State of TRON Q2 2024

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Key Insights

Financial Overview

Market Cap and Revenue

TRX’s circulating market cap increased again in Q2, marking six straight quarters of QoQ gains. By the end of Q2, TRX’s market cap had increased to $10.9 billion, up 1% QoQ from $10.8 billion. Additionally, TRX outperformed other large-cap cryptocurrencies as its market cap amongst all tokens (excluding stablecoins) rose

Usage

TRON was one of the few smart contract platforms

Average daily new addresses increased for the third straight quarter, up 12% QoQ from 177,200 to 198,000. Approximately 10% of all active addresses in Q2 were new addresses, down 17% QoQ. Year to date, around 11% of all active addresses have been new addresses.

Wallet transfers and stablecoins transactions continued to represent the bulk of transactions on TRON, combining for over 78% of transactions in Q2. Additionally, both individual categories saw QoQ increases in daily average transactions. Wallet Transfers were up 46% QoQ to 2.8 million, and stablecoin transfers were up 12% QoQ to 2.0 million. “Other” transactions had the biggest QoQ increase, up 50% QoQ to 1.3 million. “Other” transactions include account creation, SR account creation, account permissions update, proposal initiation, and other non-smart contract interactions on the network.

Wallet transfers and stablecoins have historically dominated average daily active address activity on TRON. Q2 was no different as an average of 1.4 million addresses conducted a wallet transfer per day (+42% QoQ), representing 58% of daily active address activity. As for stablecoin transactions, an average of 630,300 addresses conducted a stablecoin transaction per day (+13% QoQ), representing 28% of daily active address activity. All other tracked categories for average daily active addresses had QoQ decreases.

To stake TRX on TRON, users can choose

Bandwidth is the gas spent on transactions while energy is the gas spent on contract calls. Users can stake TRX to acquire either resource accordingly:

DeFi

TVL on TRON dipped in Q2, falling 23% QoQ from $10.1 billion to $7.8 billion. Despite this drop in TVL, TRON remained

The top three protocols by TVL on TRON are JustLend

In Q1, DEX activity reached its highest levels on TRON in several years due to a “Memecoin Mania

Q2 marked another strong quarter from stablecoins on TRON. Stablecoin market cap increased 9% QoQ from $53.1 billion to $58 billion. USDT accounts for the vast majority of stablecoins on TRON, boasting a market share of 98% (flat QoQ). The market cap of USDT on TRON ended the quarter at $57.1 billion (up 9% QoQ from $52.1 billion). Additionally, approximately 53% of all USDT in circulation

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