- Tron saw growth in some of its key ecosystem metrics in Q1 2023.
- The network’s revenue also experienced a jump.
A new report from Messari revealed that leading blockchain Tron [TRX]home to more than 1300 decentralized applications (dApps), it saw growth and some corresponding minor declines in the first quarter of 2023.
Realistic or not, here is TRX’s market cap in terms of BTC
Titled “State of Tron Q1 2023,” the on-chain analytics firm found that general bullishness that marked the first 90 days of the year resulted in a positive performance of some of Tron’s key growth metrics.
During the 3-month reporting period, the number of average daily transactions on the open-source blockchain network grew by 7.7%, from 6.5 million in Q4 2022 to over 7 million by the end of Q1 2022. 2023.
According to Messari, the increase in daily transactions was due in part to Tron’s expansion of its decentralized financial (DeFi) services, with “liquid staking and a decentralized resource marketplace.” As a result, the total number of transactions on the network’s staking activity increased by 197% quarter on quarter.
Another area where Tron excelled in the first quarter of 2023 was in network transaction costs. During the 90-day period, “average transaction fees in TRX and USD increased by 59.2% and 80.2%, respectively,” Messari found.
Source: Messari
As the network’s transaction costs rose, so did revenues. With total quarterly revenue of $90.04 million recorded in Q1 2023, Tron posted an 88% increase over its Q4 2022 revenue of $47.96 million.
According to Messari:
“The dynamic energy model and increased energy requirements resulted in increased revenue generation in TRX (total transaction fees paid in TRX), which increased by 65.5% QoQ (+87.7% in USD). At the same time, TRX’s circulating market cap increased 18.1% QoQ.”
Source: Messari
In terms of the DeFi landscape on the blockchain network, along with the rest of the market, Tron’s Total Value Locked (TVL), denominated in USD, grew by 19%. This ended the quarter at $5.4 billion. However, the network’s TVL, expressed in its governance token TRX, fell by 0.5%.
This, according to Messari, suggested “a rise in the asset price in USD drove TVL rather than new capital inflows.”
Source: Messari
How much are 1, 10 or 100 TRX worth today?
TRX in Q1 and in the present
In the first quarter of the year, TRX’s circulating market capitalization rose 18.1%.
“For perspective, TRX’s circulating market cap was 23x annualized revenue in USD at the end of Q4 2022 versus 13x at the end of Q1 2023. The move suggests a more favorable valuation,” added Messari.
In terms of price, the value of the coin has increased by 28% in the first quarter. TRX exchanged hands at $0.0693 at the time of writing and has only recorded a 5% price increase in Q2 2023.
Source: CoinMarketCap
