Tron’s year in review: Of Mixed metrics and rising prices

• Tron closed the year with mixed trends in its key metrics.
• TRX has increased in diluted and circulating market capitalization YoY.

Tron [TRX] experienced notable achievements in the past year, with transactions amounting to billions of dollars. However, despite reaching the billion-dollar milestone in transactions, an analysis of its essential network metrics revealed some declines during the year.

Tron sees a massive increase in fees

Recent data analysis revealed that Tron recorded a total transaction volume of 2.3 billion in 2023. The network saw an average daily transaction count of over 4.8 million at the end of Q4 2023.

However, upon closer examination, it was observed that the figure at the end of Q4 2023 had decreased by over 2%. Additionally, on a year-on-year (YoY) basis, daily transactions experienced a decline of more than 25%.

Despite the transaction downturn, Tron generated significant fees by the end of the year.

The data chart showed that, at the close of the last quarter in 2023, the platform accumulated over $331 million in fees, marking the highest fee for the year. To put this into perspective, comparing Q4 2023 to Q4 2022, the fee at the end of 2022 was about $92 million.

Furthermore, on a YoY basis, the fee underwent a substantial change of 238.60%.

New and active addresses reduce on Tron

The data showed a decline in active and new addresses on the Tron network towards the end of the year. A study revealed that the number of daily active addresses experienced a decrease in Q4 2023, with the only positive trend observed in Q2 2023 when it rose by 32%.

By the close of Q4, the daily active addresses numbered around 1.47 million, representing a decline of over 1%. YoY, the daily active addresses witnessed a decrease of over 12%.

Similarly, the number of daily new addresses also saw a year-on-year decline of about 9%. At the end of Q4, this figure was 184,511, showing a decrease of almost 2%.

Tron’s TVL shows positive trends

Despite the prevailing negative metrics in Tron during Q4, a notable positive trend emerged in its Total Value Locked (TVL). By the end of Q4, the TVL had surged by over 9%, and on a YoY basis, it experienced a remarkable growth of over 90%. 

Analysis of the TVL on DefiLlama showed a substantial increase throughout 2023, showcasing upward trends. The TVL surpassed $8 billion by the year-end, marking the highest TVL ever recorded on the network.

Notably, a new TVL record was set on 3rd January when it reached over $8.3 billion. As of the current update, the TVL has slightly decreased to around $8.1 billion.

TRX market capitalization sees YoY increase

The daily chart for Tron TRX in the previous year concluded positively. By the end of 31st December 2023, it closed trading with an approximate gain of 1.6%. Leading up to this, it had been experiencing gradual value increases.

The positive momentum extended into the new year until 3rd January, when it experienced a setback, losing about 1.4%. Despite a feeble recovery attempt on 4th January, the decline persisted. 

Source: Trading View

 How much are 1,10,100 TRXs worth today

As of the current update, TRX was trading at around $0.10, reflecting a decline of over 1%.

Notably, the data showed a significant year-on-year increase, with the fully diluted market cap rising by over 72% and the circulating cap increasing by over 65%.