According to Cointelegraph, Tron’s memecoin launchpad SunPump has significantly increased the blockchain’s quarterly revenue to a record $151.2 million in the third quarter, marking a nearly 30% rise from the previous quarter, as reported by Messari.
The memecoin surge saw over 89,000 tokens launched on SunPump between August 12 and September 30, leading to a 487% increase in Tron’s decentralized finance transactions during Q3. Messari's October 17 report highlighted that SunPump activity began to escalate on August 16 and surged dramatically over the following two weeks.
From August 16 to 31, more than 270 million TRON (TRX) tokens were burned, generating approximately $42 million, which accounted for nearly 27% of Tron’s Q3 revenue. A daily record was set on August 20 with over 7,500 SunPump tokens launched, and August 21 saw the highest amount of TRX burned in the network’s history.
Despite the initial surge, the number of new tokens launched on SunPump dropped significantly in September, falling to consistently less than 1,000 per day. Among the notable memecoins from SunPump, SunDog (SUNDOG) stands out with a market cap of $217 million, while Tron Bull (TBULL) and Invest Zone (IVFUN) also experienced high trading volumes.
The circulating market cap of TRX increased for the seventh consecutive quarter by 24%, reaching $13.5 billion by the end of Q3. At the peak of the SunPump craze, it reached $14.5 billion, according to CoinGecko data. TRX remained deflationary in Q3 with a net burn of 587.6 million tokens.
Tron’s average daily transaction count rose by 14.4% to 7.2 million over the quarter, and average daily active addresses increased by 6% to 2.1 million. The total value locked (TVL) in Tron’s decentralized finance protocols was $8.1 billion by the end of Q3 but has since decreased to $6.98 billion, as per DeFiLlama data.
Tron’s TVL is now 32.8% below its all-time high of $10.4 billion recorded on March 12, 2024. The market cap of the Tether (USDT) stablecoin on Tron rose by 3% over the quarter to nearly $59 billion in Q3, maintaining around half of USDT’s market cap across various chains supported by Tether. TRX has remained stable at $0.16 over the past 24 hours.
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