The Tron Network achieved a record third-quarter revenue of $577 million, surpassing major blockchains like Bitcoin and Ethereum in quarterly income.
In the third quarter, Tron generated $577.2 million in revenue, with 74% of the revenue coming from strikes and 26% from fires, according to data from Tronscan. Tron founder Justin Sun also referenced this data in a message to X on October 2.
Tron’s record-breaking quarterly numbers were primarily due to the network’s increasing stablecoin activity and a recent surge in the memecoin market.
According to Token Terminal, Tron’s total fees and revenues exceeded those of larger competitors like Bitcoin and Ethereum, which reported quarterly revenues of around $56.3 million and $256 million respectively.
Tron currently holds the position of the second-largest stablecoin blockchain behind Ethereum, representing almost 35% of the $172 billion stablecoin market cap according to DefiLlama data.
The Tron network is popular among users in emerging markets in South America and Africa where there is a high demand for stable assets like the US dollar-pegged stablecoin Tether (USDT) due to high inflation and currency concerns.
At the time of reporting, Tether accounts for 98.3% of all stablecoin deposits and activity on the Tron network.
Justin Sun’s venture into the memecoin sector also contributed to the network’s revenue growth, with his memecoin implementer SunPump launching with moderate success.
SunPump, an imitation of the Solana-based memecoin launch pad pump.fun, generated $1 million in revenue within 11 days of its launch and has accumulated a total of $5.4 million in revenue since its launch on August 9.
Tron experienced its highest revenue day on August 21, bringing in over $5.4 million in a 24-hour period following a $1 billion injection of new USDT from Tether on August 20, according to DefiLlama data.
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