2024-04-27 06:04:55
- Tron made great strides in the DeFi sector in the first quarter, but failed to do the same in the second.
- However, activity on Tron increased compared to the previous quarter.
According to recent data, throne [TRX] It managed to perform extremely well in the first quarter of 2024, despite stiff competition from other tier 1 networks.
The DeFi scene
One of the biggest areas where Tron did well was the DeFi sector. In fact, data revealed that the total value locked (TVL) on TRON surpassed the eleven-digit mark during the first quarter, increasing 25% quarter over quarter, from $8.1 billion to $10.1 billion. As the first quarter drew to a close, TRON maintained its position as TVL’s second-highest network, surpassing BNB Chain ($7.2 billion) by nearly $3 billion.
Furthermore, TRX-denominated TVL also recorded a quarterly increase, increasing by 8%, from 76.4 billion to 82.5 billion. This growth seemed to highlight TRON’s continued dominance and resilience in the DeFi landscape.
That being said, even though TRON managed to see an uptick in the first quarter, the same cannot be said for the second quarter. In recent weeks, for example, TRON’s TVL has dropped significantly, falling below $9 billion.
Network activity
In the first quarter, average daily transactions on TRON remained relatively stable, registering a modest 1% quarter-on-quarter decrease from 4.9 million to 4.8 million. Notably, this figure remained below the levels of the same period last year, with an average of 7.1 million daily transactions in the first quarter of 23.
In addition, average daily active address activity showed little change over the past year and quarter, with Q1 maintaining an average of 1.5 million daily active addresses, representing a marginal increase of 4% quarter-on-quarter.
After two consecutive quarters of decline, the average daily new address saw a modest quarter-over-quarter decline of 2% in the first quarter, rising from 184,500 to 187,800. About 12% of all active addresses in the first quarter were newly created, a number that remained stable quarter following quarter. Over the past year, TRON has consistently seen around 195,000 new addresses added daily.
However, things improved in the second quarter with daily active addresses on the network and increased transaction activity. If TRON manages to maintain this momentum, it will be beneficial for both the protocol and the token’s price movement.
Realistically, here it is TRX market value in BTCconditions of
This is an automatic translation of our English version.
1714203405
#TRONs #strong #DeFi #sector
