Messari: In Q1 2023, TRON's market cap increased by 18.8% quarter-on-quarter, with average daily trading volume up 7.7%.
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Messari: In Q1 2023, TRON's market cap increased by 18.8% quarter-on-quarter, with average daily trading volume up 7.7%.
TRON demonstrated strong performance in the first quarter of 2023, with increases in its market capitalization, daily average trading volume, and circulating market cap of TRX.
Navigating Web3 tides with focused insightsOn May 10, Messari, a well-known crypto data research firm, released the TRON Q1 2023 report. The report highlights TRON's strong performance in the first quarter of 2023, with growth observed in market capitalization, average daily trading volume, and circulating market cap of TRX.
The report notes that as the cryptocurrency market rebounded, TRON’s market cap rose by 18.8% quarter-on-quarter during Q1 2023, while average daily trading volume increased by 7.7%, reaching approximately 7 million transactions.
According to the report, daily active (new) accounts on TRON remained flat compared to the previous quarter and returned to last year’s overall average level (excluding fluctuations seen in Q4 2022). In Q1 2023, the average number of new daily accounts was around 193,000, representing a 12.2% increase from the past 12-month average of approximately 172,000.
The report also indicates that the introduction of the Dynamic Energy Model, along with rising demand for energy, boosted TRX revenue (total fees settled in TRX), which increased by 65.5% compared to the previous quarter (an 87.7% increase in USD terms).
Meanwhile, TRX’s circulating market cap rose by 18.1% quarter-on-quarter. As a result, TRX’s circulating market cap stood at 23 times TRON network’s annualized USD revenue at the end of Q4 2022, and declined to 13 times at the end of Q1 2023—reflecting a more attractive valuation.
More notably, TRON burned approximately 1.4 billion TRX tokens in Q1 2023 while minting about 455 million TRX, resulting in a deflation rate of approximately 1%. This suggests TRON is taking measures to maintain monetary stability.
Another key highlight is that TRON-based stablecoin market capitalization exceeded $43 billion by the end of Q1 2023, up 30% from the previous quarter’s ~$33 billion. USDD, the stablecoin built on the TRON public chain, continues steady development with over 130,000 token holders. These developments solidify TRON’s leadership position in the stablecoin sector.
Initiatives such as Dominica designating the TRON protocol as its official blockchain infrastructure, and a proposal by a Dutch St. Maarten legislator to adopt TRON’s native token as legal tender, will likely further promote the adoption of both new and existing TRON-based stablecoins and potentially expand TRON’s footprint in the stablecoin landscape.
Beyond stablecoins, TRON’s progress in DeFi has also drawn significant attention. The report specifically points out that TRON has begun developing liquid staking products and a decentralized resource marketplace to further expand its DeFi offerings. Additionally, TRON continues enhancing TVL across DeFi and other sectors through strategic initiatives while diversifying sources of TVL.
Moreover, TRON consistently drives ecosystem and community growth through initiatives like the TRON Hackathon, TRON Academy, and the TRON Climate Initiative. It has also partnered with Oraichain to launch a $100 million AI Development Fund, making substantial investments in artificial intelligence.
TRON is one of the world’s top three public blockchains, committed to building infrastructure for a decentralized internet and actively advancing the realization of decentralized web technologies. To date, TRON has processed over 5.5 billion transactions, with total value locked (TVL) exceeding $12.2 billion, making it the fastest-growing public blockchain globally. In October last year, TRON was officially designated by the government of Dominica as its national blockchain infrastructure, becoming the first major public blockchain to partner with a sovereign nation on blockchain infrastructure development.
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