Tron Network Outpaces Ethereum in Revenue Over the Past 90 Days

According to recent data from Token Terminal, the Tron network has overtaken Ethereum in terms of revenue generation.

Over the past 90 days, the blockchain network has accrued approximately $435 million in fees, outpacing Ethereum’s $364 million.

Tron’s Revenue Surpasses Ethereum by 50%

Tron’s founder, Justin Sun, took to X on August 15 to highlight this achievement, stating that in the last 30 days, Tron’s protocol revenue exceeded Ethereum’s by 50%.

In the past 30 days, according to @tokenterminal, TRON’s protocol revenue has exceeded Ethereum’s protocol revenue by 50%. If this trend continues, TRON’s protocol revenue could even surpass $2 billion this year, making it the most profitable blockchain on Earth! pic.twitter.com/kbzjU5zM5O

— H.E. Justin Sun 孙宇晨 (@justinsuntron) August 15, 2024

He also projected that if the current trend continues, Tron’s protocol revenue could surpass $2 billion by the end of 2024, making it “the most profitable blockchain on Earth.”

In response to an inquiry from his original post, Sun clarified that 100% of its revenue is distributed to TRX holders.

In addition to this revenue growth, the network recorded $1.25 trillion in USDT settlement volumes in the second quarter of 2024. According to Token Terminal, this represents nearly a third of Visa’s annual settlement figures.

USDT on @trondao = 1/3 of @Visa‘s annual settlement volume.

In Q2 ’20, USDT on TRON had a settlement volume of $25.2 billion.

In Q2 ’24, that same figure was $1.25 trillion.

pic.twitter.com/adicMrxvjg

— Token Terminal (@tokenterminal) August 12, 2024

A major contributor to Tron’s revenue growth is its dominance in the stablecoin market, particularly with Tether (USDT). Currently, half of all USDT in circulation operates on the network.

Given that USDT represents about 70% of the entire stablecoin market, this concentration is a major revenue driver for it.

Upcoming Innovations

Meanwhile, Tron will be introducing a new feature by the end of the year that could further boost its market position. The network is developing a solution that will allow users to pay transaction fees with stablecoins, such as USDT, eliminating the need to hold TRX for transfers.

Sun believes this will simplify blockchain transactions, particularly for large companies, and could drive broader adoption of blockchain technology.

This feature is expected to launch first on the Tron network, with plans to expand to Ethereum and other Ethereum Virtual Machine (EVM)-compatible chains.

Despite Tron’s revenue figures, the network faces challenges in other key metrics. According to data from DefiLlama, the blockchain platform’s total value locked (TVL) fell to a six-month low of approximately $7.6 billion in June 2024.

Although there was a moderate recovery in July, with TVL rising to $8.7 billion, it has since returned to around $7.4 billion.

Interestingly, this decline in TVL coincided with a significant rise in the price of TRX, which saw a 9.5% gain in June 2024.