Tron is seeing significant expansion.
According to a new report from the company Messari, the Tron blockchain saw an increase in usage in the first quarter of 2023.
The three-month average daily transactions rose 7.7% to about 7 million.
Messari claims staking activity on the network is to blame for this increase. The total number of transactions stemming from staking activity increased by 197% quarter-on-quarter, despite accounting for just under 3% of all transactions on the TRX network.
Network operations were mostly unaffected even though the SEC sued several projects in the Tron ecosystem.
The TRX system generated total revenue of $90.04 million in Q1 of 2023, an increase of 88% compared to Q4 of 2022 ($47.96 million).
In the first quarter of 2023, transaction fees also spiked. Statistics show that the average transaction fees in TRX and USD increased by 59.2% and 80.2% respectively.
The State of Tron report states that trading activity on the network is mainly dominated by smart contracts that are activated and transfer TRX, which accounts for 88% of the total.
Also in Q1, total value locked (TVL) in USD increased by 18.8%. But TVL by TRX recorded a slight decrease of 0.5%.
The top protocols that makeup TVL on the Tron network – JustLend and JustStables – also benefited from the market recovery in Q1, with both protocols growing by 26% and 21% respectively.