TRON’s stablecoin market cap surged to $58 billion in Q2 2024, with USDT on TRON reaching a new all-time high of $57.1 billion, as per Messari’s State of TRON Q2 2024 report released on Aug 5.
The report highlights TRON’s continued growth across multiple metrics. TRX, the network’s native token, saw its circulating market cap increase to $10.9 billion, marking six consecutive quarters of gains. This 1% quarter-over-quarter (QoQ) rise pushed TRX up four spots to become the 10th largest cryptocurrency by market cap, excluding stablecoins.
Despite a slight 8% dip in USD revenue to $117.5 million, TRON maintained its position as the third-highest revenue-generating smart contract platform in Q2. Only Ethereum and Solana surpassed TRON in fee generation.
TRON’s deflationary tokenomics continued to play out, with TRX’s circulating supply decreasing from 88.2 billion to 87.7 billion in Q2. This resulted in an annualized inflation rate of -2.4%, slightly up from -2.6% in the previous quarter.
Additionally, network usage saw significant growth, with average daily transactions increasing 29% QoQ to 6.3 million. June recorded the highest monthly transaction count of 2024 at 202.6 million. Active addresses also grew, with daily averages up 31% to 2 million.
Dominance of wallet and stablecoin transfers on TRON
Wallet transfers and stablecoin transactions took the lead in network activity, representing a significant 78% of all transactions. Noteworthy is the remarkable 46% increase in daily wallet transfers to 2.8 million, alongside a 12% uptick in stablecoin transactions to 2 million per day.
In DeFispace, TRON saw a 23% decline in its Total Value Locked (TVL), amounting to $7.8 billion QoQ. Despite this reduction, TRON has successfully held onto its place as the second-largest network based on TVL, surpassing BNB Smart Chain’s $5.5 billion.
Moreover, the report highlighted key technical advancements, specifically the implementation of two significant network upgrades: GreatVoyage-V4.7.4 (Bias) in April and GreatVoyage-V4.7.5 (Cleobulus) in June. These enhancements were geared towards improving network stability, streamlining user-node interactions, and refining various network functionalities.
TRON’s stablecoin dominance surged as USDT on TRON controlled around 53% of the total USDT in circulation, showcasing significant growth. Additionally, the network witnessed an uptick in other stablecoins. Specifically, TUSD recorded a notable 29% increase quarter over quarter, reaching $89.1 million.
