SunSwap will lead the way with 8.3 million transactions in 2024.

In the year As USDT continues to dominate the Tron network in 2024, there is a significant increase in decentralized trading and meme coin generation.

TRX, the network's native currency, as well as WTRX, its tokenized version, have experienced massive adoption due to the decentralized finance (DeFi) movement. This was particularly evident in Tron-based decentralized exchange (DEX), SunSwap, which allowed an influx of new tokens and increased trading activity, which, in turn, helped Tron's diversification beyond Stalkcoin transactions.

Tron's Shift Beyond Stablecoin Transactions

A recent analysis by CryptoQuant showed that Tron network activity has had a significant impact on USDT, with its supply expected to rise from $48 billion to $62 billion by 2024. During the same period, the value of USDT transfers rose from $362 billion to $576 billion. It was associated with an increase in monthly transfers from 55 million to 62 million. USDT continues to dominate as the most traded asset and accounts for 99% of token activity.

Tron, however, reached a turning point last year with Diffie's move, with SunSwap leading the charge as the network's most active decentralized exchange. In August, monthly transactions on SunSwap topped 4 million, 97 percent of which involved WTRX. From August to December, total exchange transactions rose to 8.3 million, indicating growth in DeFi participation.

More than 80% of these transactions involved WTRX, which increased its turnover from 4.2 billion units to 20 billion units, or $4.1 billion, at year-end. The launch of meme coin generator SunPump has further fueled network activity by simplifying meme coin creation, resulting in 94,000 new tokens being introduced and increased transaction volumes.

In another milestone, Tron has finally secured 31.5% of all transactions after overcoming a widely used Bitcoin payment block. But the developments failed to lift the TRX's value.

Short term recovery of TRX?

TRX saw a resurgence last year, rising to 10th place by market capitalization as it gained newfound confidence. Subsequent market corrections, however, pushed the asset's price to $0.225, a 50% drop from its recent high of $0.43. Bottom prospects for the area were also short-lived as TRX dropped below the $0.23 threshold.