Tron’s Revenue In Q1 2023 Surpassed $90 Million

The Tron blockchain saw an increase in usage during the first quarter of 2023, as reported by Messari, a business publication. The total transactions on the network exceeded $90 million, and the rise can be attributed to the increased staking activity. The surge in staking activity resulted in a 197% increase in the total number of transactions generated in the current quarter, compared to the previous quarter. Although staking activity accounted for less than 3% of all TRX network transactions, it played a significant role in driving the overall transaction volume.

Tron’s Revenue In Q1 2023 Surpassed $90 Million

A recent report from Messari, a business analysis firm, shows that the Tron blockchain experienced a surge in usage during the first quarter of 2023. The average daily transactions over the past three months increased by 7.7% to around 7 million, which Messari attributes to the increased staking activity on the network.

Although staking activity accounted for less than 3% of all TRX network transactions, the total number of transactions generated by staking increased by 197% from the previous quarter.

Despite the SEC filing lawsuits against various Tron ecosystem projects, the network’s operations remained largely unaffected. The TRX system generated $90.04 million in total revenue in the first quarter of 2023, an 88% increase compared to the revenue earned in the fourth quarter of 2022 ($47.96 million). The average transaction fees in TRX and USD also increased significantly, by 59.2% and 80.2%, respectively.

The research report titled “State of Tron” found that the majority of trading activity on the Tron network is driven by active smart contracts that transfer TRX, accounting for 88% of the total. During the first quarter, the total value locked (TVL) in USD increased by 18.8%, while TVL by TRX reported a marginal drop of 0.5%.

The major protocols contributing to TVL on the Tron network are JustLend and JustStables, which grew by 26% and 21%, respectively, during the first quarter due to market recovery.

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