According to a recent report from market intelligence firm Messari, the Tron blockchain experienced a notable surge in usage during the first quarter of 2023. Despite facing lawsuits from the US Securities and Exchange Commission (SEC) against Tron ecosystem tokens, the network remained resilient, displaying robust activity. The market cap of Tron’s native token, TRX, also saw a substantial increase of nearly 20% quarter-over-quarter (QoQ).
In terms of revenue, Tron witnessed impressive growth, with total quarterly revenue reaching $90.04 million in Q1 2023. This marked an impressive 88% jump from Q4 2022 revenue of $47.96 million.
The report highlighted a 7.7% increase in average daily transactions during the three-month review period, reaching approximately 7 million transactions. Messari attributed this growth partly to staking activity on the network. Although staking accounted for only about 3% of all transactions on the TRX network, the total transaction count originating from staking activities soared by 197% QoQ.
The “State of Tron” report, commissioned by Tron itself, revealed that smart contracts triggered and TRX transfers dominated the transaction activity on the network, accounting for 88% of all transactions.
Despite remaining relatively stable throughout Q1, these transaction types showcased the USDT smart contract as the primary driver of contract execution on TRON.
Furthermore, transaction fees experienced a substantial surge during the first quarter. Statistics indicated a 59.2% increase in the average transaction fee denominated in TRX and an 80.2% increase when measured in USD.
Committee proposal No. 79, approved in the previous quarter, played a crucial role in driving the hike in transaction fees. This proposal introduced changes to network parameters, increasing the energy required to execute smart contracts.
Overall, the Tron blockchain demonstrated impressive growth in usage and market cap during Q1 2023, defying the challenges posed by SEC lawsuits. The network’s resilience, combined with the surge in revenue, transaction volume, and transaction fees, indicates a thriving ecosystem with increasing adoption and activity.
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