TRON Chain Thematic Report: TVL Exceeds $20 Billion, Over 119 Billion USDT in Circulation on TRON
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TRON Chain Thematic Report: TVL Exceeds $20 Billion, Over 119 Billion USDT in Circulation on TRON
In terms of DeFi, TRON ranks second among all blockchain networks.
Navigating Web3 tides with focused insightsAuthor: OurNetwork
Translation: TechFlow
Editor's Note:
Welcome to the sixth edition of Zoomed-in, our deep-dive blockchain series from OurNetwork. This week, we focus on TRON—an L1 blockchain launched in 2018 that has quietly become a major player in stablecoin transfers. While everyday utility is often seen as an elusive dream in crypto, TRON’s usage highlights tangible evidence of non-speculative adoption. Due to regional bias, TRON’s activity is frequently overlooked, as its use primarily occurs outside the United States.
We’re excited to announce that Dune has recently integrated TRON. This opens up an entirely new blockchain for our team and the broader on-chain data community to analyze. In this report, we’ll provide data-driven insights into TRON’s emerging use cases, user behavior, and applications based on Dune analytics.
Let’s dive into TRON.
① TRON: Network Overview
Over $20 billion in total value locked, more than 260 million users, and over $13 trillion in cumulative transaction volume
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TRON’s on-chain metrics are striking—its Total Value Locked (TVL) has surpassed $20 billion. Beyond DeFi, this figure is largely driven by TRON’s governance system, with nearly $6 billion staked, and JustCrypto, a cross-chain solution with $5 billion in TVL. In DeFi specifically, TRON ranks second among all blockchains, with approximately $8 billion in DeFi TVL. On the wallet front, TRON averaged over 2.62 million daily active accounts in the past month—a consistent level of activity reflecting strong demand that remains nearly unaffected by market volatility.
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In Q2, only 10% of active accounts were created during that quarter, indicating that most users are long-term participants. As of September 2024, TRON hosts over 260 million user accounts.
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With high network activity, TRON generated $1.64 billion in total revenue over the past year, primarily from transaction fees, including $218 million in the last 30 days. TRON stands out among a small group of L1 networks that are sustainably deflationary, maintaining an annualized inflation rate of -2.94% from December 2019 to September 2024.
② Stablecoin Dominance: USDT on TRON
TRON is the first blockchain to host over $60 billion in value for a single stablecoin
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More than 50% of Tether’s total supply—over $119 billion—is circulating on the TRON network, making it the first blockchain to hold over $60 billion in a single stablecoin, USDT.
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As of September 2024, over 90% of USDT transactions on TRON are valued below $10,000, and over 30% are under $100. These figures indicate that a large portion of USDT holders on TRON are retail users conducting frequent, low-value transactions such as remittances, micro-payments, and peer-to-peer transfers.
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For TRON, retail users and small transactions dominate, highlighting its role as a scalable, secure, and low-cost blockchain for everyday financial activities. This user base drives continuous transaction activity, enhances liquidity, and strengthens network stability. Indeed, the majority of sub-$10,000 USDT transactions occur on TRON, showcasing the chain’s unique real-world utility.
③ Users & Top Protocols: Usage Trends
TRON’s network activity is primarily driven by transactions under $10,000
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In Q2 2024, TRON processed an average of 6.3 million transactions per day. For context, this is roughly six times Ethereum’s mainnet daily transaction volume in 2024.
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In September 2024, around 200,000 new TRON wallets were created daily. The steady growth in new wallet creation underscores sustained adoption and further validates TRON’s organic expansion.
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Oobit, Orbital, and UQUID—all consumer-facing applications—are driving TRON’s real-world adoption through key integrations, bringing blockchain into daily transactions. Oobit is a tap-to-pay app enabling users to spend TRON-based cryptocurrencies at Visa and Mastercard merchants. Orbital is another payment platform focused on emerging markets, noting that 98% of its stablecoin transactions—primarily USDT—occur on TRON. UQUID is a banking platform that allows Argentine users to recharge their transit cards using USDT on TRON, further enhancing TRON’s real-world usability. These partnerships highlight TRON’s expanding role in delivering practical financial solutions globally.
Getting Involved in the TRON Ecosystem
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Dune Dashboards:
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@tron_dao’s Tron Network Overview
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@steakhouse’s Stablecoin Dashboard
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@sliceanalytics’s Tron User Data
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Wallets:
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Leading DeFi Applications:
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JustLend – Lending protocol
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JustStables – Stablecoin lending
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SUN – DEX
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Key Consumer-Facing Applications:
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Oobit – Instant tap-to-pay at existing Visa and Mastercard merchants, with TRON-based crypto instantly converted to fiat.
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Orbital – Enterprise fintech platform built on TRON-native stablecoins.
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UQUID – A Web3 shopping platform allowing users to recharge SUBE public transit cards with USDT via the TRON blockchain.
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Broad Ecosystem:
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