Tron’s memecoin launchpad, SunPump, has driven the blockchain’s quarterly revenue to an all-time high of $151.2 million in Q3 2024, as reported by Messari. This represents a remarkable 30% increase from the previous quarter, largely fueled by a surge in decentralized finance (DeFi) activity. Over 89,000 memecoins were launched between August 12 and September 30, boosting Tron’s overall performance.
DeFi Transactions on Tron Surge by 487%
According to the October 17 report, Tron’s DeFi transactions saw an astonishing 487% increase during Q3, largely driven by SunPump’s activity. Memecoin launches gained momentum on August 16 and spiked over the next two weeks. During this period, over 270 million TRON (TRX) tokens were burned, generating $42 million, or 27% of Tron’s quarterly revenue.
On August 20, a record 7,500 tokens were launched in a single day, and on August 21, Tron recorded the largest-ever single-day burn of TRX tokens.
Memecoin Launches Slow Down in September
Despite the surge in August, memecoin launches slowed significantly in September, with fewer than 1,000 new tokens being introduced per day. Among the standout projects, SunDog (SUNDOG) achieved a market capitalization of $217 million, while other popular tokens like Tron Bull (TBULL) and Invest Zone (IVFUN) also saw considerable trading volumes.
Tron’s native token TRX maintained its deflationary trend in Q3, with a net burn of 587.6 million tokens. TRX’s circulating market cap grew for the seventh consecutive quarter, rising by 24% to $13.5 billion, briefly peaking at $14.5 billion during SunPump’s peak activity, according to CoinGecko.
Tron’s Total Value Locked (TVL) in DeFi protocols reached $8.1 billion by the end of Q3 but has since dropped to $6.98 billion, according to DeFiLlama. Meanwhile, Tether (USDT)’s market cap on Tron grew by 3%, reaching nearly $59 billion. The price of TRX has remained stable, trading at $0.16 over the past 24 hours.
Tron’s Parent Company Seeks Dismissal of SEC Lawsuit
The parent company behind Tron has filed a motion to dismiss a lawsuit brought by the U.S. Securities and Exchange Commission (SEC). The Tron Foundation argues that the SEC is overreaching its jurisdiction by focusing on “predominantly foreign conduct.” Filed in a New York federal court, the foundation claims that the SEC’s efforts to enforce U.S. securities laws globally go beyond its authority.
The lawsuit, initially filed in March 2023, targets Tron founder Justin Sun, the Tron Foundation, the BitTorrent Foundation, and Rainberry Inc., accusing them of conducting unregistered securities offerings through the sale of Tron (TRX) and BitTorrent (BTT) tokens. Additionally, the SEC alleges that Sun engaged in manipulative wash trading and made undisclosed payments to celebrities, including Soulja Boy and Akon, to promote the tokens.
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