CQ Research
2024 TRON Network Review: From USDT Powerhouse to DeFi Hub
In 2024, while USDT activity continued to dominate the TRON network, there was a notable surge in decentralized trading and meme coin creation. The use of TRX, TRON's native currency, and its wrapped version, WTRX, increased significantly, driven by DeFi interactions on platforms like SunSwap. The launch of the SunPump application further amplified speculative activity by making meme coin creation accessible, leading to a wave of new tokens and heightened transaction volumes. This diversification of on-chain activity highlights TRON's expanding ecosystem beyond stablecoin transfers, reinforcing its role as a hub for both utility-driven and community-led blockchain activity. USDT continues to be a major force behind network activity. The supply of USDT on TRON grew from $48 billion to $62 billion in 2024, while the value transferred increased from $362 billion in December 2023 to $576 billion in December 2024, with the monthly number of transfers rising from 55 million to 62 million. USDT is by far the most transferred token on TRON, accounting for as much as 99% of token transferred. It is worth noting that TRON, in collaboration with Tether and TRM Labs, fights cryptocurrency-related financial crime and reach the milestone by frozen more than $100 million in criminal assets globally. However, 2024 marked a significant inflection point of DeFi activity on the TRON network. SunSwap, the leading DEX on TRON, saw a sharp rise in usage, with 4 million monthly transactions recorded in August 2024—97% of these involving WTRX. From August to year-end, total swap transactions reached 8.3 million, demonstrating significant DeFi growth. Over 80% of all swaps on SunSwap in 2024 involved WTRX, with WTRX swap volumes growing from 4.2 billion to 20 billion units or $4.1 billion by December 2024. The meme craze. The SunPump platform, launched in 2024, simplified meme coin creation, leading to the launch of 94,000 tokens by December and boosting transaction volumes.