Tron's Revenue in the First Quarter of 2023 Exceeded $90 Mln, Indicating the Growth of the Company's Activities

A recent analysis by Messari shows that the Tron blockchain experienced a surge in usage during the first three months of 2023. The average number of daily transactions over the past three months has increased by 7.7% and amounted to about 7 mln. The surge can be explained by an increase in network activity. Despite accounting for just under 3% of all transactions on the TRX network, the total number of transactions generated from staking is up 197% compared to the previous quarter.

The total revenue generated by the TRX system in the first quarter of 2023 was $90.04 mln, up 88% from the fourth quarter of 2022 ($47.96 mln). The first three months of 2023 saw an increase in transaction fees. According to the collected data, the average transaction fees in TRX and USD increased by 59.2% and 80.2%, respectively.

According to a study called State of Tron, most of the trading activity taking place on the Tron network is driven by active smart contracts that transfer TRX. This activity accounts for 88% of the total. During the first quarter, TVL in US dollars increased by 18.8%. On the other hand, TVL in TRX fell by 0.5%. Both JustLend and JustStables, which are the main protocols that make up TVL on the Tron network, grew by 26% and 21% respectively during the first quarter.

Image: Coinhouse