The TRON (TRX) network exhibited considerable growth in Q2 in daily active accounts, new accounts, and transactions, as metrics increased by 14%, 13.4%, and 28.9%, respectively, according to a recent report by Messari.

Tron Q2 Growth.

This growth coincided with the launch of BitTorrent Bridge and Stake 2.0, among other developments, showing promising expansion of the network’s capabilities and user engagement.

Messari’s report notes that the surge in network activity boosted revenue by 11.6% quarter-over-quarter in TRX terms, translating to a 22.2% increase when measured in USD.

Interestingly, the revenue growth led to a significant amount of TRX being burned, supporting the token’s value in an otherwise flat-to-down market. TRX outperformed most Layer 1 tokens during the quarter, with its market cap swelling by 14.7% compared to the average 23% decline of other major L1 tokens.

The report also highlighted TRON’s ongoing efforts to expand DeFi as applications and infrastructure providers began integrating TRX liquid staking and the decentralized resource marketplace.

TRON’s most prominent DeFi protocols, such as JustLend, JustStables, SUN, and JustMoney, saw increased Total Value Locked (TVL) during the period, reflecting vibrant activity in the network’s DeFi sector.

Across the network, TVl grew 7% when denominated in dollars, but the underlying amount of TRX fell by 7.9%.

Over the weekend, meme coin mania returned with new fervor as it reached the Coinbase-backed Ethereum layer-2 network Base.

On July 30, BALD, an obscure meme coin with no website, on the L2 solution gained wide attention after its value exploded by more than 10,000% on the decentralized exchange Leetswap to a peak of around $0.085, and its market capitalization soared above $85 million, according to Dexscreener data. The asset’s trading volume during the period was more than $100 million.

Some community members linked the meme coin to Coinbase insiders. One tweet noted that BALD’s deployer is a whale connected to a large supply of Coinbase liquid Ethereum token, cbETH. 

Rug pull fears emerge

On-chain data shows that its value sharply declined by more than 80% after its deployer removed millions of dollars worth of liquidity, prompting speculations of a rug pull.

The deployer stated on the project’s official Twitter account that he had not sold any tokens since the launch. He clarified that the transactions were to add two-sided liquidity to the token.

The total value of assets locked on decentralized finance protocol Curve Finance (CRV) plunged nearly 50% in the last 24 hours to $1.731 billion from $3.26 billion recorded on July 30, according to DeFiLlama data.

The exodus can be attributed to an exploit of the protocol, which increased fears of liquidation and bad debt among community members who immediately withdrew their assets from the crypto project.