Messari, a market intelligence firm, has released research revealing that use of the Tron blockchain increased in the first quarter of 2023. The total value of its native cryptocurrency, TRX, increased by more over 20% quarter over quarter.
Despite the SEC’s notice of many cases focusing on Tron ecosystem funds, the community’s operations have mostly proceeded unabated. In Q1 2023, its total quarterly revenue of $90.04 million increased by 88% from the previous autumn’s total quarterly gross sales of $47.96 million.
During the analyzed three months, the average number of daily transactions increased by 7.7 percent, reaching approximately 7 million. Messari hypothesized that the increase was caused in part by increased staking activity within the community.
Increase in Transaction Fees
While staking transactions accounted for only around 3% of all TRX transactions, their overall volume increased by 197% quarter over quarter. According to the Tron-commissioned State of Tron report, good contract triggers or TRX transfers are used in 88% of all community transactions.
Despite comparably flat exercise across all transaction types throughout Q1, the USDT good contract remained the primary driver of contract execution on TRON. The first quarter also saw a rise in transaction charges. According to the data, the average transaction cost in TRX and USD increased by 59.2 percent and 80.2 percent, respectively.
Committee recommendation No. 79, which was adopted in the previous quarter, was a necessary issue in the determination to raise transaction prices. The suggested adjustment simply increased the amount of energy required to carry out excellent contracts while changing the characteristics of the underlying community.