Tron DeFi: SunSwap leads the way with 8.3 million transactions in 2024

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

TRX, the network’s native currency, as well as WTRX, its packaged version, saw significant adoption due to decentralized finance (DeFi) activity. This was particularly seen on the Tron-based decentralized exchange (DEX), SunSwap, which led to an influx of new tokens and increased transaction activity, which, in turn, helped Tron’s diversification beyond cryptocurrency transactions. stablecoins.

Tron’s move beyond stablecoin transactions

According to the latest CryptoQuant report analysisTron network activity remains heavily influenced by USDT, the supply of which increased from $48 billion to $62 billion in 2024. During the same period, the value of USDT transfers increased from $362 billion to 576 billion dollars. This was accompanied by an increase in monthly transfers from 55 million to 62 million. USDT continues to dominate as the most traded asset, accounting for 99% of token activity.

Tron, however, reached an inflection point in DeFi activity last year, with SunSwap leading the charge as the most active decentralized exchange on the network. By August, monthly transactions on SunSwap had increased to 4 million, of which 97% involved WTRX. From August to December, total swap transactions increased to 8.3 million, reflecting a growth in DeFi participation.

More than 80% of these transactions involved WTRX, whose swap volume skyrocketed 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 boosted 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 surpassed Bitcoin as the most widely used payment blockchain and ultimately guarantees 31.5% of all transactions. But the events failed to raise the price of TRX.

TRX’s brief recovery?

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