According to data from Token Terminal, the Tron network has surpassed the Ethereum network in revenue over the past 90 days, with fee income reaching approximately $435 million, while Ethereum’s fee income was approximately $364 million.
Tron founder Justin Sun highlighted the blockchain network’s 30-day earnings performance, which according to the Tron founder “exceeded Ethereum’s protocol earnings by 50%.” Sun offered forward-looking guidance for Tron.
“If this trend continues, Tron’s protocol revenue could surpass $2 billion this year, making it the most profitable blockchain on the planet!”
USDT (USDT) payments on the Tron network surged to nearly a third of the total payment volume of payments giant Visa in Q2 2024, with transaction settlements on the Tron network reaching a whopping $1.25 trillion.
Will Tron Be the Best Ecosystem for Stablecoin Payments?
Sun said that the Tron team is working to launch a gasless stablecoin for the Tron and Ethereum networks in July 2024, with plans to later deploy the stablecoin on other Ethereum Virtual Machine blockchain ecosystems.
This will allow users on these networks to send stablecoins peer-to-peer without paying network fees, greatly increasing the viability of these products for use in micropayments, corporate payments, cross-border remittances, and more.
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By 2024, Tron will be the second-largest blockchain network in terms of stablecoin transfers by dollar value, second only to the Solana network.
Trouble in Paradise
Despite Tron’s impressive revenue numbers and stablecoin innovation, the network lags behind in certain metrics. According to DefiLlama, in June 2024, the total value locked (TVL), a measure of capital locked within the network, fell to a six-month low of around $7.6 billion.
Tron’s total locked value rose moderately in July, reaching around $8.7 billion, but then fell back to around $7.6 billion in August, where it remains as of this writing.
What is interesting is that with the decrease in TVL, the price of TRX (TRX) has increased significantly, recording a 9.5% increase in June 2024.
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