Smart contract blockchain Tron saw its usage surge in the last quarter of 2022, according to a new report from market intelligence firm Messari.
The State of Tron report, commissioned by Tron, showed double-digit quarter-on-quarter growth across key metrics in Q4 2022. Average active daily addresses increased by 17.9%, with 1.3 million new accounts added on December 10 alone. Average daily transactions increased by 22.4%, while total quarterly revenue grew by 25.3%.
Smart contract execution and transfers of Tron’s native cryptocurrency, TRX, accounted for 90% of total transactions over the quarter, while the amount of TRX staked remained statistically even.
Messari identified several possible reasons behind the spike in activity during December, including a delayed reaction among users to the collapse of FTX, with previously-dormant users “moving assets on TRON and seeking refuge in USDT.” Other possible catalysts include the launch of TCNH, an Offshore Chinese Yuan-pegged stablecoin, on the Tron network, and the passing of a proposal to adjust the native token TRX’s staking rate and burn volume.
As a result, 38% more TRX was burned in December than in October, with Messari reporting that as a result, “TRX continues to be deflationary.”
Relative to its “peer group” of layer 1 smart contract blockchains, Tron saw six times the number of daily transactions compared to Ethereum, twice that of Polygon, and nearly twice that of BNB Chain. Tron also led the way in terms of percentage of total revenue increase in Q4, and gained 2% of the peer group’s stablecoin market share.
Source: Messari
However, Tron continues to lag behind its three rivals in the number of protocols using its network. Along with a number of its peers, Tron’s valuation declined over the quarter, ending Q4
