As a seasoned crypto investor with a decade of experience under my belt, I can confidently say that the recent success of Tron’s memecoin launchpad SunPump has been nothing short of impressive. The blockchain’s quarterly revenue hitting an all-time high of $151.2 million is a testament to the power of innovative DeFi solutions and the memecoin frenzy that swept through the crypto world this past quarter.
According to Messari’s report, the launch of Tron’s memecoin platform SunPump significantly boosted the blockchain’s earnings, reaching an all-time high of $151.2 million during the third quarter. This represents a nearly 30% increase compared to the previous quarter.
Between August 12 and September 30, a flurry of memecoin launches on SunPump resulted in approximately 89,000 tokens being introduced. This surge significantly boosted Tron’s decentralized finance transactions, causing them to increase by an impressive 487% during the third quarter, as reported by Messari on October 17.
“SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period.”
During the period from August 16th to August 31st, approximately 270 million TRON tokens, worth roughly $42 million, were destroyed. This accounts for nearly a quarter (27%) of Tron’s third-quarter earnings, according to Messari’s observations.
On August 20th, a daily tally of over 7,500 SunPump tokens was introduced, while more TRON (TRX) was destroyed on August 21st than on any other day in the history of the network, according to the blockchain analysis company’s report.
Instead, the daily launches of new tokens on SunPump significantly decreased in September, typically falling below 1,000.
SunDog (SUNDOG), the largest meme token born from SunPump, boasts a market capitalization of $217 million, with Tron Bull (TBULL) and Invest Zone (IVFUN) experiencing significant trading activity as well.
For seven consecutive quarters, the market value of TRX (Tron) rose by 24%, reaching a total of approximately $13.5 billion at the close of Q3.
Near the peak of the SunPump craze, it reached $14.5 billion, CoinGecko data shows.
TRX also remained deflationary in Q3 with a net burn of 587.6 million tokens.
Over the course of the quarter, the number of daily transactions conducted by Tron saw a 14.4% rise, reaching approximately 7.2 million. At the same time, the count of daily active addresses also experienced an increase of around 6%, totaling about 2.1 million.
By the end of Q3, the total value locked in Tron’s decentralized finance (DeFi) protocols amounted to approximately $8.1 billion. However, recent data from DeFiLlama indicates that this figure has now dropped to around $6.98 billion.
Tron’s TVL is now 32.8% off its all-time high of $10.4 billion notched on March 12, 2024.
Over the past three months, the market value of the Tether (USDT) stablecoin on the Tron platform grew by approximately 3%. This increase brought its total value to nearly $59 billion in Q3. Notably, this still represents about half of USDT’s overall market cap across all the blockchain platforms that Tether supports.
TRX has traded flat at $0.16 over the last 24 hours.
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2024-10-18 05:25