The Tron blockchain has seen a surge in usage recently. According to data from Token Terminal, Tron recorded 225 million monthly transactions, $220 million in monthly fees, and 14.1 million active users last month.
The report found that Tether (USDT) and Sunpumps are leading the growth, establishing themselves as key applications on the blockchain.
Tron's Rise Is Due to the Surge in USDT Transfers and the Memecoin Craze
According to token terminal data, Tron processed 59.9 million USDT transfers over the past 30 days. During the reporting period, the USDT supply reached $61.8 billion, with 8.3 million monthly senders participating in transactions.
Meanwhile, Sunpump boasts around 13,000 active addresses per day and uses around $416,000 in gas fees during the same period .
Read more: What is Tron (TRX) and how does it work?
Launched in mid-August, SunPump allows users to quickly generate meme coins on the Tron blockchain. The platform's fee structure includes a 20 TRX coin creation fee and a 1% transaction fee. This mechanism has encouraged user participation.
While many market experts believe overall interest in meme coins is declining, the Sunpump has successfully maintained momentum within the TRON ecosystem. BeInCrypto reported that projects like SUNDOG saw a 10% increase in value in early September. This increase was aided by TRON founder Justin Sun's public support for meme coins within the network.
Tron's native token, TRX, has also experienced impressive growth . Token Terminal reports that TRX's market capitalization has more than doubled over the past two years.
Tron's recent milestone builds on Messari's report that daily transactions increased by 29% in Q2 2024. Tron's infrastructure—supported by the Proof-of-Stake mechanism and the Tron Virtual Machine (TVM)—has played a key role in this growth. This efficient technology has enabled Tron to process millions of transactions daily, attracting developers and users to the ecosystem.
However, despite its strong growth, Tron faced challenges. According to Messari's Q2 report, despite increased trading and stablecoin activity, Tron's total value locked (TVL) decreased by 23% quarter-over-quarter, from $10.1 billion to $7.8 billion . This decline suggests that Tron may still struggle to fully capture the DeFi market.
Going forward, Sun has ambitious plans to continue expanding the functionality of the blockchain. One of his key initiatives is to further reduce gas fees and increase Tron's energy cap to 120 billion. These measures have already alleviated transaction costs and energy shortages.
Additionally, Sun suggested using all NFT transaction fees to purchase and burn tokens. This measure is designed to create deflationary pressure, further driving up the value of the ecosystem.
"Tron truly needs a high-quality, native NFT project. Honestly, if such a project were to come to fruition, I would change my profile picture to that project's PFP," Sun said .
Read more: Tron (TRX) Price Prediction 2024/2025/2030
With these upcoming developments, Tron aims to build on its recent success and establish itself as a dominant player in the blockchain space.
