Tron Network Surpasses Ethereum in Revenue in the Last 3 Months

The Tron network has outperformed the Ethereum network in terms of revenue in the last 90 days, generating approximately $435 million in fees compared to Ethereum’s fee earnings of about $364 million, as per data from Token Terminal.

Justin Sun, the founder of Tron, emphasized the 30-day revenue performance of the blockchain network, stating that it has surpassed Ethereum’s protocol revenue by 50%. Sun expressed optimism for Tron’s future, suggesting that if the current trend continues, Tron’s protocol revenue could potentially exceed $2 billion this year, positioning it as the most profitable blockchain globally.

Settlements of USDTUSD on the Tron network surged to nearly one-third of Visa’s total settlement volume for the second quarter of 2024, amounting to a substantial $1.25 trillion in transaction settlements on the Tron network.

Tron aims to establish itself as the preferred ecosystem for stablecoin settlements. Sun revealed plans for the introduction of a gasless stablecoin for both the Tron and Ethereum networks in July 2024, with intentions to expand the stablecoin to other Ethereum Virtual Machine blockchain ecosystems in the future. This initiative would enable users on these networks to conduct peer-to-peer transactions with stablecoins without incurring network fees, significantly enhancing the utility of these products for small payments, corporate settlements, and cross-border remittances.

In 2024, Tron emerged as the second-largest blockchain network for stablecoin transfers by dollar value, trailing only the Solana network.

However, despite Tron’s impressive revenue performance and stablecoin advancements, the network faces challenges in certain metrics. In June 2024, its total value locked (TVL), a metric indicating the capital locked within the network, dropped to six-month lows of around $7.6 billion, as reported by DefiLlama.

Although Tron’s TVL saw a moderate increase in July, reaching approximately $8.7 billion, it subsequently declined back to around $7.6 billion in August and has remained at that level at present.

Interestingly, the decrease in TVL coincided with a notable uptick in the price of TRX, which saw a 9.5% increase in June 2024.

It is worth noting that DeFi and Ethereum are gaining prominence, according to Michaël van de Poppe of X Hall of Flame.