- Tron’s total value across the chain also grew consistently through 2023.
- TRX is up 1% in the last 24 hours, but the metrics looked bearish.
The year 2023 was full of achievements Tron [TRX] as it achieved several milestones on multiple fronts. Starting from becoming the top blockchain through active addresses to significantly growing 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 booming
Coin98 Analytics posted a tweet highlighting Tron’s 2023 journey in the DeFi ecosystem.
According to the message, BNB Chain [BNB] had locked the highest total value (TVL) in early 2023. However, things changed in the following months when Tron BNB pivoted to become the blockchain with the highest TVL.
This clearly reflected TRX’s growth: the higher the TVL, the more reliable the blockchain is perceived to be.
By the end of 2023, by the way #Ethereumhere are the top 10 blockchains with the highest TVL:
Tron
BNB chain
Arbitration
Solana
Explosion
Optimism
Avalanche
Polygon
Base
Cardano pic.twitter.com/jvgGvJCwKN— Coin98 Analytics (@Coin98Analytics) December 31, 2023
AMBCrypto’s analysis of TRONSCANs facts revealed that at the time of writing, TRX’s TVL was over $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 walk in TVL last year.
The blockchain’s total on-chain value (TVC) also followed a trend that looked optimistic over the past year. To start, TVC indicates the market capitalization of tokens with a trading volume of more than $1 million in the last 24 hours.
Source: TRONSCAN
Another area where TRX’s performance in 2023 was commendable was its captured value.
AMBCrypto’s analysis showed that TRX’s revenue continued to rise consistently over the past year, following a huge spike in February.
However, it should also be noted that despite an increase in network usage, TRX‘s turnover recently started to decline slightly.
Source: TRONSCAN
What is TRX up to?
Things also looked optimistic on the price front as we entered 2024, when the daily chart turned green.
From CoinMarketCapTRX is up more than 1% in the last 24 hours. At the time of writing, it was trading at $0.1084 with a market cap of over $9.5 billion.
Read Trons [TRX] Price prediction 203-24
However, despite the recent price increase, one-day price volatility has decreased. Tron’s open interest also dropped, which could cause a trend reversal.
Tron’s popularity waned slightly as social volume dropped slightly. Furthermore, bearish sentiment remained dominant, as evidenced by the dip in weighted sentiment.
Source: Santiment