Originally published on: October 03, 2024
The Tron Network has made waves by recording a staggering $577 million in revenue for the third quarter of the year, surpassing well-established blockchains like Bitcoin and Ethereum in terms of quarterly income.
During Q3, Tron raked in an impressive $577.2 million in revenue, with a significant portion of it, 74%, coming from staking activities, while the remaining 26% was generated from burning transactions. These figures were reported by Tronscan and celebrated by Tron founder Justin Sun in a recent post on X.
The network’s exceptional performance in Q3 can be attributed to its thriving stablecoin ecosystem and a strategic entry into the memecoin market. According to insights from Token Terminal, Tron’s overall fees and revenue exceeded those of major competitors like Bitcoin and Ethereum, which reported quarterly incomes of approximately $56.3 million and $256 million, respectively.
It is important to note that blockchain networks derive income through various mechanisms, such as fees, revenue streams, and other technical avenues. Therefore, a simplistic comparison based solely on revenue or fees may not capture the complete financial picture of a blockchain network.
In the stablecoin domain, Tron stands as the second-largest blockchain behind Ethereum, commanding nearly 35% of the $172 billion stablecoin market cap, as per DefiLlama data. The network has gained traction among users in emerging markets in South America and Africa due to its robust stablecoin offerings, particularly the US Dollar-pegged TetherUSDT$0.9999.
Tether remains the dominant stablecoin on the Tron network, accounting for a substantial 98.3% share of all stablecoin deposits and activities on the platform. Justin Sun’s venture into the memecoin market with SunPump, a meme coin deployer reminiscent of Solana’s pump.fun, has shown promise, generating $5.4 million in revenue since its launch on Aug. 9.
On its most lucrative revenue day, Aug. 21, Tron pulled in over $5.4 million in revenue following a massive $1 billion USDT injection from Tether a day prior, according to DefiLlama data. The network’s diversified revenue streams and strategic initiatives have solidified its position as a formidable player in the blockchain ecosystem.
