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According to data from DeFi Llama, the Tron network accrued $1.31 million in network revenue during the past 24 hours alone.
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The Tron network (TRX) has exceeded the Ethereum network’s (ETH) revenues over the past 90 days, accruing approximately $435 million in fees compared to Ethereum’s fee revenues of roughly $364 million, according to data from Token Terminal.
Tron founder Justin Sun highlighted the 30-day revenue performance of the blockchain network, which has “exceeded Ethereum’s protocol revenue by 50%,” according to the Tron founder. Sun then offered forward-looking guidance for Tron:
“If this trend continues, TRON’s protocol revenue could even surpass $2 billion this year, making it the most profitable blockchain on Earth!”
Tether (USDT) settlements on the Tron network surged to roughly 1/3rd of payment giant Visa’s total settlement volume for the second business quarter of 2024, accounting for a whopping $1.25 trillion in transaction settlements on the Tron network.
Tron to become the go-to ecosystem for stablecoin settlement?
Justin Sun revealed that the Tron team was working to introduce a gasless stablecoin for the Tron and Ethereum networks in July 2024, with plans to deploy the stablecoin to other Ethereum Virtual Machine (EVM) blockchain ecosystems in the future.
This would allow users on these networks to send stablecoins on a peer-to-peer basis without paying network fees, drastically increasing the viability of these products for small payments, corporate settlements, and cross-border remittances.
Related: Tron surpasses Ethereum: $1.42M revenue in 24 hours
In 2024, Tron also became the second-largest blockchain network for stablecoin transfers when measured by dollar value, second only to the Solana network (SOL).
Trouble in Paradise
Despite Tron’s impressive revenue figures and stablecoin innovation, the network lags in certain metrics. In June 2024, Tron’s total value locked (TVL), a measure of capital locked within the Tron network, fell to 6-month lows of approximately $7.6 billion, according to DeFi Llama.
Tron’s total value locked rose moderately in July, reaching levels around $8.7 billion but fell back down to around $7.6 billion in August and is still hovering around that level at the time of this writing.
Interestingly enough, the decline in TVL was accompanied by a significant rise in the price of TRX, which recorded a 9.5% gain for the month of June 2024.
Magazine: DeFi and Ethereum are the ‘new narrative’: Michaël van de Poppe, X Hall of Flame
This article first appeared at Cointelegraph.com News
