During the month of October, TRON [TRX] concluded a remarkably successful period by reaching a new record in revenue generation. According to recent data released by Justin Sun, the network amassed $205 million in revenue.
This represents the network’s second-highest revenue peak, following the $220 million mark set in August.
The main factors contributing to this feat were a notable increase in transaction volumes driven by growing interest in meme-based coins running on the TRON network.
Despite the surge in revenue, the Total Value Locked (TVL) for TRX experienced a decline, indicating a somewhat mixed performance for the network in recent times.
TRON’s Revenue Reaches Impressive Milestone in October
October turned out to be a significant month for TRON, achieving $205 million in revenue – the network’s second-highest in history, closely following the achievement in August when revenue peaked at $220 million.
Data from DefiLlama highlighted a steady rise in transaction volumes, with daily transactions progressively increasing from June and maintaining consistency through August.
Nevertheless, October witnessed a notable surge in activity, with more than ten million daily transactions recorded on 24th of the month.
This marked the highest daily transaction volume seen throughout the year, with daily transactions consistently surpassing 9 million in the subsequent days.
Such levels were not observed in August, and this accelerated network activity directly impacted the revenue surge.
Surge in Meme-based Coin Activity Boosts TRON Network Engagement
The proliferation of meme-based coins has been a driving force behind the heightened activity on the TRON network. Data sourced from CoinGecko indicated that meme coins’ market capitalization on TRON has now reached about $249 million.
This increase aligns with the broader market trend of meme coin surge in popularity across the crypto landscape. These tokens now hold a total market capitalization exceeding $68 billion, and the upsurge in meme coin-related activity on TRON has significantly pushed up transaction volumes.
It is reasonable to consider that this surge played a significant role in the revenue performance for October.
TVL Decrease Persists Despite Revenue Growth
Despite the groundbreaking transaction numbers and revenue escalation, TRON’s Total Value Locked (TVL) showcased a downward trend in recent months.
After hitting a record high of $10.3 billion in March, TRON’s TVL currently stands at around $6.9 billion as of now.
Even though TRON’s DeFi ecosystem has expanded over time, the recent decline in TVL suggests that the network faces hurdles in sustaining high locked-in value, despite the uptrend in transaction volumes and meme coin activity.
Nevertheless, TRON continues to be among the top networks based on TVL, displaying resilience in the face of a fluctuating market environment.
TRON’s robust revenue performance, propelled by surging transaction volumes and meme coin enthusiasm, reflects its ongoing expansion. However, the network’s ability to recover its previous TVL heights will be critical for ensuring sustainable long-term growth.