TRON August Report 2024: Major Gains in Staking and TVL!
Mustafa Mulla10 Sept 20242 min read
In August 2024, TRON DAO saw impressive growth in several key areas, according to their latest monthly report. The blockchain experienced a rise in revenue, trading volume, and maintained a stable total value locked (TVL), making it one of the most active networks in the crypto world.
What else contributed to TRON’s success this month?
Tron’s Financial Statement
Coin98 Analytics recently highlighted TRON’s August financial performance, showing a remarkable 38.1% increase in fees and revenue. The blockchain’s earnings nearly doubled from the previous month, reaching $38.99 million.
This steady growth highlights TRON’s rising influence in user activity and financial performance.
Rising Tron’s Trading Volume
TRX trading volume increased significantly by $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 underscore the growing demand for TRX in the wider cryptocurrency market.
Coin98 Analytics also reported a notable rise in TRX burned during August, with a single-day burn of 34.67 million TRX on August 21. Over the month, TRON burned 420.8 million TRX and generated 157 million new TRX, reflecting active participation in the network.
Network Usage and Active Users
The TRON network saw 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, such as Solana, in 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.
Sectors such as Lending, CDP, and DEX contributed heavily 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, making up 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 role in the stablecoin sector.
Tron Predictions
Recent analysis shows promising signs of a bullish trend for TRON. Its price has been steadily rising, and projections suggest it could soon reach $0.17. If this upward momentum continues, TRON might even hit a new high of $0.30.
As of now, the TRX price is at $0.1517, showing a slight drop of 0.8%, with a market cap of $13.24 billion.
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