Data from Token Terminal revealed that the Tron network revenue has exceeded Ethereum’s revenue in the last 24 hours, 30 days, and 90 days. According to Tron founder Justin Sun, Tron’s revenue surged past Ethereum’s revenue by 50% in the last 30 days, and bullish projections showed that Tron could hit over $2 billion in annual revenue.
DefiLlama’s data showed that the Tron network reached $1.31 million in 24-hour revenue. The data revealed that USDT settlements on the Tron network reached over $1.25 trillion in Q2 2024, almost matching Visa’s total settlement volume over the same period. The data also showed that a 9.5% increase in TRX price in June 2024 coincided with a decline in total value locked (TVL).
The Tron network outperforms Ethereum in revenue
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
Tron generated $152 million in fee revenue, almost 50% higher than Ethereum’s fee revenue of $96 million in the last 30 days, according to DefiLlama’s data. Justin Sun posted on X that 100% of this revenue went to TRX holders.
The data confirmed that the Tron network held half of the USDT stablecoin in circulation. With the USDT representing 70% of the overall stablecoin market, the substantial market share revealed that most of the fees came from the Tron ecosystem.
Sun also affirmed that the Tron team was developing a new solution to enable gasless stablecoin transfers, with the fees entirely covered by the stablecoins themselves. Sun said the innovation would be implemented on the Tron network before expanding to support Ethereum and all public chains compatible with Ethereum Virtual Machine (EVM) ecosystems.
“We anticipate launching this service in Q4 of this year. I believe that similar services will greatly facilitate large companies in deploying stablecoin services on the blockchain, elevating blockchain mass adoption to a new level.”
As of the time of writing, Tron’s revenue from May 2024 to date was approximately $510.57 million against Ethereum’s revenue of $272.13 over the same period, according to data from Token Terminal.
Tron targets to dominate the stablecoin market despite low metrics
Sun projected that the current trend could push the Tron network’s annual revenue above $2 billion. Despite these achievements, DefiLlama’s data revealed that Tron’s TVL slightly recovered to $8.6 billion in July 2024 after dropping to a six-month low of $7.6 billion in June. The data showed that the TVL had dipped to $7.6 billion in August.
Nonetheless, the data also revealed that the Tron blockchain was only second to Solana in terms of stablecoin transfer volumes.
Justin Sun noted that it remains to be seen how major companies and individuals receive the unique stablecoin innovation. He claimed that the gas-free peer-to-peer transfer of stablecoins would increase TRX’s viability for corporate settlements, small payments, and international remittances.
