The Tron network has outpaced Ethereum in revenue over the past 90 days, generating about $435 million in fees compared to Ethereum’s $364 million, according to Token Terminal. Tron founder Justin Sun noted that Tron’s 30-day revenue exceeded Ethereum’s by 50%, and he predicted that if this trend continues, Tron’s annual protocol revenue could surpass $2 billion, making it the most profitable blockchain globally.
During the second quarter of 2024, USDT settlements on the Tron network reached approximately one-third of Visa’s total settlement volume, totaling $1.25 trillion.
Read more: Public miners raised $2.2B as cash flow crunch intensifies post-halving
Tron to become the go-to ecosystem for stablecoin settlement?
Sun announced plans for a gasless stablecoin on the Tron and Ethereum networks, aiming to expand to other Ethereum Virtual Machine ecosystems. This innovation would enable users to send stablecoins without network fees, enhancing their viability for small payments, corporate settlements, and cross-border remittances.
In 2024, Tron became the second-largest blockchain for stablecoin transfers by dollar value, second only to Solana.
Trouble in paradise
However, despite its revenue success and stablecoin developments, Tron faced challenges. In June 2024, its total value locked (TVL) dropped to a six-month low of about $7.6 billion, as reported by DefiLlama. Although TVL increased slightly to $8.7 billion in July, it fell back to around $7.6 billion in August and remains at that level.
Interestingly, this decline in TVL coincided with a significant rise in the price of TRX, which gained 9.5% in June 2024.
Cre: cointelegraph
I’m Jessi Lee, currently living in Singapore. I am currently working as a trader for AZCoin company, with 5 years of experience in the cryptocurrency market, I hope to bring you useful information and knowledge about virtual currency investment.
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