TL;DR
- Record Revenue: TRON achieved an all-time high revenue of $151.2 million in Q3 2024, driven by the success of its SunPump memecoin launchpad and a 487% increase in DeFi transactions.
- Token Burns and Launches: Over 270 million TRX tokens were burned, generating $42 million, with a peak activity period in late August, including a record single-day burn.
- Market Impact: TRX’s market cap rose by 24% to $13.5 billion, with notable memecoin successes like SunDog (SUNDOG) and a total value locked in DeFi protocols reaching $8.1 billion before settling at $6.98 billion.
TRON has achieved a record-breaking revenue milestone in the third quarter of 2024, thanks to the explosive success of its memecoin launchpad, SunPump. According to a report by Messari, TRON’s revenue soared to an unprecedented $151.2 million, marking a significant 30% increase from the previous quarter.
This surge was primarily driven by a remarkable 487% increase in decentralized finance (DeFi) transactions, fueled by the launch of over 89,000 memecoins between August 12 and September 30.
Record-Breaking Token Burns and Launches
The SunPump activity began to pick up momentum on August 16, reaching a peak in the following two weeks. During this period, more than 270 million TRON (TRX) tokens were burned, generating approximately $42 million, which accounted for nearly 27% of TRON’s total quarterly revenue.
On August 20 alone, a record-breaking 7,500 tokens were launched, and the following day witnessed the largest single-day burn of TRX in TRON’s history.
Notable Memecoin Successes
Among the numerous memecoins launched, SunDog (SUNDOG) stood out with a market capitalization of $217 million. Other popular tokens, such as Tron Bull (TBULL) and Invest Zone (IVFUN), also saw significant trading volumes.
Despite the initial frenzy, the number of new tokens launched on SunPump slowed significantly in September, dropping to fewer than 1,000 per day. TRON’s native cryptocurrency, TRX, maintained its deflationary momentum in the third quarter, resulting in a total burn of 587.6 million tokens.
The circulating market cap of TRX increased for the seventh consecutive quarter, rising by 24% to reach $13.5 billion, briefly peaking at $14.5 billion during the height of SunPump’s activity.
Tron’s Total Value Locked and Future Outlook
TRON’s total value locked (TVL) in DeFi protocols reached $8.1 billion by the end of Q3 but has since fallen to $6.98 billion. Tether’s (USDT) market capitalization on the TRON network increased by 3%, approaching a total of nearly $59 billion. As TRON continues to innovate and expand its ecosystem, the future looks promising for both the blockchain and its native token, TRX.
