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

TRX, the networks native currency, as well as WTRX, its wrapped version, experienced significant adoption due to decentralized finance (DeFi) activity. This was particularly seen on the Tron-based decentralized exchange (DEX), SunSwap, which sparked an influx of new tokens and increased transaction activity, which, in turn, aided in Trons diversification beyond stablecoin transactions.

Trons Shift Beyond Stablecoin Transactions

According to CryptoQuants latest analysis, the Tron networks 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 USDT transfers surged from $362 billion to $576 billion. This was accompanied by a rise in monthly transfers from 55 million to 62 million. USDT continues to dominate as the most transferred asset and makes up 99% of token activity.

Tron, however, reached a turning point in DeFi activity last year, with SunSwap leading the charge as the networks most active decentralized exchange. By August, monthly transactions on SunSwap had climbed to 4 million, with 97% involving WTRX. From August through December, total swap transactions climbed to 8.3 million, reflecting a growth in DeFi engagement.

Over 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 year-end. The launch of meme coin generator SunPump further fueled network activity by simplifying meme coin creation, resulting in the introduction of 94,000 new tokens and a surge in transaction volumes.

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

TRXs Short-Lived Recovery?

TRX did see a resurgence last year, climbing back to the 10th spot in market capitalization as it instilled fresh confidence. The subsequent market corrections, however, pushed the assets price to $0.225, representing a nearly 50% decline from its recent all-time high of $0.43. Hopes for a local bottom also proved short-lived when TRX dropped below the $0.23 threshold.