CDS Crypto News Tron’s Revenue In Q1 2023 Surpassed $90 Million
Crypto News

Tron’s Revenue In Q1 2023 Surpassed $90 Million

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.

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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

Tron’s Revenue In Q1 2023 Surpassed $90 Million

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.

Tron'S Revenue In Q1 2023 Surpassed $90 Million

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.

To access more crypto news: cryptodataspace.com

Written by
Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

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