- Tron’s total value on-chain also grew consistently in 2023.
- TRX was up by 1% in the last 24 hours, but metrics looked bearish.
The year 2023 was full of achievements for Tron [TRX] as it reached several milestones on multiple fronts. Starting from becoming the top blockchain by active addresses to considerable growth in the DeFi ecosystem, Tron has outperformed its peers over the years.
Coin98 Analytics recently posted a tweet highlighting Tron’s growth in DeFi.
Tron’s DeFi space is flourishing
Coin98 Analytics posted a tweet highlighting Tron’s journey in 2023 in the DeFi ecosystem.
As per the post, BNB Chain [BNB] had the highest total value locked (TVL) at the beginning of 2023. However, things changed over the next few months as Tron flipped BNB to become the blockchain with the highest TVL.
This clearly reflected TRX’s growth, as the higher the TVL, the more trustworthy the blockchain is perceived to be.
At the end of 2023, besides #Ethereum, here are the top 10 blockchains with the highest TVL:
Tron
BNB Chain
Arbitrum
Solana
Blast
Optimism
Avalanche
Polygon
Base
Cardano pic.twitter.com/jvgGvJCwKN— Coin98 Analytics (@Coin98Analytics) December 31, 2023
AMBCrypto’s analysis of TRONSCAN’s data revealed that, at the time of writing, TRX’s TVL stood at more than $21 billion.
Among several projects in Tron, Justlend DAO, Just Cryptos, and TRX Staking Governance remained the top three projects that contributed to TRX’s hike in TVL last year.
The blockchain’s total value on-chain (TVC) also followed a trend over the last year, which looked optimistic. For starters, TVC indicates the market cap of tokens with a trading volume greater than $1 million in the past 24 hours.
Source: TRONSCAN
Another area in which TRX’s performance was commendable in 2023 was its captured value.
AMBCrypto’s analysis found that TRX’s revenue remained consistently up throughout the last year after registering a massive spike in February.
However, it should also be noted that despite a hike in its network usage, TRX’s revenue started to drop slightly in the recent past.
Source: TRONSCAN
What is TRX up to?
Things on the price front also looked optimistic as we entered 2024, as its daily chart turned green.
As per CoinMarketCap, TRX was up by more than 1% in the last 24 hours. At press time, it was trading at $0.1084 with a market capitalization of over $9.5 billion.
Read Tron’s [TRX] Price Prediction 203-24
However, despite the recent price uptick, its 1-day price volatility declined. Tron’s open interest also dropped, which can initiate a trend reversal.
Tron’s popularity somewhat declined as its social volume sank slightly. On top of that, bearish sentiment remained dominant, as evident from the dip in its weighted sentiment.
Source: Santiment
