Sun Pump Tron Memecoin Sparks 30% Revenue Growth
Tron blockchain network experienced a remarkable surge in revenue during Q3 2024, driven by the explosive growth of its memecoin launchpad, SunPump. According to Messari’s October 17 report, Tron generated a record high of $151.2 million in revenue, marking a nearly 30% increase compared to the previous quarter. This revenue spike is attributed to the memecoin frenzy, which saw over 89,000 tokens launched on SunPump between August 12 and September 30.
Sun Pump Tron Memecoin Craze Boosts Decentralized Finance Activity
The surge in memecoin activity led to a staggering 487% increase in Tron’s decentralized finance (DeFi) transactions over the quarter. SunPump’s parabolic growth began on August 16, culminating in a daily launch of over 7,500 tokens on August 20. Additionally, Tron’s token-burning mechanism contributed significantly to its revenue, with 270 million TRX tokens burned between August 16 and 31, generating $42 million, which accounted for nearly 27% of the blockchain’s quarterly revenue.
SunPump’s Top Memecoins and TRX’s Deflationary Success
Among the memecoins launched on SunPump, SunDog (SUNDOG) emerged as the largest, boasting a market cap of $217 million. Other notable tokens like Tron Bull (TBULL) and Invest Zone (IVFUN) also saw significant trading volumes. Despite the memecoin boom, the number of new tokens launched on SunPump dropped drastically in September. However, TRX remained deflationary throughout Q3, with a net burn of 587.6 million tokens, further boosting its circulating market cap, which increased by 24% to $13.5 billion.
Tron’s Total Value Locked (TVL) and Stablecoin Growth
While Tron’s average daily transaction count increased by 14.4% to 7.2 million, and its daily active addresses rose by 6% to 2.1 million, the total value locked (TVL) in its DeFi protocols slipped from $8.1 billion at the end of Q3 to $6.98 billion in early Q4, according to DeFiLlama. Nonetheless, Tether’s (USDT) presence on Tron continues to grow, with its market cap on the network rising by 3% to nearly $59 billion, representing half of USDT’s total market cap across multiple blockchains.
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