TRON continues to shine as a top player in the crypto landscape, showcasing impressive growth in Q3 2024. TRX’s circulating market cap surged by 24% quarter-over-quarter, climbing from $10.9 billion to $13.5 billion.
According to Messari’s report, the rise resulted in TRX’s upgrading in the ranking of cryptocurrencies from 10th to 9th place. An important thing to note for this price increase is TRON’s deflationary model. The decrease in the circulating supply of TRON boosts the value of TRX.
TRON resource model allows the stakers to perform the transactions with zero transaction fees if they have a good amount of bandwidth and energy. Clients who exceed the speed restriction are affected by the payment of transaction fees in TRX, which are then burnt off.
The burning structure should be credited for the substantial increase in the network’s income. TRON and SunPump were the leading topics of the Q3 update, where USD revenue hit an all-time high of $151.2 million, a 29% increase from the previous quarter.
It is worth noting that the SunPump platform, which was launched in August and concentrated on memecoins, was a major driver of this revenue. SunPump was the subject of a whirlwind activity, and it burned almost 270.3 million TRX, thus making up 27% of TRON’s Q3 revenue.
TRON on-chain activity and deFi sector boom
TRON’s on-chain activity also surged. Average daily transactions rose by 29%, and the network welcomed many new addresses. The DeFi sector experienced a remarkable boost, with DeFi transactions skyrocketing by 487% due to the excitement surrounding memecoins.
Despite tremendous growth, TRON has proven reliable in terms of its security efforts. The network uses DPoS and has experienced an increase in the number of Super Representatives, which has resulted in the decentralization of its governance.
At the end of Q3, the staking ratio decreased by a small margin to 48%. The increased dollar value of staked TRX tokens was due to the rise in token prices. Besides this, HackaTRON Season 7 and the T3 Financial Crime Unit are projects running to fortify its ecosystem.
The company has been improving and upgrading its platform throughout the year. With new advancements occurring daily, it is growing and becoming a large player in the crypto sector.
