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Cryptocurrency analytics company Messari recently published a report on Tron (TRX) and its network, revealing important information about the status of TRON in Q4 2023.
According to the report, TRX's market cap increased significantly from $5 billion to $9.4 billion, an 87% increase compared to the previous year, solidifying TRX's position as one of the largest crypto assets by market capitalization.
Despite this growth, TRX has underperformed the broader crypto market, which grew by 54% in Q4. As a result, TRX's ranking among all cryptocurrencies dropped two spots to 12th.
Q4 revenue in US dollars increased 14% from the previous quarter, from $105 million to $119 million. Last year, TRON generated $424 million in fee revenue, ranking 3rd among all networks in fee generation. The only networks with more fees in 2023 are Ethereum ($2.5 billion) and Bitcoin ($797.9 million).
The total amount of stakes increased by 4% compared to the previous year, reaching 46.1 billion TRX. Stake 2.0 usage continues to grow, with 30% of staked supply choosing this option. Continuing its strong performance in 2023, USDT on TRON grew by 11% in the 4th quarter. At the end of the quarter, 50% of all USDT issued were on TRON. stUSDT on TRON became the second largest real-world asset protocol in Q4. Over 2.2 billion USDT has been deposited into the protocol.
The circulating supply of TRX is affected by two parameters. All transaction fees paid in TRX are burned, leading to deflationary pressure on the TRX supply. In addition, the new TRX enters the circulating token supply as rewards for stakers and block producers. In Q4 2023, the circulating supply of TRX decreased from 89 billion to 88 billion from the previous quarter, making TRX one of the few deflationary Tier-1 networks.
In the 4th quarter of 2023, the number of daily active addresses remained flat and decreased to 1.5 million, a slight decrease of 2% compared to the previous quarter. Daily new addresses also decreased slightly in the 4th quarter, decreasing by 2% to 185,000.
*This is not investment advice.