Tron’s Revenue In Q1 2023 Surpassed $90 Million, Recognize The Growth In Firm Activities

Key Points:

• A new report published by the business Messari indicates that the Tron blockchain experienced a rise in usage in the first quarter of 2023, with total transactions exceeding $90 million.
• According to Messari, the surge can be attributed to the increased amount of staking activity on the network. Despite accounting for slightly less than 3% of all TRX network transactions, the total number of transactions that were generated as a result of staking activity surged by 197% from the previous quarter to the current quarter.

In the wake of this statistics report, it came to light that Tron was in the midst of a considerable growth in its business operations.

A recent analysis compiled by the business Messari indicates that the Tron blockchain experienced a surge in usage during the first three months of the year 2023. The average daily transactions over the past three months increased by 7.7% to around 7 million.

According to Messari, the surge can be attributed to the increased amount of staking activity on the network. Despite accounting for slightly less than 3% of all TRX network transactions, the total number of transactions that were generated as a result of staking activity surged by 197% from the previous quarter to the current quarter.

Even if the SEC brought lawsuits against various Tron ecosystem projects, the operations of the network were, for the most part, untouched. The total revenue created by the TRX system in the first quarter of 2023 was $90.04 million, representing an increase of 88% when compared to the revenue earned in the fourth quarter of 2022 ($47.96 million).

Additionally, an increase in transaction fees was seen throughout the first three months of 2023. According to the data collected, the average transaction fees in TRX and USD have both climbed by a significant amount; specifically, 59.2% and 80.2% respectively.

According to the research titled “State of Tron,” the majority of the trading activity that takes place on the Tron network is driven by active smart contracts that transfer TRX. This activity accounts for 88 percent of the total. Additionally, during the first quarter, the total value locked (TVL) in USD saw an increase of 18.8%. On the other hand, TVL by TRX reported a marginal drop of 0.5%.

Both JustLend and JustStables, which are the major protocols that make up TVL on the Tron network, grew by 26% and 21% respectively during the first quarter as a result of the market recovery. TVL is made up of JustStables and JustLend.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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