Tron has reported an impressive network revenue of $577.2 million (around Rp9 trillion) in Q3 2024, surpassing other major blockchains like Bitcoin, Ethereum, and Solana.
According to data from Tronscan, the majority of Tron’s revenue came from staking activities, amounting to $429.5 million, or roughly 74% of its total Q3 revenue. The remainder was generated from token burning activities. On a year-over-year (YoY) basis, Tron’s revenue has surged by around 112%, reaching $1.67 billion.
Justin Sun, the founder of Tron, noted that the network’s Q3 revenue saw a 43% increase compared to Q2, marking its highest level since Tron’s launch in 2017.
“We are confident that the fourth quarter will show even greater growth compared to the third!” Justin Sun wrote in a statement.
Tron’s total costs and revenues have also outperformed other Layer-1 networks like Ethereum, which posted a revenue of $257 million, according to Token Terminal data. Meanwhile, Solana and Bitcoin recorded revenues of $104 million and $56 million, respectively.
Growth in Stablecoin and Meme Coin Activity
Tron’s revenue surge is largely driven by strong stablecoin activity. The network currently ranks second after Ethereum as the largest blockchain in terms of stablecoin transactions, with a 35% market share out of the total $172.3 billion stablecoin market capitalization, according to DefiLlama data.
Tron is particularly popular in developing regions like South America and Africa, where high inflation and concerns over domestic currency stability have boosted demand for more stable assets, like Tether’s USDT. USDT accounts for 98.3% of the total stablecoin supply on the Tron network.
Additionally, meme coin activity on Tron has also seen significant growth in the past quarter, especially following the launch of the SunPump meme coin platform on August 9. Data from Dune Analytics shows that revenue from meme coin launches on SunPump reached 34.5 million TRX, equivalent to $5.4 million.
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