--News Direct--
Geneva, Switzerland - August 7, 2024 - Messari, a leading provider of digital asset markets intelligence products, and CryptoRank, a leading crypto industry research & analytics platform, have released research reports highlighting the TRON network's significant surge in onchain activity over six consecutive quarters. These reports highlight a continuous rise in network engagement and emphasize TRON's robust, reliable technical architecture and impressive scalability.
Messari Research
Messari's research report introduces TRON as a public, open-source blockchain network distinguished by its security and efficiency. TRON secures its network using a Delegated Proof-of-Stake (DPoS) mechanism combined with the Practical Byzantine Fault Tolerance (PBFT) consensus algorithm. The TRON Virtual Machine (TVM), which is compatible with the Ethereum Virtual Machine (EVM), offers developers affordable and fast smart contract execution, further accelerating its adoption and utility in the blockchain ecosystem.
Key Analysis:
In Q2, TRON was one of the few smart contract platforms that saw increasing onchain activity.
Average daily transactions rose by 29% quarter-over-quarter, reaching 6.3 million, with June marking the highest monthly transaction volume of 2024 at 202.6 million.
Average daily active addresses grew by 31% quarter-over-quarter from 1.5 million to 2.0 million.
Average daily new addresses increased for the third straight quarter, up 12% QoQ from 177,200 to 198,000.
TRON's circulating market cap increased for the sixth consecutive quarter.
The research from Messari concludes by adding that TRON DAO is actively expanding the TRON ecosystem with strategic initiatives such as the Grants Program, a $100 million AI development fund, and the HackaTRON series.
Read the full research report from Messari here.
CryptoRank Research
CryptoRank's research report provides an insightful analysis of the TRON network, highlighting its impressive technical capabilities. On TRON, blocks are generated every 3 seconds, with the network supporting up to 2,000 transactions per second. The report dives into the TRON architecture, detailing its three foundational layers. The Core Layer manages the consensus mechanism, accounts, and TRON Virtual Machine (TVM) and runs Solidity-based smart contracts. The Storage Layer optimizes data storage and segmentation, prioritizing security and stability. Finally, the Application Layer facilitates the creation of decentralized applications, making TRON a robust and scalable platform for developers and users alike.
Key Analysis:
TRON now holds the second place in dApps TVL among all blockchains with over $8.2 billion. It is important to note that TRON's TVL, as well as most other indicators, barely correlates with market-wide fluctuations.
TRON shows outstanding performance in terms of user on-chain activity with over 181 million active addresses in Q2 2024, repeating its success from Q1.
TRON has gained over 274 million unique addresses, mostly represented by user accounts.
CryptoRank's research concludes that TRON is a critical player in global crypto transfers. This widespread adoption extends beyond crypto-native users to businesses and e-commerce platforms worldwide. Looking ahead, TRON is set to enhance its capabilities through initiatives like Bitcoin Layer 2 integration and gasless stablecoin transfers, removing barriers and further solidifying TRON's position as a leader in the blockchain space.
Read the full research report from CryptoRank here.
About TRON DAO
TRON DAO is a community-governed DAO dedicated to accelerating the decentralization of the internet via blockchain technology and dApps.
Founded in September 2017 by H.E. Justin Sun, the TRON network has continued to deliver impressive achievements since MainNet launch in May 2018. July 2018 also marked the ecosystem integration of BitTorrent, a pioneer in decentralized Web3 services boasting over 100 million monthly active users. The TRON network has gained incredible traction in recent years. As of August 2024, it has over 248 million total user accounts on the blockchain, more than 8 billion total transactions, and over $21 billion in total value locked (TVL), as reported on TRONSCAN.
In addition, TRON hosts the largest circulating supply of USD Tether (USDT) stablecoin across the globe, overtaking USDT on Ethereum since April 2021. The TRON network completed full decentralization in December 2021 and is now a community-governed DAO. Most recently in October 2022, TRON was designated as the national blockchain for the Commonwealth of Dominica, which marks the first time a major public blockchain partnered with a sovereign nation to develop its national blockchain infrastructure. On top of the government’s endorsement to issue Dominica Coin (“DMC”), a blockchain-based fan token to help promote Dominica’s global fanfare, seven existing TRON-based tokens - TRX, BTT, NFT, JST, USDD, USDT, TUSD, have been granted statutory status as authorized digital currency and medium of exchange in the country.
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Media Contact
Yeweon Park
press@tron.network
Contact Details
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