Key Points
- Tron’s network activity recently reached $435 million, outperforming Ethereum’s $364 million.
- The network’s revenue is projected to reach $2 billion by 2024.
Tron’s [TRX] network has seen significant growth in the past quarter, with increases in address, revenue, and activities. This is despite the volatile nature of the crypto market.
The growth in Tron’s adoption is largely due to a rising preference for stablecoins on the network. Over the past 90 days, Tron has even overtaken Ethereum [ETH].
Tron Outperforms Ethereum
According to data from Token Terminal, Tron’s network has generated a record $435 million in fees, surpassing Ethereum’s $364 million.
Justin Sun, Tron’s founder, shared this development, stating that if the trend continues, the network’s revenue could exceed $2 billion this year, making it the most profitable blockchain.
Data from DefiLlama indicates that Tron has led in terms of revenue from fees. In the last 24 hours alone, the network generated $10.5 million in revenue with a trading volume of $197.8 million.
Stablecoins and the Tron Network
A significant part of this revenue growth is due to Tether [USDT] payments through the network. Tether has reported that their payments on the network have now reached one-third of Visa’s payment volume. This has resulted in a total transaction volume of $1.25 trillion through the network.
The Tron team has been working diligently to keep up with competitors, with plans to distribute the stablecoin to other EVM blockchain ecosystems. This development is important as it allows for stablecoin transfers on a peer-to-peer basis without network fees, enhancing the usability of various stablecoins.
Impact on TRX
Despite the increase in revenues and fees, Tron’s Total Value Locked (TVL) fell from $10.3 billion to $7.5 billion during this period. The trading volume dropped by 3.98%, while the market cap fell by 0.40 to $11.4 billion. At the time of writing, TRX was valued at $0.1312, down 0.38% over the past 24 hours, following a month-long decline of 1.51%.
