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The Tron network has posted record quarterly revenue largely driven by increasing stablecoin activity and an effort to capture a slice of the growing memecoin market.
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The Tron Network has posted a record $577 million in revenue for Q3, putting it ahead of mainstay blockchains including Bitcoin and Ethereum in terms of quarterly income.
Tron brought in $577.2 million worth of revenue in Q3, with 74% of its revenue coming from staking while 26% came from burning, according to data from Tronscan, which was also cited by Tron founder Justin Sun in an Oct. 2 post to X.
Tron posted $577 million in quarterly revenue for Q3. Source: Tronscan
Tron’s record quarterly figures were primarily driven by the network’s growing stablecoin activity as well as a recent push into the memecoin market.
According to data from Token Terminal, Tron’s aggregate fees and revenue outpaced that of larger rival networks such as Bitcoin and Ethereum, which posted respective quarterly incomes of around $56.3 million and $256 million.
It’s worth noting that there are significant differences in how blockchain networks generate income, often through a complex mix of fees, revenue, and other more technical avenues. Comparisons on a pure revenue or fee basis may not perfectly reflect a blockchain’s total income.
Tron currently stands behind Ethereum as the second-largest blockchain for stablecoins, accounting for nearly 35% of the $172 billion stablecoin market cap, according to data from DefiLlama.
Over $62 billion in stablecoins are currently deployed on the Tron network. Source: DefiLlama
The Tron network is popular with users in emerging markets of South America and Africa, where high inflation and domestic currency concerns often lead to high demand for more stable assets like the US Dollar-pegged stablecoin Tether (USDT).
Related: Tether stablecoin issuer and Tron launch financial crime unit
At the time of publication, Tether accounts for 98.3% of all stablecoin deposits and activity on the Tron network.
Justin Sun’s foray into the memecoin sector also gave the network a small boost in terms of revenue, with his self-styled memecoin deployer SunPump launching to moderate success.
SunPump — an imitation product of the Solana-based memecoin launchpad pump.fun — generated $1 million in revenue within 11 days of going live and has generated a total of $5.4 million in revenue since its launch on Aug. 9.
Tron’s memecoin deployer SunPump has generated $5.4 million in revenue since launch. Dune Analytics
Tron notched its largest day of revenue on Aug. 21, when it brought in just over $5.4 million in the span of 24 hours, following a $1 billion injection of new USDT from Tether on Aug. 20, per DefiLlama data.
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This article first appeared at Cointelegraph.com News
