According to DeFi Llama, the Tron network generated $1.31 million in network revenue in the last 24 hours alone.
Over the past 90 days, the Tron network has outpaced the Ethereum network in revenue, generating approximately $435 million in fees compared to Ethereum’s $364 million, according to data from Token Terminal.
Tron Surpasses Ethereum in Revenue
Tron founder Justin Sun emphasized the network’s 30-day revenue performance, stating that it had “exceeded Ethereum’s protocol revenue by 50%.” Sun also provided optimistic projections for Tron, saying:
“If this trend continues, TRON’s protocol revenue could even surpass $2 billion this year, making it the most profitable blockchain on Earth!”
Tether transactions on the Tron network surged, reaching nearly one-third of Visa’s total settlement volume for the second quarter of 2024, with Tron handling a staggering $1.25 trillion in transaction settlements.
Tron’s Push for Stablecoin Dominance
Justin Sun revealed plans for Tron to introduce a gasless stablecoin on both the Tron and Ethereum networks in July 2024.
This stablecoin would eventually be expanded to other Ethereum Virtual Machine (EVM) blockchain ecosystems.
The innovation aims to enable users to send stablecoins peer-to-peer without incurring network fees, which could significantly enhance the usability of these products for small payments, corporate settlements, and cross-border remittances.
In 2024, Tron also emerged as the second-largest blockchain network for stablecoin transfers by dollar value, trailing only the Solana network.
Challenges Despite Success
Despite Tron’s impressive revenue figures and advancements in stablecoin technology, the network faces challenges in other areas.
In June 2024, Tron’s total value locked (TVL)—a key indicator of the capital within the network—dropped to a six-month low of around $7.6 billion, according to DeFi Llama.
Although TVL saw a moderate increase to approximately $8.7 billion in July, it fell back to around $7.6 billion in August and remains at that level.
Interestingly, this decline in TVL coincided with a notable rise in the price of TRX, which saw a 9.5% increase in June 2024.
