Tron Generates Record Quarterly Revenue
04 Oct, 2024 ● Coin news
The Tron Network reported a record $577 million in revenue for Q3, surpassing traditional blockchains like Bitcoin and Ethereum in quarterly earnings.
Tron generated $577.2 million in Q3, with 74% of its revenue coming from staking and 26% from burning, according to Tronscan data, which was also mentioned by Tron founder Justin Sun in an Oct. 2 post on X.
The record figures were mainly attributed to the network’s increasing stablecoin activity and a recent venture into the memecoin space.
Data from Token Terminal showed that Tron’s total fees and revenue outpaced larger competitors, including Bitcoin and Ethereum, which posted quarterly revenues of approximately $56.3 million and $256 million, respectively.
It’s important to recognize that blockchain networks generate income in various ways, often involving a combination of fees, revenue, and other technical mechanisms.
A direct comparison of revenue or fees alone may not fully capture a blockchain’s total income.
Tron ranks just behind Ethereum as the second-largest blockchain for stablecoins, making up nearly 35% of the $172 billion stablecoin market cap, based on DefiLlama data.
Over $62 billion in stablecoins are currently deployed on the Tron network, according to DefiLlama.
The network is particularly popular in emerging markets in South America and Africa, where high inflation and concerns over domestic currencies often drive demand for more stable assets like the US Dollar-pegged stablecoin, Tether.
As of this writing, Tether makes up 98.3% of all stablecoin deposits and activity on Tron.
Justin Sun’s entry into the memecoin market also contributed to Tron’s revenue, with his memecoin deployer SunPump experiencing moderate success.
SunPump, a mimic of the Solana-based memecoin launchpad pump.fun, brought in $1 million in revenue within 11 days of launching and has accumulated a total of $5.4 million since its launch on Aug. 9.
Tron’s memecoin deployer SunPump has generated $5.4 million in revenue since its debut, as reported by Dune Analytics.
Tron recorded its highest revenue day on Aug. 21, when it earned just over $5.4 million in 24 hours, following a $1 billion USDT injection from Tether on Aug. 20, according to DefiLlama data.
Source:
https://cointelegraph.com/news/tron-clocks-record-quarter-577-million-in-revenue-in-q3
https://tronscan.org/#/data/charts/revenue
