In the field of DeFi, TRON ranks second among all blockchain networks.
Author: OurNetwork
Translation: Deep Tide TechFlow
Editor's Note:
Welcome to the sixth issue of our Zoomed-in, a deep blockchain series from OurNetwork. This week we focus on TRON - a Layer 1 blockchain launched in 2018, quietly occupying an important position in the stablecoin transfer field. Despite the fact that practicality is often seen as an unattainable dream for cryptocurrencies, TRON's usage highlights evidence of non-speculative use. Due to regional bias, TRON's usage is often overlooked as its applications mainly occur outside the United States.
We are pleased to announce that Dune has recently integrated TRON. This provides our team and the on-chain data community with a new blockchain for us to interpret. In this issue, we will provide data-based commentary on TRON's emerging use cases, user behavior, and applications based on Dune data.
Let's delve into TRON.
① TRON: Network Overview
Total Locked Value exceeds $20 billion, with over 260 million users and total transfer volume exceeding $13 trillion
- TRON's on-chain data is surprising - TRON's Total Locked Value (TVL) has exceeded $20 billion. Beyond DeFi, the main factors supporting this figure are TRON's governance system, which has staked nearly $6 billion, and JustCrypto, a cross-chain solution with a TVL of $5 billion. In terms of DeFi, TRON ranks second among all blockchain networks, with a total locked value of approximately $8 billion. In terms of wallets, the average daily active accounts have exceeded 2.62 million over the past month, showing a stable level of activity that demonstrates strong demand, almost unaffected by market fluctuations.
- In the second quarter, only 10% of active accounts were created during that quarter, indicating that these users are continuous participants in the network. As of September 2024, the total number of user accounts on TRON has exceeded 260 million.
- Due to active network activity, TRON has generated a total revenue of $1.64 billion over the past year, mainly from transaction fees, with $218 million generated in the past 30 days - TRON stands out among a few Layer 1 networks, with sustained deflation, achieving an annualized inflation rate of -2.94% from December 2019 to September 2024.
② Dominance of Stablecoins: USDT on TRON
TRON is the first blockchain with over $60 billion in value on a single stablecoin
- Over 50% of Tether's total supply (over $119 billion) is in circulation on the TRON network, making it the first blockchain with over $60 billion in value on a single stablecoin, USDT.
- As of September 2024, over 90% of USDT trading value on TRON is below $10,000, with over 30% of trading value below $100. These data show that a large portion of USDT holders on TRON are ordinary users, engaging in low-value and frequent daily transactions, such as remittances, small payments, and peer-to-peer transfers.
- For TRON, ordinary users and small transactions dominate, highlighting its importance as a scalable, secure, and low-cost blockchain in daily financial activities. This user base drives continuous transaction activity, enhances liquidity, and strengthens network stability. In fact, most transactions using USDT below $10,000 are conducted on TRON, demonstrating the unique practicality of the chain in the real world.
③ Users and Top Protocols: Usage Trends
TRON's network activity is mainly driven by transactions below $10,000
- In the second quarter of 2024, TRON averaged 6.3 million transactions per day. For reference, this is roughly six times the daily transaction volume of the Ethereum mainnet in 2024.
- In September 2024, approximately 200,000 new TRON wallets were created daily. The steady growth in the number of new wallets created daily highlights the network's continued strong adoption and further proves TRON's organic growth.
- Oobit, Orbital, and UQUID - all consumer-facing applications - have driven TRON's adoption in the real world through key integrations, bringing blockchain into everyday transactions. Oobit is a tap-to-pay app that allows users to transact with TRON-related cryptocurrencies at Visa and Mastercard merchants. Orbital is another payment platform focused on emerging markets, emphasizing that 98% of stablecoin transactions - mainly USDT - occur on the TRON network. UQUID is a banking platform that further enhances TRON's real-world utility by allowing users in Argentina to top up their transit cards with USDT on TRON. These partnerships demonstrate TRON's role in driving the expansion of practical financial solutions globally.
Active Engagement in the TRON Ecosystem
Dune Dashboards:
Tron Network Overview by @tron_dao
Stablecoin Dashboard by @steakhouse
Tron User Data by @sliceanalytics
Wallet:
Leading DeFi Applications:
JustLend - lending protocol
JustStables - stablecoin lending
SUN - DEX
Major Consumer-Facing Applications:
Oobit - enables instant tap payments at existing Visa and Mastercard merchants, converting TRON-related cryptocurrencies to fiat in real-time.
Orbital - enterprise fintech service platform built on TRON-native stablecoins.
UQUID - a Web3 shopping platform allowing users to top up SUBE public transport cards with USDT on the TRON blockchain.
Broader Ecosystem:
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