Messari Report Shows Memecoins Boost Tron’s Q3 Revenue to Record $151 Million

Tron Network achieved a record $151 million in revenue in the third quarter of this year, driven by the SunPump launchpad.Over 89,000 meme coins were launched during the quarter, boosting Tron's decentralized finance (DeFi) activities.

This surge in memecoin creation pushed Tron's transaction count and active addresses to new highs.

SunPump Drives Tron's Q3 Revenue Surge

According to Messari, Tron Network reached its highest-ever revenue of $151.2 million in Q3 2024. This represents a nearly 30% increase compared to the previous quarter, driven mainly by memecoin launches on the SunPump platform.

Messari reported that between August 12 and September 30, more than 89,000 tokens were launched on SunPump. The activity skyrocketed after August 16, as a memecoin frenzy took over the platform.

SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period," said Messari.

During the two weeks, decentralized finance (DeFi) transactions surged 487%.

Tron also saw a massive increase in token burns, with over 270 million TRX tokens burned. The report said the token burn contributed to $42 million, or 27% of the total quarterly revenue.

On August 21, Tron recorded its highest daily TRX burn ever, as more tokens were burned that day than in the network's entire history.

While the memecoin frenzy led to a massive surge in activity, it began to slow down in September. During August, there was a surge where more than 7,500 tokens were launched every day.

However, as time went on, this frenzy began to dwindle. By the end of September, the number of new tokens created decreased to less than 1,000 tokens daily.

Meanwhile, amid the decrease, SunDog (SUNDOG) emerged as the largest memecoin from SunPump. The project reached a market cap of $217 million. Other tokens like Tron Bull (TBULL) and Invest Zone (IVFUN) also saw significant trading volumes.

Despite the slowdown, Tron's circulating market cap continued to increase, reaching $13.5 billion by the end of Q3. At the peak of SunPump's activity, Tron's market cap hit $13.76 billion, according to CoinMarketCap.

TRX, the network's native token, also remained deflationary in Q3, with a net burn of 587.6 million tokens.

Tron Transaction Count and DeFi Activity Witness Significant Surge

Tron saw significant growth in its transaction count and DeFi activities during Q3. The average daily transaction count rose 14.4% to 7.2 million, while daily active addresses increased by 6%, reaching 2.1 million.

By the end of the quarter, Tron's total value locked (TVL) in decentralized finance protocols hit $8.1 billion. However, according to DeFiLlama, this figure has dropped to $6.98 billion since the end of Q3. Despite the decrease, Tron's TVL remains among the highest in the DeFi sector.

Additionally, Tron's USDT market cap increased by 3% during the quarter, reaching nearly $59 billion. This accounts for about half of USDT's market cap across the various chains it supports.

This surge in activity highlights Tron's growth, particularly in memecoins, and the network's ability to capitalize on trends to drive revenue.

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