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- TRON leads in USDT transactions, with over 99% of the top 10 contracts dominated by USDT transfers in June 2024.
- TRON’s USDT supply surpasses Ethereum, holding 53% of the total supply, highlighting its growing influence in DeFi.
In a series of tweets, CryptoQuant has offered its thoughts on the TRON network, calling it a powerful blockchain platform that aims to decentralize the web. TRON has received a lot of attention due to its tremendous network activity, which is mostly fueled by Tether’s stablecoin, USDT.
USDT accounted for more than 99% of all transfers conducted by the top ten TRON contracts in June 2024, totaling 57 million transfers. When compared to PayNet, which had only 100,000 transfers within the same time period, TRON’s dominance in stablecoin transfers is even more obvious.
🧵 The #TRON network is a robust blockchain platform designed to decentralize the web.
We're diving into the @trondao data and stablecoins.
Let's explore.
— CryptoQuant.com (@cryptoquant_com) July 17, 2024
TRON Leads in USDT Supply and Retail Holders
USDT on the TRON network leads not just in transaction volume but also in proportion to the total USDT supply.
Surprisingly, TRON accounts for more than half (53%) of the total USDT supply, nearly rivaling Ethereum’s ERC-20 counterpart, which owns 46%. The aggregate proportion of all other networks in the USDT supply is a tiny 1%, demonstrating TRON’s importance in the stablecoin ecosystem.
Interestingly, the vast majority of USDT holders on the TRON network are retail investors or tiny holdings. There are currently 52.6 million holders with balances of less than $1,000, a figure that has increased even throughout the weak market in 2022.
In comparison, there are 359,000 holders with balances ranging from $1,000 to $10,000. This distribution demonstrates that a sizable number of smaller investors use TRON’s USDT, reinforcing its position as a significant player in the decentralized finance (DeFi) market.
Furthermore, the transaction patterns on TRON indicate a preference for smaller transactions. Nearly one-third of all USDT transactions on TRON are for less than $100, with 15% involving amounts less than $10.
In late 2022, transactions under $10 accounted for more than half of all USDT transfers on TRON, demonstrating the network’s attractiveness to micro-transactions and smaller-scale users.
In addition to dominating stablecoin activities, TRON has outpaced Ethereum in terms of protocol revenue. As reported by CNF, TRON’s protocol income has surpassed Ethereum’s by 50% in the last 30 days, with potential revenue exceeding $2 billion by the end of the year.
This outstanding achievement demonstrates TRON’s expanding importance and ability to outperform other prominent blockchain systems.
TRON has also taken steps to develop and grow its ecosystem, introducing SunPump, a new program that aims to launch meme coins, accelerate TRX burns, and boost network activity.
According to SunPump, meme coin projects with a market cap of $69,420 will need to burn $12,000 worth of TRX through the platform. This endeavor is aimed at increasing the usability of TRX and boosting activity on the TRON network.
TRON’s native token, TRX, was trading around $0,1343 at the time of writing, up 3.04% over the last 24 hours. The token’s market cap is $11.682 billion.
