- Tron’s network activity hit $435 million, surpassing Ethereum’s $364 million.
- Network revenue is expected to reach $2 billion by 2024.
Tron (TRX) network adoption has grown exponentially over the past three months. Despite the high volatility of the cryptocurrency markets, network addresses, revenue, and activity have skyrocketed.
The increase in Tron adoption comes from the growing preference for stablecoins on the network. Over the past 90 days, the Tron network has even surpassed Ethereum (ETH).
Tron Surpasses Ethereum in Revenue
Looking at the Token Terminal on AMBCrypto, the network hit a record $435 million in fees, while Ethereum lagged behind at $364 million.
Source: Token Terminal
Sharing this development, Justin Sun noted:
“According to @tokenterminal, over the past 30 days, TRON’s protocol revenue has surpassed Ethereum’s protocol revenue by 50%. If this trend continues, protocol revenue could surpass $2 billion this year, making it the most profitable blockchain on the planet.”
The surge in revenue shows the increased demand for the Tron network from both institutional and individual users. According to data from DefiLlama, Tron’s revenue was dominated by fee revenue.
Over the past 24 hours, the network generated $10.5 million in revenue with a trading volume of $197.8 million.
Source: DefiLlama
What does stablecoin mean?
Among this revenue growth are Tether (USDT) payments across the network. According to Tether, payments on the network have grown to one-third of Visa payments.
This increase brings the total transaction volume across Tether’s network to $1.25 trillion.
Likewise, Tron’s team has worked hard to innovate to keep up with the competition. For example, the team aims to deploy stablecoins on other EVM blockchain ecosystems.
This development is significant because it allows stablecoins to be transferred peer-to-peer without network fees. This move will increase the applicability of various stablecoins to all users.
Realistic or not, here is the TRX market cap in BTC terms.
Impact on TRX
Despite the surge in revenue and fees, Tron’s total locked value fell from $10.3 billion to $7.5 billion during this period.
Source: Defillama
The volume is down 3.98% and the market cap is down 0.40 to $11.4 billion. At the time of writing, it is down 0.38% in the last 24 hours to $0.1312 and has been down 1.51% in the past month.