- Q1 2023 revenue of $90.04M shows 88% growth from 2022 Q4.
- TRX volume rose 197% quarter-over-quarter.
According to a report by Messari, an organization that provides market intelligence, the Tron blockchain experienced increased usage in Q1 of 2023. The total value of its native cryptocurrency, TRX, grew by more than 20% compared to the previous quarter.
Despite the SEC’s announcement of multiple lawsuits against Tron ecosystem coins, the network has largely remained active. In Q1 2023, the total revenue for the quarter was $90.04 million, showing an 88% increase compared to the total sales of $47.96 million in Q4 2022.
Over the course of the three months under review, the average number of daily transactions rose by 7.7%, reaching nearly 7 million. Messari suggested that this increase was influenced, in part, by a higher level of staking activity across the network.
Rise in Transaction Fees
Although staking transactions accounted for only about 3% of all TRX transactions, their volume rose by 197% compared to the previous quarter. The State of Tron report, commissioned by Tron, revealed that 88% of all network transactions involved smart contract triggers or TRX transfers.
During Q1, the USDT smart contract remained the main contributor to contract execution on TRON, despite a relatively stable level of activity across both transaction types. Additionally, transaction fees experienced an increase during the first quarter. On average, transaction charges in TRX and USD rose by 59.2% and 80.2% respectively, as per the available data.
One of the key reasons behind the decision to raise transaction fees was committee proposal No. 79, which received approval in the previous quarter. This proposal essentially increased the energy requirement for executing smart contracts and made adjustments to the network’s underlying characteristics.
This information is for general knowledge only and should not be considered as advice for investing or making financial decisions.
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