In August 2024, TRON DAO achieved significant growth across various key metrics, as detailed in their latest monthly report. The blockchain network witnessed an increase in revenue, trading volume, and maintained a stable total value locked (TVL), positioning it as one of the most active networks in the cryptocurrency space. Let’s delve deeper into the factors contributing to TRON’s success this month.
Tron’s Financial Statement
According to Coin98 Analytics, TRON’s financial performance in August showcased a remarkable 38.1% increase in fees and revenue. The blockchain’s earnings nearly doubled from the previous month, reaching an impressive $38.99 million. This steady growth underscores TRON’s rising influence in user activity and financial metrics.
Rising TRON Trading Volume
TRX trading volume saw a substantial increase of $8.5 billion compared to July. Additionally, the number of TRX holders grew by 4.92 million, bringing the total to over 143.5 million. These figures highlight the growing demand for TRX in the broader cryptocurrency market.
Coin98 Analytics also reported a notable rise in TRX burned during August. A single-day burn of 34.67 million TRX was recorded on August 21. Over the month, TRON burned a total of 420.8 million TRX and generated 157 million new TRX, reflecting active participation within the network.
Network Usage and Active Users
The TRON network processed over 231.7 million transactions in August and had a total of 254.8 million unique addresses. The platform averaged 2.1 million daily active users, surpassing several other blockchains, including Solana, in terms of user engagement.
Rising Staking Figures
TRON’s staking figures tripled from the previous month, reaching 47.11 billion TRX. The blockchain’s TVL remained consistently high, closing August at $8.18 billion, with a peak of $8.75 billion on August 26. Lending, CDP, and DEX sectors contributed significantly to the platform’s TVL, with JustLend leading the pack at $5.76 billion.
Stablecoin Market Leadership
Coin98 Analytics also noted that USDT continues to dominate TRON’s stablecoin market, accounting for 99% of the stablecoin market cap, which reached $58.5 billion by the end of August. TRON ranks just behind Ethereum in USDT stablecoin volume, further solidifying its pivotal role in the stablecoin sector.
Tron Predictions
Recent analyses indicate promising signs of a bullish trend for TRON. The price of TRX has been on a steady rise, with projections suggesting it could soon reach $0.17. If this upward momentum continues, TRON might even achieve a new high of $0.30.
As of now, the TRX price stands at $0.1517, showing a slight drop of 0.8%, with a market cap of $13.24 billion.
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