- In Q1 2023, its total quarterly revenue of $90.04M increased by 88% from 2022 Q4.
- TRX’s overall volume increased by 197% quarter-over-quarter.
Messari, a market intelligence organization, has released research indicating that the use of the Tron blockchain increased in Q1 of 2023. The total value of its native cryptocurrency, TRX, increased by over 20% quarter over quarter.
In spite of the SEC’s announcement of many lawsuits targeting Tron ecosystem coins, the network’s activities has mostly continued unabated. In Q1 2023, its total quarterly revenue of $90.04 million increased by 88% from Q4 2022’s total quarterly sales of $47.96 million.
During the examined three months, the average number of daily transactions increased by 7.7 percent, reaching almost 7 million. Messari speculated that the rise was due in part to increased staking activity throughout the network.
Rise in Transaction Fees
While staking transactions only made up around 3% of all TRX transactions, their overall volume increased by 197% quarter-over-quarter. According to the Tron-commissioned State of Tron report, 88% of all network transactions include smart contract triggers or TRX transfers.
The USDT smart contract continued to be the primary driver of contract execution on TRON, despite relatively flat activity across both transaction types during Q1. The first quarter also saw a rise in transaction fees. The average transaction charge in TRX and USD increased by 59.2 percent and 80.2 percent, respectively, according to the data.
An important factor in the decision to raise transaction costs was committee proposal No. 79, which was approved in the previous quarter. The proposed change simply increased the amount of energy needed to execute smart contracts and adjusted the characteristics of the underlying network.
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