Tron (TRX) Q4 2023 Report

Despite underperforming the broader market, Tron saw a 14% revenue boost to $119 million.

A recent report on Tron (TRX) and its network, published by the cryptocurrency analytics firm Messari, reveals crucial information regarding the status of TRON in the fourth quarter of 2023.

TRX’s market capitalization increased substantially from $5 billion to $9.4 billion, an 87% increase from the previous year, consolidating its position as one of the largest cryptocurrencies by market capitalization, as stated in the report.

In the fourth quarter, TRX underperformed the broader cryptocurrency market, which expanded by 54%. Consequently, TRX secured the twelfth position among all cryptocurrencies, a two-place decline.

From the previous quarter, fourth-quarter revenue in US dollars increased by 14%, from $105 million to $119 million. Regarding fee revenue generation, TRON ranked third among all networks, with $424 million last year.

Only Ethereum and Bitcoin will incur higher fees in 2023, amounting to $2.5 billion and $797.9 million, respectively.

Compared to the previous year, aggregate interests rose by 4%, culminating in 46.1 billion TRX. Stake 2.0 is increasingly being utilized, with 30% of the staked supply opting for this alternative.

USDT Increase on the TRON

As 2023 continued its impressive run, the USDT on the TRON increased by 11% in the fourth quarter. 50% of all USDT issued at the end of the quarter were on TRON.

In the fourth quarter, stUSDT on TRON became the second-largest real-world asset protocol. More than 2.2 billion USDT has been invested in the protocol.

Two parameters influence the quantity of TRX in circulation. As a result of the burning of all transaction fees paid in TRX, the TRX supply is subject to deflationary pressure.

The new TRX is also incorporated into the token supply in circulation as an incentive for block producers and stakers. As one of the few deflationary Tier-1 networks, the circulating supply of TRX decreased from 89 billion to 88 billion in the fourth quarter of 2023.

The number of daily active addresses remained constant at 1.5 million in the fourth quarter of 2023, representing a marginal decline of 2% compared to the preceding quarter. Additionally, daily new addresses declined marginally during the fourth quarter, falling by 2% to 185,000.