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Home»ALTCOIN NEWS»TRON’s Strong Q1-2024 Will the same result be seen in the DeFi sector in Q2?
ALTCOIN NEWS

TRON’s Strong Q1-2024 Will the same result be seen in the DeFi sector in Q2?

By Crypto FlexsApril 27, 20243 Mins Read
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TRON’s Strong Q1-2024 Will the same result be seen in the DeFi sector in Q2?
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  • Tron made great strides in the DeFi sector in the first quarter, but failed to do the same in the second quarter.
  • However, Tron’s activity increased compared to the previous quarter.

Recent data shows that Tron (TRX) performed very well in the first quarter of 2024 despite stiff competition from other layer 1 networks.

DeFi scene

One of the most important areas where Tron did well was the DeFi sector. In fact, data shows that TRON’s Total Value Locked (TVL) soared past 11 digits during the first quarter, increasing 25% quarter-on-quarter from $8.1 billion to $10.1 billion. By the end of the first quarter, TRON maintained its position as the second-highest network in TVL, outpacing BNB Chain ($7.2 billion) by nearly $3 billion.

TVL, denominated in TRX, also recorded a quarterly increase, increasing by 8% from KRW 76.4 billion to KRW 82.5 billion. This growth appears to highlight TRON’s continued dominance and resilience within the DeFi landscape.

In other words, we can say that although TRON recorded an upward trend in the first quarter, the same was not true in the second quarter. For example, in the past few weeks, TRON’s TVL has fallen significantly, falling below $9 billion.

Source: Artemis

activity on the network

In the first quarter, TRON’s average daily transactions remained relatively stable, decreasing slightly by 1% quarter-on-quarter from 4.9 million to 4.8 million. In particular, this figure was lower than the level observed compared to the same period last year, when the average number of daily transactions was 7.1 million in the first quarter of ’23.

Moreover, average daily active address activity showed little change over the past year and quarter, maintaining an average of 1.5 million active addresses per day in the first quarter, representing a slight 4% increase quarter over quarter.

After two consecutive quarters of declines, average daily new addresses increased slightly by 2% quarter-over-quarter in the first quarter, increasing from 184,500 to 187,800. Approximately 12% of all active addresses in the first quarter were new, a number that remained stable quarter over quarter. Over the past year, TRON has continued to add approximately 195,000 new addresses every day.

However, things improved in the second quarter, with daily active addresses and transaction activity on the network increasing. If TRON maintains this momentum, it will benefit both the protocol and the price movement of the token.


Realistic or not, TRX market cap in BTC terms is:


Source: Artemis

Next: BNB: Why a move to $650 next week is not impossible

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