The Tron network has outpaced Ethereum in revenue over the past 90 days, signalling a major shift in the blockchain landscape.
According to data from Token Terminal, Tron generated approximately $435 million in fees during this period, significantly surpassing Ethereum’s $364 million.
This achievement highlights Tron’s growing influence in the cryptocurrency space.
Tron’s founder, Justin Sun, celebrated this milestone, noting that Tron’s protocol revenue exceeded Ethereum’s by 50% over the past month.
Sun expressed optimism for the future, suggesting that if this trend continues, Tron could become the most profitable blockchain, potentially surpassing $2 billion in revenue by the end of the year.
One of the key factors driving Tron’s revenue surge is its role in stablecoin settlements.
In the second quarter of 2024, Tether (USDT) transactions on the Tron network reached $1.25 trillion, roughly one-third of Visa’s total settlement volume.
This positions Tron as a leading platform for stablecoin transfers, second only to Solana in dollar value.
Looking ahead, Tron is preparing to introduce a gasless stablecoin for its network and Ethereum in July 2024.
This innovation aims to make stablecoin transactions more accessible by eliminating network fees and potentially revolutionizing small payments, corporate settlements, and cross-border remittances.
However, despite Tron’s impressive revenue and transaction figures, the network faces challenges.
In June 2024, Tron’s total value locked (TVL) dropped to a six-month low of around $7.6 billion, according to DeFi Llama. Although TVL saw a modest recovery in July, it remains volatile, hovering around the same level as in August.
Interestingly, this decline in TVL coincided with a 9.5% increase in the price of TRX, Tron’s native token.
