TRON’s Impressive Growth in August 2024: Fees, Revenue, and TVL Surge
Story Highlights
TRON’s August report showed a 38.1% revenue increase, reaching $38.99 million.
#TRON burned 420.8 million TRX in August, reflecting high network activity.
USDT accounted for 99% of TRON’s stablecoin market cap, totaling $58.5 billion.
In August 2024, TRON DAO experienced remarkable growth across key metrics, as outlined in their latest monthly report. The blockchain saw a rise in revenue, increased trading volume, and consistent total value locked (TVL), making it one of the most active networks in the crypto space. But what else contributed to TRON’s success this month?
Tron’s Financial Statement
According to a recent tweet by Coin98 Analytics TRON’s August 2024 financials report showed a 38.1% growth in fees and revenue. As the blockchain’s earnings nearly doubled from the previous month, closing at $38.99 million.
This steady growth highlights TRON’s increasing traction, both in user activity and financial performance, further cementing its place in the market.
Rising Tron’s Trading Volume
Apart from this, TRX saw a substantial increase in TRX trading volume, with an $8.5 billion rise compared to July. Additionally, the number of TRX holders surged by 4.92 million, bringing the total to over 143.5 million people. These figures highlight the growing popularity & demand for TRX within the broader crypto market.
TRX Burned and Generated
Coin98 Analytics also highlighted a spike in the amount of TRX burned in August, with a single-day burn of 34.67 million TRX on August 21. For the month, TRON burned 420.8 million TRX while generating 157 million new TRX, reflecting the active participation within the network.
Network Usage and Active Users
Apart from this, the TRON network recorded over 231.7 million transactions in August, with a total of 254.8 million unique addresses. The platform averaged 2.1 million daily active users, outperforming several other blockchains, such as Solana, in terms of user engagement.
Staking and Total Value Locked (TVL)
TRON’s staking figures tripled from the previous month, reaching 47.11 billion TRX. The blockchain’s TVL remained consistently high, closing August at $8.18 billion, with a peak of $8.75 billion on August 26.
Sectors such as Lending, CDP, and DEX contributed heavily to the platform’s TVL, with JustLend leading the pack at $5.76 billion.
USDT’s Dominance on TRON
Lastly, Coin98 Analytics also noted that USDT continues to account for 99% of the stablecoin market cap on TRON, amounting to $58.5 billion by the end of August. TRON ranks just behind Ethereum in terms of USDT stablecoin volume, further solidifying its influence in the stablecoin sector.
With continued expansion in both TRX holders and stablecoin dominance, TRON is positioning itself as a major player in the blockchain space.
Tron Price Analysis
Recent analysis shows promising signs of a bullish trend for TRON. Its price has been steadily rising, and projections suggest it could soon reach $0.17. If this upward momentum continues, TRON might even hit a new high of $0.30.
As of now, the TRX price is at $0.1517, showing a slight drop of 0.8%, with a market cap of $13.24 billion.
