The TRON protocol has accomplished an incredible record processing 749.5 million transfers of USDT in 2024, averaging 2.05 million daily transfers. This record high reflects the remarkable growth that TRON gained across the year.
TRON experiences massive stablecoin growth
The data shared by Lookonchain is significant, considering in 2024, the TRON network hit $5.46 trillion in USDT transfer volume, a 48% rise from 2023.
Since 2019, the network’s USDT share has risen sharply. In July 2019, the blockchain only processed around $73 million in USDT. The network earned$287.1 billion in May 2021. It then registered $315 billion a year later in 2022 and again processed $462.6 billion in 2023.
Some market analysts have credited the upsurge in stablecoin transactions on the TRON chain to major benefits, like affordable payment services, quick transaction speed, and low payment cost.
The unprecedented growth also boosted TRON’s primary digital asset, popularly recognized as TRX. The value of TRX has risen by 155.2% over the past 12 months, indicating the protocol’s increasing significance in the cryptocurrency landscape.
TRX amazingly surged its price in early December (last month), climbing to an ATH of $0.4407 on Dec.4. However since then, it has not experienced massive gains. It is currently trading at $0.2631, up 1.9% in the last seven days, underperforming the global digital asset market, which is up 8.60% currently. It is also underperforming when compared to other related smart contract crypto assets, which have garnered an average of 7.70% in the last seven days.
Despite the decrease, TRX is still resilient. It is up 6.5% in the past two weeks and is one of the top performers among the leading 10 virtual currencies by market valuation.
With US President Trump set to assume office later this month, the broader crypto markets are primed to experience stronger bullish momentum in 2025. Some market analysts predict that altcoin season is coming, with TRON price anticipated to climb to $1 or even go beyond.
TRON gains increasing significance
Low transaction fees on the TRON network are one of the factors making the blockchain becoming an increasingly preferred option among users. According to recent data as of August 2024, the TRON protocol gained more revenues than Ethereum, reflecting the network’s growing influence in the blockchain space.
For the past three months, as of August, the TRON chain generated a whooping amount of income due to low gas fees on the chain. TRON processed about $435 million in revenue fees, exceeding Ethereum’s $364 million.
Users transferring funds, making payments, or engaging in DeFi trading consider interacting with networks that offer enhanced efficiency and low transaction costs.
