CryptoQuant: Tron’s 2025 Performance — Higher Activity, Lower Fees, USDT Dominance
CryptoQuant’s 2025 review finds Tron (TRX) delivered strong on-chain growth, prioritizing throughput over fee revenue. Key metrics: monthly transactions hit an ATH of 323 million in December (up 39% YoY), monthly active addresses peaked at 35.5 million and finished the year at 31.3 million (up 24% YoY), and transactions per active address rose to 10.5. In August 2025 Tron cut unit energy price by 60%, driving average fees down 65% to $0.53 and reducing monthly fee revenue from $399 million to $183 million — a strategic trade-off to boost usage. DeFi and liquidity layers expanded: SunSwap averaged $3.1 billion in WTRX swap volume monthly, and JustLend deposits grew 56% YoY to $12.8 billion. TRX transfers in USD terms rose 44% to $85.2 billion (helped by TRX price strength; monthly average ATH $0.34 in Sept 2025) while native TRX transfers declined 27% to 309 billion as staking rose; ~48% of supply (45.7B TRX) is staked. Tether on Tron surged: USDT supply on Tron grew 40% to $81B and bridging volume jumped 215% to $17.8B; Tron processed over 825 million USDT transfers and ended December with USDT volume double that of Ethereum. For traders, the report highlights increased on-chain activity, lower transaction costs, higher staking rates, and Tron’s ascension as the dominant USDT rail — factors likely to affect liquidity, on-chain flows, and TRX market dynamics.
Bullish
The report points to several bullish drivers for TRX and Tron-based markets. Rising transaction volume, active addresses, and transactions per address signal stronger network demand and user engagement—often correlated with higher token utility and speculative interest. The sharp fee cut increases throughput and on-chain activity, attracting DeFi usage and USDT flows even while reducing short-term fee revenue; this strategy historically boosts on-chain liquidity and market depth (similar to past fee reductions or subsidy-driven growth on other chains). The large increase in USDT supply and transfers on Tron positions it as a preferred settlement rail, likely increasing stablecoin-denominated volume and trading flows through Tron-based venues. High staking (≈48% of supply) reduces circulating TRX available to markets, which can amplify price moves if demand rises. Short-term, traders may see increased volatility as flows adjust to lower fees and shifting liquidity; arbitrage and DeFi yield chasing could lift TRX demand. Long-term, sustained throughput, DeFi growth, and USDT dominance support a constructive outlook for TRX adoption and liquidity, suggesting a bullish bias, though regulatory or security events and broader crypto market downturns could offset these positives.