Driven by the network’s increasing stablecoin activity and efforts to tap into the growing memecoin market, Tron network has set a new record in Q3, generating $577M in revenue, surpassing well-known blockchains like Bitcoin and Ethereum.
Breakdown of new revenue
In an Oct. 2 post by Tron founder Justin Sun, data from Tronscan, highlighted that 74% of Tron’s revenue came from staking, while 26% was from token burning. The record revenue was largely from Tron’s expanding use of stablecoins and its recent entry into the memecoin sector.
Does this new mark outdo Bitcoin and Ethereum?
With Bitcoin generating approximately $56.3M and Ethereum earning $256M in revenue, Tron surpassed both of these major blockchains in terms of revenue. However, it is important to note that direct comparisons between or amongst Blockchains are not always straightforward, as they generate income through different methods, including fees and other complex revenue streams.
Read Also: Chainalysis Report: 43% of Sub-Saharan Africa Turns to Stablecoins for Remittance
Pushing the Stablecoins Market
Tron holds nearly 35% of the total $172B stablecoin market, with most users based in regions like South America and Africa, where high inflation and unstable local currencies drive demand for stablecoins like Tether, making it the second-largest blockchain for stablecoins, trailing only Ethereum. 98.3% of all stablecoin activity on the Tron network is accounted for by Tether.
Memecoin Market Share
Justin Sun recently ventured into the memecoin Market. The market also contributed to Tron’s revenue boost. SunPump, Justin’s memecoin deployer, launched on August 9 and has generated $5.4M in revenue. Additionally, following a $1B injection of USDT (Tether) on August 20, Tron saw its biggest single-day revenue on August 21, with over $5.4 million in revenue.
Interestingly, Tron’s strong performance in Q3 2024 has intensified competition in the crypto space, which is likely to drive further innovations across the industry
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