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Tron Achieving Record Revenue as SunPump Memecoin Frenzy Drives Q3 Surge
Oct. 18, 2024. 2 mins. read.
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Tron's SunPump launchpad boosts Q3 revenue to a record $151.2 million, driven by memecoin launches and increased DeFi activity, despite a decline in token launches later in the quarter.
Tron’s SunPump memecoin launchpad is propelling the blockchain’s quarterly revenue to a record $151.2 million in Q3 2024, fueled by a wave of new token launches and a surge in decentralized finance (DeFi) activity, according to blockchain analytics firm Messari.
The report highlights that Tron’s revenue jumped nearly 30% compared to Q2, marking a significant milestone for the blockchain. Between August 12 and September 30, the SunPump launchpad saw over 89,000 tokens launched, leading to a remarkable 487% increase in DeFi transactions. Messari’s October 17 report noted that activity on SunPump surged starting August 16, reaching a peak over the following two weeks.
On August 20, SunPump set a daily record with over 7,500 tokens launched, followed by the largest single-day TRX burn in Tron’s history on August 21. This token burn, totaling over 270 million TRX from August 16 to 31, generated around $42 million, contributing 27% of Tron’s Q3 revenue. Despite a slowdown in token launches by September, the initial frenzy solidified SunPump’s importance in Tron’s ecosystem.
Among the memecoins launched, SunDog (SUNDOG) emerged as the standout, reaching a market cap of $217 million. Other notable tokens included Tron Bull (TBULL) and Invest Zone (IVFUN), which also attracted significant trading volumes. This memecoin boom increased TRX’s circulating market cap by 24% to $13.5 billion at the end of Q3, peaking at $14.5 billion during the height of the SunPump activity.
Despite the rise in memecoin activity and a 14.4% increase in daily transactions, Tron’s total value locked (TVL) in DeFi protocols fell to $8.1 billion by Q3’s end, down from a peak of $10.4 billion in March 2024. The decline continued post-Q3, reflecting a broader trend in the DeFi space.
However, the stablecoin market on Tron remained robust, with the Tether (USDT) market cap on the network rising 3% to nearly $59 billion. The memecoin trend, while cooling off in September, has significantly boosted Tron’s financial performance, establishing the blockchain’s expanding role in cryptocurrency. Future growth will depend on Tron’s ability to innovate and attract continued user engagement.
Source: SunPump Frenzy Propels Tron to Record $151.2 Million Q3 Revenue
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