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The Tron Network posted a record $577.2 million in revenue for Q3 2024, outpacing traditional blockchain giants Bitcoin and Ethereum. Data from Tronscan revealed that 74% of Tron’s revenue came from staking, with the remaining 26% sourced from burning activities. Tron founder Justin Sun took to X on October 2 to announce this milestone, stating the network’s stablecoin dominance and recent ventures into the memecoin market.
Tron’s revenue growth has been largely fueled by its increasing activity in stablecoins and an emerging presence in the memecoin space. According to Token Terminal, Tron’s quarterly revenue far exceeded that of Bitcoin, which generated $56.3 million, and Ethereum, with $256 million for the same period.
While each blockchain’s income structure varies, and direct revenue comparisons may not always capture the entire financial picture, Tron’s performance highlights its rising influence in the crypto world.
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Tron’s Dominance in Stablecoins and Memecoins
Tron has solidified its position as the second-largest blockchain for stablecoins, trailing only behind Ethereum. The network now accounts for nearly 35% of the global stablecoin market, which has a market cap of $172 billion, as per DefiLlama. The vast majority of stablecoin activity on Tron—98.3%—involves Tether (USDT), which continues to attract users, particularly in emerging markets like South America and Africa. These regions, grappling with high inflation and economic uncertainty, turn to stablecoins as a hedge against unstable local currencies.
In addition to its stablecoin success, Tron also saw a boost from Justin Sun’s foray into the memecoin sector. His memecoin deployer, SunPump, launched on August 9, and while modest in scale, it brought in $1 million in revenue within its first 11 days. Since then, SunPump has generated a total of $5.4 million in revenue, providing a notable contribution to Tron’s quarterly earnings.
Record-Breaking Day
Tron’s highest single-day revenue occurred on August 21, when it generated over $5.4 million within 24 hours. This spike followed a substantial $1 billion injection of USDT from Tether on August 20, further solidifying the network’s growing role in the stablecoin market.
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As Tron continues to expand its presence, especially in the stablecoin and memecoin arenas, its revenue performance signals that it is becoming a formidable competitor to more established blockchain networks.
