The Tron network has reported a record-breaking revenue of $577 million for the volatile third quarter of 2024. According to Tronscan, a significant 74% of this revenue was generated from staking activities, while the remaining 26% came from coin burning.
The revenue data for TRON Q3 has been released. The total revenue for Q3 is $577 million, the highest since the inception of the protocol, representing a 43% increase compared to Q2. We are confident that Q4 will see even more growth compared to Q3! https://t.co/EZR1lAvhnA pic.twitter.com/IYEaDWrhBo
— H.E. Justin Sun🌞(hiring) (@justinsuntron) October 2, 2024
In a remarkable achievement, Tron’s total fees and revenue were second only to Tether, the stablecoin giant, which amassed $1.2 billion. Ethereum and Bitcoin lagged behind, earning nearly $257 million and $56.3 million respectively, as per Token Terminal data.
The surge in Tron’s revenue is largely attributed to the booming stablecoin activity and its recent foray into the memecoin market. The launch of the Sun Pump protocol, backed by Justin Sun, has been a game-changer, propelling Tron-based memecoins like SUNDOG and SUNWUKONG into the spotlight. This protocol alone has generated $5.4 million in revenue, according to Dune Analytics.
Although the memecoin trend on Tron has cooled down, it has firmly established the network’s presence in the memecoin ecosystem. Additionally, Tron’s prominence is bolstered by USDT TRC-20, making it the second-largest blockchain for stablecoins, with nearly 35% of the total stablecoin market capitalization of $172 billion, according to DefiLlama.
Tron’s popularity is particularly notable in South America and Africa, where inflation drives the demand for stablecoins pegged to foreign currencies like the US Dollar. This trend has given USDT a significant advantage on the Tron network.
Related news: Tron Ecosystem Sees Explosive Growth: Sun Pump and Memecoins Drive $1.5M Revenue Surge
