Author: OurNetwork

Compiled by: TechFlow

Editor’s Note:

Welcome to our sixth Zoomed-in, our in-depth series on blockchain from OurNetwork. This week we focus on TRON, a layer 1 blockchain launched in 2018 that has quietly carved out a significant niche in the stablecoin transfer space. While everyday utility is often seen as a distant dream for cryptocurrencies, TRON’s usage is highlighting evidence of non-speculative use. TRON’s usage is often overlooked due to regional bias, as its adoption is primarily outside of the United States.

We are excited to announce that Dune has recently integrated TRON. This provides our team and the on-chain data community with a whole new blockchain to interpret. In this issue, we will provide data-driven commentary around TRON’s emerging use cases, user behavior, and applications based on Dune data.

Let’s take a deeper look at TRON.

① TRON: Network Overview

Total locked value exceeds $20 billion, users exceed 260 million, and total transfer volume exceeds $13 trillion

  • TRON's on-chain data is surprising - TRON's total locked value (TVL) has exceeded $20 billion. Outside of DeFi, the main factors supporting this number are TRON's governance system, which has staked nearly $6 billion, and JustCrypto, a cross-chain solution with a TVL of $5 billion. In terms of DeFi, TRON ranks second among all blockchain networks, with a total locked value of about $8 billion in DeFi foundations. In terms of wallets, there have been an average of more than 2.62 million active accounts per day in the past month. This stable activity level shows strong demand and is almost unaffected by market fluctuations.

Dune - @tron_dao

Dune - @sliceanalytics

  • Of the active accounts in Q2, only 10% were created during that quarter, indicating that these users are ongoing participants on the network. As of September 2024, the total number of user accounts on TRON exceeds 260 million.

Dune - @tron_dao

Dune - @tron_dao

  • Due to high network activity, TRON has achieved a total revenue of $1.64 billion in the past year, mainly from transaction fees, of which $218 million was achieved in the past 30 days - TRON stands out among the few Layer 1 networks with persistent deflation, with an annualized inflation rate of -2.94% from December 2019 to September 2024.

Dune - @sliceanalytics

② Dominance of Stablecoins: USDT on TRON

TRON is the first blockchain to have over $60 billion worth of assets in a single stablecoin

  • Over 50% of Tether’s total supply (over $119 billion) circulates on the TRON network, making it the first blockchain to have over $60 billion in a single stablecoin, USDT.

Dune - @steakhouse

Dune - @steakhouse

  • As of September 2024, more than 90% of USDT transactions on TRON were valued at less than $10,000, and more than 30% were valued at less than $100. These data show that a large portion of TRON-based USDT holders are ordinary users who conduct low-value and frequent daily transactions such as remittances, micropayments, and peer-to-peer transfers.

Dune - @steakhouse

  • For TRON, regular users and small transactions dominate, highlighting its importance as a scalable, secure, and low-cost blockchain for everyday financial activities. This user base drives sustained trading activity, boosts liquidity, and strengthens the stability of the network. In fact, most transactions below $10,000 using USDT are conducted on TRON, demonstrating the chain’s unique utility in the real world.

Dune - @steakhouse

Dune - @steakhouse

③ Users and top protocols: usage trends

TRON’s network activity is mainly driven by transactions below $10,000

  • TRON averaged 6.3 million transactions per day in the second quarter of 2024. For reference, this is about six times the average daily transaction volume of the Ethereum mainnet in 2024.

Dune - @tron_dao

  • In September 2024, users create approximately 200,000 new TRON wallets per day. The steady increase in the number of new daily wallet creations highlights the continued strength of network adoption and further demonstrates TRON’s organic growth.

Dune - @tron_dao

  • Oobit, Orbital, and UQUID—all consumer-facing applications—are driving TRON’s real-world adoption through key integrations, bringing blockchain to everyday transactions. Oobit is a tap-to-pay application that allows users to transact with TRON-related cryptocurrencies at Visa and Mastercard merchants. Orbital, another payment platform focused on emerging markets, highlights that 98% of its stablecoin transactions—primarily USDT—are conducted on the TRON network. And UQUID, a banking platform, further enhances TRON’s real-world adoption by allowing Argentinian users to top up their transit cards with USDT on TRON. These partnerships showcase TRON’s expanding role in driving real-world financial solutions around the world.

Dune - @simbadmarino

Actively participate in the TRON ecosystem

  • Dune Dashboards:

    • @tron_dao 的 Tron Network Overview

    • @steakhouse 的 Stablecoin Dashboard

    • @sliceanalytics 的 Tron User Data

  • wallet:

    • Tronlink

  • Leading DeFi Applications:

    • JustLend - Lending protocol

    • JustStables - Stablecoin lending

    • SUN - DEX

  • Key consumer-facing applications:

    • Oobit - Instant tap-to-pay at existing Visa and Mastercard merchants, with TRON-related cryptocurrencies converted to fiat in real time.

    • Orbital - An enterprise fintech service platform built on TRON's native stablecoin.

    • UQUID - A Web3 shopping platform that allows users to top up SUBE public transportation cards with USDT via the TRON blockchain.

  • Wider Ecosystem:

    • TRONNetwork

    • TRONDAO

    • Twitter

    • Telegram

    • Discord

    • Forum

    • TRONSCAN

#USDT