Tron achieved record-breaking revenue in Q3, driven by a surge in activity from its memecoin launchpad, SunPump. According to Messari, the blockchain generated $151.2 million, marking a 30% increase from the previous quarter.

• Tron’s SunPump launchpad generated 27% of its Q3 revenue, with over 89,000 tokens launching in two weeks.

• SunDog memecoin achieved a $217 million market cap.

• TRX remained deflationary with a net burn of 587.6 million tokens.

• Tron’s total value locked (TVL) slipped to $6.98 billion but still shows long-term potential.

The memecoin frenzy on SunPump led to the launch of 89,000 tokens between August 12 and September 30. The platform generated significant fees during this period, contributing 27% of Tron’s quarterly revenue.

SunPump token launches and transactions | Source: Dune Analytics 

SunPump also birthed successful tokens like SunDog (SUNDOG), which now boasts a $217 million market cap. Other memecoins, such as Tron Bull (TBULL) and Invest Zone (IVFUN), gained high trading volumes, further boosting Tron’s on-chain activity.

Read more: Top TRON Memecoins to Watch in 2024 Following SunPump's Launch

Source: Messari 

Tron burned 270 million TRX between August 16 and 31, creating a $42 million revenue boost. August 21 saw the highest single-day TRX burn in the blockchain's history, demonstrating growing user activity.

TRX maintained its deflationary trend by the end of Q3, with a net burn of 587.6 million tokens. This scarcity mechanism supported Tron’s tokenomics, increasing long-term value.

Tron’s TVL | Source: DefiLlama

While Tron’s total value locked (TVL) in DeFi fell to $6.98 billion from a peak of $8.1 billion, it remains a major player in decentralized finance. Tron also increased its circulating market cap by 24%, reaching $13.5 billion in Q3.

The platform’s average daily transactions rose 14.4% to 7.2 million, reflecting continued interest and adoption. Daily active addresses also grew by 6%, hitting 2.1 million users.

Tron Dominates USDT Transfers Worth $59B

USDT dominates in Tron blockchain | Source: DefiLlama 

Tron has solidified its position as a leader in stablecoin transfers, holding nearly $59 billion worth of Tether (USDT) on its network. The blockchain’s ability to offer low fees and fast transactions makes it attractive to stablecoin users.

With increasing memecoin and DeFi activity, Tron is steadily gaining market share from rivals like Solana. The combination of new use cases, including the SunPump launchpad, enhances Tron’s long-term outlook.

Read more: USDT vs. USDC: Differences and Similarities to Know in 2024

TRX/USDT price | Source: KuCoin 

TRX price movements reflect bullish pressure, currently trading near the $0.16 mark. However, it faces resistance at $0.1635. If TRX can break this level, the potential for a new all-time high increases significantly.

Despite declining memecoin activity in October, SunPump's impact has set the stage for TRX’s next rally. A short squeeze could add to this momentum, especially as 57.5% of traders currently hold short positions, according to CoinGlass.

While SunPump’s initial hype has cooled, the groundwork laid in Q3 positions Tron for future growth. The deflationary nature of TRX, rising on-chain activity, and its dominance in USDT transfers make Tron a network to watch closely.

If social sentiment shifts and memecoin interest reignites, TRX could see renewed bullish momentum. For now, traders are keeping a close eye on the $0.17 resistance level, which could unlock the next phase of Tron’s rally.

Read more: Top TRON Ecosystem Projects to Watch in 2024