The rise in meme coins has significantly contributed to Tron’s record revenue of $151.2 million in the third quarter of 2024. As reported by Messari, this represents a 29% increase from the previous quarter. A major factor in this growth is the launch of SunPump, a platform specifically designed for launching meme coins. Activity on SunPump began to increase on August 16 and surged dramatically in the following two weeks. Between August 16 and August 31, Messari estimated that more than 270.3 million TRX (about $42 million) was burned, accounting for nearly 27% of Tron’s revenue in Q3. On August 21, the TRX burned reached 34.7 million, marking the highest daily total in Tron’s history. The increased activity around meme coins not only boosted Tron’s revenue in USD but also resulted in a 6% increase in revenue in TRX, reaching 1.05 billion.

**Boost for Tron’s DeFi Activity**

The average daily decentralized exchange (DEX) volume soared by 150%, reaching its highest level since 2022, following the launch of SunPump. According to Messari, SunPump’s influence is particularly evident in the increased volume transacted via SUN V2, which features liquidity pools for bonded meme coins linked to the platform. In the third quarter, the average daily trading volume on SUN V2 jumped by 982% compared to the previous quarter, increasing from $2.6 million to $27.9 million.

“Essentially all DEX volumes on TRON occur on SUN. In June 2023, SUN introduced a concentrated liquidity (CL) AMM to its product suite (SunSwap V3). Q1’24 marked the first time since SunSwap V3’s introduction that the majority of volume on SUN was routed through the V3 AMM. Despite the rise in volumes on SUN V2 from meme coins, this trend continued in Q3, with SUN V3 accounting for 51% of all volume on TRON (average daily of $33.3 million).”

**Stablecoin Usage on Tron Remains Strong**

The stablecoin market cap on Tron has been consistently increasing throughout the past year, with Q3 continuing this trend. There was a 3% rise in stablecoin market cap quarter-over-quarter, climbing from $58.02 billion to $59.97 billion. USDT dominates the stablecoins on the network, maintaining a 98% market share. At the end of the quarter, USDT’s market cap on Tron was $58.94 billion, reflecting a 3% increase from $57.06 billion. Furthermore, about 51% of all circulating USDT is on Tron, showing a 3% decline from the last quarter.

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