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Tron Reports $90.04 Million in Revenue for First Quarter of 2023 Amid SEC Enforcement Actions
- In Q1 2023, the total quarterly revenue reached $90.04M, marking an 88% increase compared to Q4 2022.
- TRX’s total volume surged by 197% from the previous quarter.
Messari, a market analysis firm, has published findings showing that the utilization of the Tron blockchain rose in the first quarter of 2023. The overall value of its native cryptocurrency, TRX, grew by more than 20% compared to the previous quarter.
Despite the SEC’s announcement of multiple lawsuits aimed at Tron ecosystem tokens, the network’s operations have largely persisted without interruption. In Q1 2023, the total quarterly revenue of $90.04 million represented an 88% increase from the $47.96 million recorded in Q4 2022.
Throughout the analyzed three-month period, the average daily transaction count rose by 7.7 percent, nearing 7 million. Messari suggested that this increase was partially attributed to heightened staking activity across the network.
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Rise in Transaction Fees
Although staking transactions accounted for approximately 3% of all TRX transactions, their total volume experienced a 197% increase quarter-over-quarter. According to the Tron-commissioned State of Tron report, 88% of all network transactions involve smart contract executions or TRX transfers.
The USDT smart contract remained the leading factor for contract executions on TRON, even with relatively stable activity across both transaction types during Q1. The first quarter also witnessed an increase in transaction fees. The average transaction fee in TRX and USD rose by 59.2 percent and 80.2 percent, respectively, based on the data.
A significant reason for the increase in transaction fees was committee proposal No. 79, which received approval in the prior quarter. This proposal simply raised the energy requirements for executing smart contracts and modified the characteristics of the underlying network.
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