Messari highlighted that the surge in memecoins drove unprecedented revenue levels for the Tron network in Q3.
In just two weeks, SunPump, Tron’s new memecoin launchpad, generated nearly one-third of its record quarterly revenue of $151 million.
With a quarterly revenue of $151.2 million in Q3, Tron’s memecoin launchpad, SunPump, set a new record, showing a quarter-on-quarter growth of nearly 30%, as stated by Messari.
Messari’s October 17 report noted that between August 12 and September 30, more than 89,000 memecoins launched on SunPump, leading to a 487% boost in Tron’s decentralized finance activity for Q3.
“SunPump activity began picking up on August 16 and proceeded to go parabolic over the following two-week period.”
Between August 16 and August 31, the burning of over 270 million TRON tokens generated roughly $42 million, which represented nearly 27% of Tron’s third-quarter revenue according to Messari.
The blockchain analytics firm added that on August 20, more than 7,500 SunPump tokens launched, while on August 21, users burned the highest amount of TRX in the network’s history.
In sharp contrast, token launches on SunPump steeply declined in September, with daily figures consistently falling below 1,000.
With a market cap of $217 million, SunDog (SUNDOG) stands as the biggest memecoin from SunPump, while Tron Bull (TBULL) and Invest Zone (IVFUN) have likewise seen high trading activity.
By the end of Q3, TRX’s circulating market cap increased by 24%, marking the seventh straight quarter of growth and bringing the total to $13.5 billion.
At the height of the SunPump boom, investors valued it at $14.5 billion, according to CoinGecko.
In the third quarter, TRX remained deflationary, recording a net burn of 587.6 million tokens.
During the quarter, Tron’s average daily transactions grew by 14.4%, reaching 7.2 million, and the average number of daily active addresses increased by 6% to 2.1 million.
DeFiLlama data reveals that the total value locked (TVL) in Tron’s decentralized finance protocols reached $8.1 billion at the end of Q3, but it has since declined to $6.98 billion.
At this time, Tron’s total value locked (TVL) stands 32.8% off its peak of $10.4 billion, which it reached on March 12, 2024.
The market cap of the Tether (USDT) stablecoin on Tron increased by 3% during Q3, nearing $59 billion, and it continues to make up about half of USDT’s total market cap across several supported chains.
In the last 24 hours, TRX has traded consistently at $0.16.
