Messari and CryptoRank, two prominent figures in the digital asset markets intelligence and crypto research sectors, have released detailed reports showcasing the significant surge in onchain activity on the TRON network over the past six quarters. This development underscores TRON's robust technical infrastructure and scalability, positioning it as a formidable player in the blockchain ecosystem.
Messari's report highlights that TRON, a public, open-source blockchain network, employs a Delegated Proof-of-Stake (DPoS) mechanism in conjunction with the Practical Byzantine Fault Tolerance (PBFT) consensus algorithm. These elements ensure the network's security and efficiency. The TRON Virtual Machine (TVM), compatible with the Ethereum Virtual Machine (EVM), provides developers with a cost-effective and rapid environment for smart contract execution, fostering increased adoption and utility.
Key findings from Messari's research indicate that TRON was among the few smart contract platforms to experience rising onchain activity in Q2. Average daily transactions increased by 29% quarter-over-quarter, reaching 6.3 million, with June recording the highest monthly transaction volume of 2024 at 202.6 million. Additionally, average daily active addresses grew by 31%, from 1.5 million to 2.0 million, and average daily new addresses saw a 12% increase, marking the third consecutive quarter of growth.
TRON's circulating market cap has also risen for six consecutive quarters, further emphasizing its growing influence in the market. Messari's report concludes with a nod to TRON DAO's strategic initiatives such as the Grants Program, a $100 million AI development fund, and the HackaTRON series, all aimed at expanding the TRON ecosystem.
In parallel, CryptoRank's research delves into TRON's technical prowess, noting that the network supports up to 2,000 transactions per second with blocks generated every three seconds. The report outlines TRON's three-layer architecture: the Core Layer managing consensus mechanisms and smart contracts, the Storage Layer optimizing data storage, and the Application Layer facilitating decentralized application (dApp) development.
CryptoRank's analysis positions TRON as the second-largest blockchain in terms of Total Value Locked (TVL) in dApps, with over $8.2 billion. The network's user activity remains robust, with over 181 million active addresses in Q2 2024, consistent with Q1 figures. TRON has amassed more than 274 million unique addresses, primarily user accounts, underscoring its widespread adoption.
The report from CryptoRank also highlights TRON's role in global crypto transfers, with adoption extending beyond crypto-native users to businesses and e-commerce platforms worldwide. Future enhancements such as Bitcoin Layer 2 integration and gasless stablecoin transfers are expected to further solidify TRON's leadership in the blockchain space.
This continuous growth and technical advancement of the TRON network not only demonstrate its resilience and reliability but also its potential to play a pivotal role in the future of blockchain technology. The findings from Messari and CryptoRank underscore the importance of monitoring TRON's development as it continues to expand its capabilities and influence within the digital asset ecosystem.
