SunSwap leads the way with 8.3 million transactions in 2024

As USDT has continued to dominate the Tron network in 2024, there has been a notable increase in decentralized trading and meme coin generation.

TRX, the network’s native currency, as well as WTRX, its wrapped version, have seen significant adoption due to decentralized finance (DeFi) activity. This was particularly visible on SunSwap, the Tron-based decentralized exchange (DEX), which triggered an influx of new tokens and increased transaction activity, which, in turn, contributed to the diversification of Tron au- beyond stable transactions.

Tron’s move beyond Stablecoin transactions

According to the latest analysis from CryptoQuant, Tron network activity remains heavily influenced by USDT, which saw its supply increase from $48 billion to $62 billion in 2024. Over the same period, the value of transfers of USDT jumped from $362 billion to $576 billion. This was accompanied by an increase in monthly transfers from 55 million to 62 million. USDT continues to dominate as the most transferred asset and accounts for 99% of token activity.

Tron, however, reached a turning point in DeFi activity last year, with SunSwap leading the way as the network’s most active decentralized exchange. By August, monthly transactions on SunSwap had increased to 4 million, 97% of which were for WTRX. From August to December, total swap transactions climbed to 8.3 million, reflecting growth in DeFi engagement.

More than 80% of these transactions involved WTRX, which saw its swap volume skyrocket from 4.2 billion to 20 billion units, or $4.1 billion, by the end of the year. The launch of the SunPump meme coin generator further fueled network activity by simplifying the creation of meme coins, resulting in the introduction of 94,000 new tokens and an increase in transaction volumes.

In another milestone, Tron also overtook Bitcoin as the most used payment blockchain, ultimately securing 31.5% of all transactions. But these developments have failed to drive up the price of TRX.

TRX’s short-term recovery?

TRX saw a resurgence last year, climbing back to 10th place in terms of market capitalization, instilling new confidence. The subsequent market corrections, however, pushed the asset’s price to $0.225, representing a decline of almost 50% from its recent all-time high of $0.43. Hopes for a local bottom also proved short-lived when TRX fell below the $0.23 threshold.