact on Tron’s Revenue
Activity on SunPump started to surge on August 16, and it continued to escalate dramatically over the next two weeks. Between August 16 and August 31, Messari estimated that 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 amount of TRX burned reached 34.7 million, marking the highest daily total in Tron’s history.
Boost for Tron’s DeFi Activity
As a result of the launch of SunPump, the average daily decentralized exchange (DEX) volume surged by 150%, its highest since 2022.
Messari reported that SunPump’s influence is particularly noticeable in the rise of volume transacted via SUN V2, which features liquidity pools for bonded meme coins linked to the platform.
Rise in Volumes on SUN V2
In Q3, the average daily trading volume on SUN V2 shot up by 982% compared to the previous quarter, jumping from $2.6 million to $27.9 million.
“Essentially all DEX volumes on TRON occur on SUN. In June 2023, SUN introduced a concentrated liquidity (CL) AMM to its product suite (SunSwap V3). Q1’24 marked the first time since SunSwap V3’s introduction that the majority of volume on SUN was routed through the V3 AMM.
Despite the rise in volumes on SUN V2 from meme coins, this trend continued in Q3, with SUN V3 accounting for 51% of all volume on TRON (average daily of $33.3 million).
Stablecoin Usage on Tron Remains Strong
The stablecoin market cap on Tron has been consistently rising throughout the past year, with Q3 continuing this trend. There was a 3% increase in stablecoin market cap quarter-over-quarter, climbing from $58.02 billion to $59.97 billion.
USDT makes up the overwhelming majority of stablecoins on the network, holding steady at a 98% market share.
At the end of the quarter, USDT’s market cap on Tron was $58.94 billion, a 3% increase from $57.06 billion.
To top that, approximately 51% of all circulating USDT is on Tron, reflecting a 3% decline from the last quarter.
Conclusion
Tron’s Q3 2024 performance has been impressive, with the launch of SunPump contributing to a record revenue of $151.2 million. The platform’s DeFi activity and stablecoin usage have also shown significant growth. As the trend continues, it will be interesting to see how Tron’s performance unfolds in the coming quarters.
FAQs
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What is SunPump?
SunPump is a platform designed specifically for launching meme coins.
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How did SunPump affect Tron’s revenue?
SunPump’s launch resulted in a 27% increase in Tron’s revenue for Q3, with more than 270.3 million TRX (approximately $42 million) being burned.
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What is the current market cap of stablecoins on Tron?
The current market cap of stablecoins on Tron is $59.97 billion, a 3% increase from Q2 2024.
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What is the market share of USDT on Tron?
USDT makes up 98% of the market share of stablecoins on Tron.
